X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Tax monies generated from the sale of the Columbia Independence Regional Health Center in Independence, MO, are benefiting the surrounding residential areas under an unusual financing structure. Formerly owned by the Reorganized Church of Jesus Christ of Latter Day Saints, the hospital is now a for-profit institution that contributes nearly $400,000 yearly to the local tax rolls.

Monies are going to the neighboring Midtown/Truman Road Corridor project, which is a combined tax increment financing plan as well as a Chapter 353 development project. “As far as I know, we are the first in the country to combine these two,” says Jay Leipzig, housing advisory services manager for the Midtown/Truman Road Corridor Corp. “We are able to use TIF money to purchase property and use tax money to pay for the work.”

The plan covers a 72-block area. More than 100 people have filed applications and more than $4.2 million has been spent on housing improvements. Tax abatements are 100% during the first 10 years and 50% for the next 15 years. Abatements are transferable from one owner to another.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.