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1717 Marketplace TIF District Update, First Amendment On The Tab - KOAM TV 7

1717 Marketplace TIF District Update, First Amendment On The Table

Updated:

    The Joplin TIF commission held a meeting tonight to discuss the status of the three existing TIF districts - and an amendment for the 1717 Marketplace TIF.
In November - City Finance Director Leslie Haase approached the council about a serious issue.
15th Street from Range Line to the Walmart entrance.
A quick recap - the original 1717 Marketplace developer was supposed to develop this stretch of road, they went bankrupt, and the TIF district properties were sold off - to three different groups- with an investment firm called WBB - taking control of the 15th street portion.
But, they're an investment firm, not a developer, and the city had promised years ago (we're talking 2005) that the work would be completed.
Now - fast-forward to today.
They're ready to get work started - through an amendment to the TIF.
Leslie Haase, Joplin Finance Director: "We're actually asking to increase the TIF a little bit, in order to finish out the TIF."
The TIF Commission held a meeting - and unanimously passed the amendment.
Now it goes back to the city council...
TIF districts are allowed a 23 year time frame - without the amendment, the district would pay off in about four years, with the amendment...
Haase: "Even if we add on the time frame by increasing this, it's still going to pay off about six years in 2023, so about 5-6 years early, so, the TIF is performing quite well."
Haase says all three TIF's - Northpark Crossing, 1717 Marketplace, and the community redevelopment TIF, are doing very well.
So, what will you notice as time goes on?
Haase says you've already seen most of it - when the actual developments were built.
You'll see - starting in 2019 - work on 15th Street - with utility relocation - then the big stuff gets going in 2020.
As for when the TIF's pay off...
Haase: "The entities that will notice when it pays off are the taxing jurisdictions, because the taxing jurisdictions at that point will get the full benefit of the development versus what the property was like prior to the development."
That city council meeting is May 21st.
 

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Chris Warner
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A Joplin native, Chris first started in broadcasting at age 16 at KSNF-TV in 2004..

Chris joined the KOAM team in 2017 as an Associate Producer. In April, he moved into a full-time reporter position. He spent time from 2008 to 2016 in various retail roles around the region before returning to his passion at KOAM. Chris is excited to continue telling the stories of the four states. Chris and his wife Amber live in Joplin and have three amazing children.

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