Southwest Independence Redevelopment Corporation 353 Multi-Family/Commercial Tax Abatement and Program Guidelines for Parcel Specific Properties I.
Introduction A. This document (“Guidelines”) establishes guidelines for the utilization of Parcel Specific Tax Abatement (“PSTA”) included in the Southwest Independence 353 Redevelopment Plan (“Plan”) approved by the City of Independence, Missouri (“City”), by Ordinance No. 19073 on December 30, 2019. The Plan allows the Southwest Independence Redevelopment Corporation (“Corporation”) to receive abatement of property taxes for properties that are redeveloped or rehabilitated in accordance with the Plan and these Guidelines. The Corporation will “pass through” the real estate tax abatement to the owners of the specific parcels. B. Properties included in the Southwest Redevelopment Area (“Area”) are located in southwest Independence, generally south of 23rd Street and west of Sterling Avenue. The boundaries on the west and south are the city limits.
II.
Purpose and Applicability A. The purpose of this program is to give owners of real property an incentive to reinvest in and rehabilitate their properties. The intent is to focus this program primarily on residential properties as a means to stabilize neighborhoods and provide quality affordable workforce housing. As properties are improved over time and blighting conditions removed, the redevelopment area overall will be revitalized, which is a primary goal of this plan. B. These Guidelines specify minimum standards and requirements that should be met to ensure that the rehabilitation of parcel specific properties accomplishes the goals of the Plan for neighborhood revitalization. These Guidelines apply only to rehabilitation projects where PSTA is used. C. To encourage redevelopment and rehabilitation, Section 353.110 of the Missouri Revised Statutes provides that real estate taxes may be abated on the 1