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Joplin Seeks More TIF Money: Recovery TIF Under Fire - KOAM TV 7

Joplin Seeks More TIF Money: Recovery TIF Under Fire

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Joplin, MO -

     The city of Joplin will seek to add about a million dollars to the 1717 Marketplace TIF (tax increment financing) District for improvements to the intersection at 15th and Rangeline. The improvements would make it a real street, with curbs and driveways,  into WalMart  and other stores.
    It
s a TIF one critic says Academy Sports didn't request. Patrick Tuohey with the Show-Me Institute said, "It shows the but/for analysis is meaningless. That  even when a developer says I dont want this,  the city can still kind of redirect taxes away from schools libraries to these big developers." The city finance director said the developer of 1717 Marketplace not only wanted at TIF, but also requested a TDD or transportation development district for the 17th street interchange which was approved and a CID, community improvement district, which the city denied.
Taxes redirected under a TIF do  add up to losses of a million dollars  for the Joplin school district under the Joplin tornado recovery TIF which includes the new library.
Tuohey with the Show-Me Institute says the recovery TIF, which covers thirty percent of the city met the requirement of property being blighted but wasn
t necessary. He said,"The research tells us these retail operations would anyway."
City finance director, Leslie Haase disagrees. She said, "I would still argue that without  aggregating the land that the JRC (Joplin Redevelopment Corporation) has aggregated, big, nice developments would not happen."
TIFs are something the legislature and Governor Greitens plan to review.  Representative Charlie Davis said, "Whether it
s tax credits, TIFs, CIDs, anything that deals with taxpayer money, I think hes (the governor) interested in reforming. Making sure were not using  taxpayers money unwisely or abuse taxpayers. "*
Under the recovery TIF, even the city is seeing taxes redirected.
Haase explained, In sales tax, actually closer to a million dollars a year over the five taxes that we have. Because we have general tax, public safety tax, transportation tax  it goes to all those places. Its a significant amount of money. "
But Haase said with recent sales tax revenues, the recovery TIF will pay off in four to five  years. And marketplace and the northpark crossing TIFs are both expected to pay off five to six years early.
Haase said Joplin takes TIFs seriously, "We limit the interest  that the developers receive which helps them pay off early so that the taxing jurisdiction get the benefit all of that. Where many cities don
t frame it that way and they go the full twenty-three years."
And, we're getting the benefit of very nice development.

 
State Auditor Nicole Galloway in TIF reports said no jobs were created through the Joplin recovery TIF district projects as of 2015. but when braums builds  at 26th and Main that will change. Haase said Galloway also wasn
t  taking into consideration property potential.
Haase said,
That report only shows direct jobs for these  projects. 
Because the JRC has not sold that land and we don
t  know what developments  are coming.

 
    Haase said the recovery TIF district funded the purchase of 8-million dollars in properties that will be sold for development.
     When it comes to adding funds to the marketplace TIF, the city council has said yes.  It now heads to the state TIF commission.

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