Economic Development Incentives

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Economic Development Incentives

The City of North Kansas City recognizes that the proper utilization of economic development incentives can have a positive impact towards community redevelopment consistent with community goals. In addition, enhancing the local economy through attracting new and innovative businesses is a target goal of the City’s Master Plan. Below are key incentives in which the City has, in the past, engaged. Find the City’s general policy for economic incentives below.

Chapter 353
Real Property Tax Abatement under Missouri Statute Chapter 353 is a program which provides an incentive to encourage redevelopment of “blighted” areas. Real estate tax abatement can be granted for a period of up to 100% for ten years and up to 50% for an additional fifteen years by Missouri State Statute section 353.110.

Chapter 100
Chapter 100 authorizes cities to issue Industrial Development Bonds, which are revenue bonds used to finance industrial development projects for private corporations, partnerships, or individual companies. Eligible projects include warehouses, distribution facilities, research and development facilities, office industries, and manufacturing plants. This may apply to the financing of land, buildings, and personal property.

Tax Increment Financing
Tax Increment Financing (TIF) allows for developments to use a portion of newly generated taxes and apply a portion of them to repay costs for the development. The maximum period for TIF is 23 years.

Community Improvement Districts
Community Improvement Districts (CIDs) may either be separate political subdivisions, funded through public money such as sales tax assessments, or not-for-profits, funded through property tax or special assessments. CIDs are designed to help improve the community through improving conditions for current businesses and attracting new development.

Neighborhood Improvement Districts
Neighborhood Improvement Districts (NIDs) are created for an area seeking certain public use improvements which are paid for by special assessments to property owners in that area. All projects financed through NIDs must be for facilities used by the public.

Transportation Development Districts
Transportation Development Districts (TDDs) are separate political subdivisions created to finance transportation related improvements. This is done through issuing bonds, levying taxes, or applying special assessments.

Related Documents
-General Incentives Policy (Coming soon)
-Application for Chapter 353
-Application for Chapter 100

For more information on the incentive programs, please feel free to contact Michael B. Smith at 816-274-6000.

City Hall
2010 Howell St
North Kansas City, MO 64116

Phone 816-274-6000

Regular Hours:
Monday - Friday
8am to 5pm