Tax Increment Financing (TIF)
Tax Increment Financing (TIF) is a development tool which allows cities in to pay a portion of redevelopment costs for a new development which is located in the state Enterprise Zone, in a Blighted Area, or a Conservation Area. The redevelopment costs are paid from the new incremental property and sales tax revenue generated by the new development. The existing property and sales tax revenue is “frozen” until the project generates sufficient revenue to pay for redevelopment costs agreed upon between the City and the developer of the project. Under Kansas law, these redevelopment costs may go toward public infrastructure improvements, including road and utility construction, as well as demolition of existing structures, but may not go toward private building construction.
Contact Ron Shaver (913) 971-8938.
Tax Increment Financing Policy
Application Procedure and Form
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ACTIVE OLATHE TIF PROJECTS through December 31, 2011 (updated annually) |
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| Project Name |
Creation Date |
City Sales Tax Captured |
Total TIF Bonds Issued |
TIF Reimbursement Costs |
Total Project Costs |
Inception to Date Revenues |
| Southgate Phase I TIF | May 7, 2002 | 50% City General | $5,700,000 TIF Bonds | $4,629,038 | $49,820,000 | $4,543,259 |
| Southgate Phase II TIF | May 7, 2002 | 50% City General | Pay-As-You-Go | $4,100,000 | $49,820,000 | $2,180,871 |
| Heritage Crossing TIF | April 25, 2006 | 50% City General | Pay-As-You-Go | $3,160,300 | $16,441,300 | $179,961 |
| West Village Center TIF | June 6, 2006 | 100% City General | $17,250,000 TIF Bonds | $13,928,302 | $58,107,263 | $2,905,241 |
| Olathe Gateway TIF Area 1 | November 28, 2006 | 100% City General | $13,030,000 TIF Bonds | $13,205,000 | $88,847,597 | $2,380,628 |
| Olathe Gateway TIF Area 2A | ---- | ---- | ---- | ---- | ---- |
$524,947 |
| Olathe Gateway TIF Area 2B | ---- | ---- | ---- | ---- | ---- |
$39,141 |
|
Olathe Entertainment District TIF |
---- | ---- | ---- | ---- | ---- | $123,975 |
| Santa Fe and Ridgeview TIF | ---- | 50% City General | ---- | ---- | ---- |
$137,519 |
| Heart of America TIF | October 12, 2010 | 100% City General | Pay-As-You-Go | $3,750,000 | $17,795,000 | N/A |
