The City of Spring Hill has a diverse economy with employment represented in each major sector and a growing labor force to support its economic development efforts.
Spring Hill has more than tripled in size since 2000, blossoming into a highly sought-after community in a rapidly growing region.
The City’s prime location, great schools, affordable housing, ample recreational opportunities and strong community spirit have contributed to Spring Hill’s success, as have a City government committed to prosperity.
Our experienced development team is dedicated to providing the development community with optimal customer service and access to incentive opportunities to facilitate any projects and see them to fruition.
The City of Spring Hill provides several public incentives for private investment in commercial, industrial and residential development. The City continues to consider redevelopment needs and look at exploring the use of economic development incentive tools.
Review the economic climate of Spring Hill and the surrounding areas with these reports:
Think Spring Hill
Miami County Strategic Plan
Miami County Economic Climate Report Feb. 2019
Tax Increment Financing (TIF)
Tax Increment Financing is a tool which pledges future gains in taxes to finance the current improvements which will result in those gains. TIF is designed to channel funding toward improvements in areas where development/redevelopment may not otherwise occur.
When an area is developed or redeveloped, there is an increase in the value of the property. The increased site value and investment creates more taxable property, which increases tax revenues. The increased tax revenues are the "tax increment." TIFs pledge the future increased revenue for repayment of eligible costs associated with the improvements.
In Kansas, a TIF Project must be located within a "redevelopment district," which may be established by a city in:
- Blighted Areas
- Conservation Areas
- Enterprise Zones
- Major Tourism Areas
- Major Commercial Entertainment and Tourism Areas
- Bioscience Development Areas.
Transportation Development District (TDD)
A TDD enables an additional sales tax or a property tax special assessment to be charged within the district. The proceeds from this additional tax or assessment are to be used for repayment of TDD eligible project costs.
According to Kansas law, a TDD tax or special assessment can only be used on costs that are for transportation related projects or infrastructure. This may include roads, traffic signals, parking lots, sidewalks, and related utility relocation.
Projects may be funded by the use of special obligation bonds or on a pay-as-you-go basis.
Community Improvement Districts (CID)
Similar to TDDs, CIDs allow an additional sales tax or a special assessment to be charged within the district. The proceeds from this additional tax or assessment are used to finance CID eligible project costs.
According to Kansas law, a CID tax or special assessment can be used to fund capital improvements, infrastructure, and certain operational costs.
Projects may be funded by the use of special obligation bonds, full faith and credit bonds, or on a pay-as-you-go basis.
Sales Tax Revenue (STAR) Bonds
Sales Tax Revenue (STAR) Bonds provide the opportunity to issue bonds to finance the development of major commercial, entertainment and tourism areas and use the sales tax revenue generated by the development to pay off the bonds. STAR bonds are approved through the Kansas Department of Commerce.