KIRKSVILLE, MO -- The area that welcomes folks traveling north on highway 63 to Kirksville is set for a facelift. The city is finalizing documents for the South 63 Corridor Improvement Project. City Manager Mari Macomber tells KTVO that she hopes the documents will be ready for the council to review by late January. One of the issues the council will consider is a consolidation of TIF and Community Improvement districts.
“The way the funding was structured, the T.I.F was over here and the community improvement district was over here and they were funding different things. So, it’s more of a combination where it gives a little more flexibility on how the funds are going to be used.”
Macomber also explained how those two funding sources are set up.
“One is the T.I.F., which is any increase in property tax values or any increase in sales those additional revenues go to pay for improvements. For the community improvement district there’s any additional sales tax that has been implemented in that area and that one cent goes to the city and what we will do is pay for those public improvements,” explained Maocmber.
Macomber says that combining the two will help make sure money is available to complete upgrades to the public part of the corridor.
City officials are working with MoDOT to develop a design for the area. The city is also applying for a grant and a loan to help pay for the project which Macomber is estimating at around $600,000.
T.I.F. and Community Improvement District funding would also help pay for the loan part of the project.
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