Downtown Revitalization meeting hosted by Main Street

The Fayette Main Street organization hosted a public meeting Tuesday, July 26 to discuss improvements for the city of Fayette.  Corey Mehaffy and Michael Bugalski with Moberly Area Economic Development Committee (MAEDC) made a presentation on Historic Downtown Revitalization Programs.
The idea proposed for Fayette is a Community Improvement District (CID), in conjunction with a Chapter 353 Tax Abatement and a Neighborhood Improvement District (NID).  All three of these programs are intertwined.
Should the city choose to implement a CID, they would designate boundaries for the CID and establish a sales tax levy on sales within the CID.  This levy would generate revenue to fund projects within the CID such as street and water system repairs or upgrades.
The 353 Tax Abatement would benefit landowners within the CID, providing property tax relief allowing property and/or business development.  The percentage of abatement and length of time (up to 25 years) is determined by the city and based on costs for needed improvement projects.  The CID tax levy would match the amount of the abatement.
The NID allows the city to make necessary infrastructure improvements by issuing bonds.  The NID is not tax backed, it is backed by the city.  Revenues from the CID partially offset NID bond payments.  This provides funding for projects such as water and sewer, sidewalk and street improvements.
These are not new plans or ideas presented by MAEDC.  Many municipalities across the state have taken advantage of tax abatements to provide incentives for commercial development.  Examples include Excelsior Springs, Cape Girardeau, Liberty, Lee’s Summit, Moberly, Monroe City, Paris, and Glasgow.
Areas qualifying for the tax abatement may include property or buildings that are blighted, but properties do not have to be blighted to qualify.  All properties within the CID are eligible to receive CID incentives, but are not required to participate.  If a property owner chooses not to participate, however,  they forego all CID benefits.
Last week’s meeting was an informational meeting.  MAEDC will most likely have another meeting to hopefully reach more business owners and community residents.  Everyone is encouraged to attend additional meetings, learn more, ask questions. Things now are in the hands of the city.  It’s up to the council to decide if they will move forward with a plan to bring new business and life to Fayette.  Fayette has a lot to offer and could easily become a ‘destination’ such as Rocheport or Arrow Rock.  After all, there is a reason you live here.

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