The city of Derby, Kansas has formed a tax increment financing (TIF) district. TIF is a method of diverting the normal flow of property tax revenue so that it benefits private interests rather than the public treasury.
In Kansas, cities form TIF districts. Then, any affected county and school district may vote to veto its formation. They have 30 days to do this. If they take no action, they lose their ability to veto, and the TIF district is created.
The Sedgwick County Commission will consider whether to veto the formation of this TIF district next Wednesday.
Here are documents related to this project:
Derby North Gateway TIF Analysis. Analysis of Derby North Gateway Tax Increment Financing (TIF) District, prepared by Sedgwick County finance department.
Derby North Gateway TIF District Feasibility Study. Redevelopment Project Financial Feasibility Study, Derby North Gateway TIF District, City of Derby, Kansas, March 29, 2013.
New city taxing district dependent upon Menards. Derby Informer news article.
For background on TIF, I’ve prepared a collection of resources at Tax increment financing district (TIF) resources.
Here we go again!!!!