Koch began with explaining that TIF is an economic tool enabled through the State of Missouri which allows developers to capture the tax Single moms in Navaginka that a real estate project generates in order to finance a project which otherwise might not be financially feasible.
Koch, who was involved with the financing of the Loews Kansas City Hotel project, said TIF financing along with several other economic development tools, were incorporated into the hotel project. Although its opening was delayed, the hotel recently opened amid the pandemic.
We were very fortunate to obtain the financing when we did. According to Koch, there are a lot of challenges amongst successfully financing a project today.
Swords predicts that getting a deal financed in the next few years is going to be tough. Swords acknowledged that although obtaining incentive tools from Kansas City, Mo.
The duo agreed that the one market segment where consumer demand remains strong is housing. Koch added that developers still need economic development tools to make housing projects happen.
Although TIF is not typically used to finance housing, Koch noted that there are other economic development tools available to developers such as tax abatement.