The Sedalia City Council heard information on the third amendment to the Sedalia Mid-Town Tax Increment Financing (TIF) plan Monday night, which could potentially include the addition of the J.A. Lamy Building, located at 108 W. Pacific Street, to the district.

The original Mid-Town TIF district was approved in November 2008. At that time, Council was given ten years to make changes and additions to the TIF plan. The deadline for changes is approaching this November. Two other amendments to the plan have been approved over the previous ten years.

Currently, the third amendment includes locations such as the Hayden Liberty Center, Trust Building, and Uptown Theater. If the Lamy Building is added to the TIF District, the estimated cost for rehabilitation of the building is $2,296,500. That would bring the total cost of the third amendment TIF plan to $12,599,500.

Stafford Swearingen, of J.A Lamy Co, gave his support to the plan. Swearingen indicated that if the Lamy Building is brought into the TIF District, the first floor would be used for retail space, the 2nd floor for office space, and the 3rd floor for luxury apartments.

The Sedalia Democrat reports more than $1.7 million will come from J.A. Lamy Manufacturing Co.’s private owners while more than $500,000 will come from TIF district support.

The Mid-Town Sedalia TIF District was originally conceived as part of a revitalization effort, to help restore blighted areas and make certain buildings more attractive to patrons and visitors. Business and sales incentives are also included in the plan. The entire TIF project is expected to be completed by 2031.

No decision was made during the meeting. According to TIF statutes, the city council heard the presentation and discussion at Monday night's meeting, however, consideration and passage of the ordinance cannot occur until the next Council meeting, which is scheduled for July 2, 2018.

Ryan Skaith