The new Bonne Terre TIF Commission will meet Monday to discuss amending the Redevelopment Plan for the “Highway 67/47 Tax Increment Financing District.”
The meeting will be held at 6:30 p.m. Monday at Bonne Terre Memorial Library, located at 5 S.W. Main. The meeting is open to the public.
Items on the agenda include the introduction of members, an explanation of what the TIF is and the role of the TIF commission. The newly-appointed board will elect officers, discuss a proposed project and a date for a public hearing.
The city entered into an agreement with Southeast Missouri Regional Planning Commission and the St. Francois County Industrial Development Association (IDA) to reconvene the TIF commission.
The two groups are working together to purchase a parcel in the Bonne Terre Industrial Park for a small business incubator for the region.
Jim Dismuke of the St. Francois County Industrial Development Authority and Chauncy Buchheit of Southeast Missouri Regional Planning spoke to the council about a possible TIF project involving the incubator building in the Bonne Terre Industrial Park.
Buchheit has said they feel they have enough money to operate and pay debt service on the incubator building for three years. He said the regional small business incubator, a joint project with both groups, is not going to be a money-maker but it will be a job generator.
The men asked for $50,000 in TIF funds for the first five years, beginning in 2010, and for $25,000 for the next five years to pay debt service on and operate the incubator. Dismuke said money generated by this TIF would go back into the community.
The IDA had operated an incubator in Farmington for several years, helping small business to start up and grow. He said the idea is for small businesses to start in the incubator building and graduate into their own building in the Industrial Park.
The two groups agreed to front $25,000 to pay for attorney fees related to amending the city’s current TIF (Tax Increment Financing) plan so that it will include the scope of their project.