After a decade, Lee’s Summit has dissolved the SummitWoods Crossing tax-increment financing district, which helped pay for an interchange at Interstate 470 and Pryor Road.
By RUSS PULLEY
Special to The Star
As a result, about $3 million a year now will be shared among the city, county, library and other jurisdictions that get sales taxes.
The district was created by the council in 2000 to divert taxes to help pay for a half-diamond interchange at Pryor Road, the widening of Pryor Road, bridges connecting Pryor and Blue Parkway and other road work.
The total was about $23 million. It also provided assistance to RED Development in building the SummitWoods Crossing shopping center, which opened in 2001.
A transportation development district, created in tandem with the TIF, is expected to continue about five more years. That district collects a one-cent sales tax at the shopping center in addition to other sales taxes.
Even as the council unanimously voted April 18 to end the TIF, the debate over its merits continued.
“Everybody turned out a winner on this greenfield development,” said City Council member Ed Cockrell. “Not a bad deal.”
But council member Bob Johnson said he believes the development would have occurred without the subsidy.
“These funds actually would have been available to all the political subdivisions several years earlier,” Johnson said.
Cockrell responded that city officials will never know for sure what would have happened had the district not been formed.