Inspired by the award-winning Atkins City Centre and other historic rehabs? Thinking of building some apartments on a vacant lot? Now's the time to turn a white elephant into a cash cow. Click on the links below for more information on state and federal incentives available for development, historic rehabilitation, ADA compliance and more.
CID
A Community Improvement District is similar to a Special Business District but has the ability to pull in additional assessments, such as sales tax. This added revenue (along with added powers) allows the District to better meet the needs of their members. Downtown CIDs throughout the state typically use their additional revenues for increased maintenance, safety patrols, marketing and other pressing needs. This increase in services directly benefits developers and the new businesses they attract. Not currently in place but is one option raised by City consultants Sasaki and Associates and the Special Business District Board in response to member needs.
MODESA
The Missouri Downtown Economic Stimulus Act is a state incentive that is created by a local government. It's often referred to as a TIF for downtowns and designed for job creation or community enhancement (ie, cultural or arts development.) It requires a state-approved, comprehensive development plan involving public and private projects. Future taxes are leveraged to fund public infrastructure that will support the development project. It's not currently available in Columbia but is being discussed.
TIF
Tax Increment Financing can occur on both the local and the state level and leverages future taxes (either income, sales or property taxes) that a development project will create in order to help fund the project. Essentially, the locality or state agree to forgo their tax payments for a pre-determined amount of time. It's not currently available in Columbia but is being discussed. The link above describes the state TIF program so only addresses taxes collected on the state level; local TIFs deal with with property or local sales taxes. For a copy of the TIF proposal currently under discussion in Columbia, contact us at (573) 442-6816 or info@discoverthedistrict.com.
TDD
Transportation Development Districts are used in Columbia, most notably on the new Bass Pro development. It leverages future property or sales taxes for infrastructure projects that are crucial to the success of a particular development.
Federal Historic Preservation Tax Credit
20% tax credit received for the rehabilitation of certified historic structures used for non-residential, income-producing purposes (apartments included).
http://www.nps.gov Search term = "historic preservation tax incentives"
Federal Non-Historic Tax Credit
10% tax credit received for the rehabilitation of non-historic buildings built before 1936. Non-residential, income-producing purposes (apartments included).
http://www.nps.gov Search term = "historic preservation tax incentives"
State Historic Preservation Tax Credit
Tax credit equal to 25% of the costs and expenses associated with the rehabilitation of historic buildings.
http://www.ded.mo.gov
Disabled Access Tax Credit
50% tax credit for eligible small businesses that incur expenses as a result of providing access to people with disabilities. Designed to help businesses comply with the ADA.
http://www.irs.gov/ Search = IRS Form #8826
Barrier Removal Deduction
Tax deduction of the costs of removing architectural barriers to the disabled and the elderly.
http://www.irs.gov/ Search = IRS Form #535 Business Expenses
Sidewalk Repair Matching Funds Program
The City of Columbia will now cover 50% of the costs of sidewalk repair. Request details from Public Works when you file your permit.
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SBD Restructuring. Learn more about the process.
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Annual Report now available. Download your copy now.
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Parking Garage Proposals. Planned for Walnut Street.
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SBD Funding. An overview of our revenue sources.
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SBD Update. Read the latest member news.
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What's a CID? Community Improvement Districts and other development incentives.
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Whose Job Is It? Check out our quick maintenance guide and report problems online.
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Graffiti Problems? Read our Crime Prevention Guide for tips on what to do.
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