Tax Increment Financing
Tax Increment Financing (TIF) Districts – there are three TIF districts in Perryville. The TIF provides a public financing tool used for community improvement and redevelopment.View Districts
Chapter 100 Bonds
Provide a sales tax exemption on tangible personal property purchased through Chapter 100 bonds for non-manufacturing purchases.
TIF District 1
The I-55 TIF district along the interstate at the primary entrance into Perryville has been created in order to spark further development and improve a major gateway into the city. This retail and restaurant zone provides many advantages for citizens and businesses, from new options for dining out or shopping to improved aesthetics of the area, making it more inviting. The district will remain in effect through 2038, giving ample time for developers to capitalize on its beneficial opportunities while making sure that all necessary guidelines are met in order to protect public funds invested. As such, this project serves as an excellent example of a partnership between local elected officials and businesspeople to build something that is promising for both parties.
TIF District 2
The City of Perryville, Missouri has taken an important step in revitalizing their downtown district. By creating a Tax Increment Financing (TIF) district, the city can direct tax revenues to improvements in blighted areas. This investment is improving the aesthetics and structural integrity of downtown Perryville, as well as providing additional resources for commercial and residential development. Due to the creativity and hard work of residents and government officials, this initiative is paying major dividends in the form of increased property values, taming blighted conditions, boosting small businesses and more. The TIF district has harnessed local funds to support local initiatives that are furthering Perryville’s economic growth while promoting community pride. All-in-all this partnership between the city and its citizens has resulted in a truly remarkable transformation that will be used as an inspiration for years to come.
TIF District 3
Perryville’s Industrial Park TIF District is a key component in the city’s effort to build up its industrial park and create employment opportunities. The goal of this Tax Increment Financing District is to use public funds to facilitate investment, encourage development, and promote job growth in the form of new industry. This district has already paved the way for several new businesses in the industrial park and allowed them to get established quickly and effectively. Through the judicious investments of both public and private capital, Perryville’s Industrial Park is poised to become a major regional center of commerce. It will undoubtedly have a lasting impact on the economy of Perryville, creating better prospects for residents now, and also for generations to come.