Tax increment financing in Columbia
Tax Increment Financing (TIF) is designed to motivate the developers to develop in blighted or rundown areas in a city. TIF collects the increased property tax due to the development and diverts it back to the developers for a 23-year period. This means that the property tax the city collected from the site will be frozen during this period.
May 15, 2017, David Parmley, the developer of Broadway Hotel at Columbia, Missouri, proposed the Broadway Phase II TIF to the city. In this proposal, Parmley asks for about $2 million assistance from TIF for the $20 million project to build a second tower of the Broadway Hotel.
These two videos give you a closer look at the landscape of the TIF at Columbia, why is it so controversial and how does it affect the parties involved.
Episode 1: The Dangerous Quadra
Episode 2: Blinded Zone
Producer/photographer: Zechang Fu