Sales Tax Rebate Program
Encouraging new private investment by making incremental increases in CID sales tax available to developers.
Purpose: The Downtown CID acknowledges that the redevelopment and re-use of certain properties located within the District will require substantial investment by the developer at a cost of which may effect the economic feasibility of redevelopment and re-use of the property. The Downtown CID recognizes that the redevelopment of certain properties would rehabilitate and improve significant structures within the corporate limits of the District and would additionally be expected to provide increased sales tax revenues and is therefore willing to assist the developer by making available to the developer incremental increases in CID Sales Tax at the property as reimbursements of the costs of redevelopment.
Administrative Procedures: The Downtown CID has created an application to be completed by developers requesting financial assistance from the CID. The applications will be reviewed by the staff of MAEDC on a regular basis. MAEDC staff will then make recommendations to the CID board as to potential awards based on the criteria outlined below.
Project Award Criteria: Eligible projects may receive an amount equal to the annual revenue as verified by the District actually received in such year which was generated by the levy of the CID Sales Tax on and at the property for such year up to a total maximum aggregate amount to be decided on a case by case basis. A point system will be used to score applicants based on the following criteria: financial stability of the business, completeness and potential success of the business plan and financial projections, ability to increase taxable sales within the CID, ability to increase retail activity within the CID, ability to increase foot traffic within the CID, ability to retain and create quality jobs. Start-ups will be eligible but growth opportunities for existing businesses will be given priority.
Project Monitoring: An MAEDC staff member will do a physical examination of the business and interview the manager on site or owner if available. Quarterly, MAEDC staff will confirm with the City of Moberly the participating businesses are reporting their taxable sales and are collecting and remitting appropriate sales tax. Monitoring will be completed each quarter and reported to the CID board at their next regularly scheduled meeting. The CID will authorize reimbursement.