In 2000, Olivette officials debated a major tax subsidy for a new retail center. The subsidy was in the form of Tax Increment Financing (TIF) and the proposal was put before the voters. It was defeated in a referendum, and today, it remains one of the only examples of a defeated TIF in Missouri. Back in the late 1990s, the TIF supporters made all the same arguments we hear with every TIF: “This is the only way to revitalize our community” and other such falsehoods. Recently, the Show-Me Institute decided to investigate what happened in one of the few places where an enormous TIF was rejected.
The area that was supposed to be razed, with “help” from eminent domain, using TIF in 2000 is doing just fine in 2013. There are new homes and new businesses, all without subsidies. Most importantly, the residents and the neighborhood are still in good shape. That situation was not made any easier 15 years ago, when the entire community was in fear of being bought out (or taken) and torn down for a Walmart.
Check out our newest video about the Olivette TIF proposal here. Communities are strongest when individuals are empowered, not government planners and subsidized developers.
