On Monday, February 1, 2016, City Council will close the books on the Merriam Town Center TIF. Starting Monday, property taxes received by all local taxing entities will be based on the current assessed valuation of the redevelopment project, not the pre-TIF levels of 1995. For example, the assessed valuation of the TIF district’s real estate has risen from just $951,000 in 1995 to its current assessed valuation of $12.9 million — an increase of 13 times its original value.
The City of Merriam is projected to collect an additional $329,000 in annual property taxes over the amount that was collected pre-TIF for this same property. One of the most significant community benefits of the project is the impact it will have on education. Local schools stand to realize an annual increase of more than $666,000 based on the current valuation and mill levy.
The public / private partnership that created Merriam Town Center is an absolute success that is expected to continue for many years to come. Most of the original tenants still remain, and have grown into valuable corporate partners in the community, while their robust contributions to the local economy remain strong. Since March 2000, the city has collected more than $19 million in city sales taxes from Merriam Town Center shops, which equals an average of $1.2 million per year for the last 15 years.
(Read more: Merriam, KS – News Flash)