JEFFERSON CITY (KMOX) – Missouri State Senators approved big changes to tax increment financing Thursday, in hopes of clamping down on use of the incentives.
Currently, if a TIF commission, which is majority appointed by county officials, denies a municipality the use of TIF incentives, then a city council or board of aldermen can overrule with a super-majority vote. The changes, which now go to the House, would make it so only three-quarters of countywide voters could overrule a TIF rejection.
St. Louis County cities are often accused of using the incentives to poach retail from neighboring communities, leaving hulls of buildings behind and creating no net increase in jobs.
“It’s time to take a moral approach and stand up and say ‘we’re not going to hurt our region,'” newly elected Ellisville Mayor Adam Paul said Thursday, on KMOX’s Mark Reardon Show.
Ellisville is set to vote later this month on whether to overrule rejection of a TIF for a new Walmart. The latest city to override a TIF commission was Bridgeton, also for a Walmart.
“TIF is a wooden ship and it’s sinking fast,” said Paul.
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