JOPLIN, MO.--- This TIF would be on Main Street from 32nd Street to I-44. The Joplin City Council approved a funding agreement tonight between the Main Street TIF developer and the city. TIF developer, RKS, will pay the city $15,000 up front to cover administrative costs. This includes, researching the TIF and then presenting it later to the city council and the TIF Commission. Joplin Interim City Attorney Peter Edwards says the city and its residents would benefit from this TIF.
"One of the benefits to the city is that the TIF developer actually pays for the infrastructure improvements, so the city and the city residents do receive a pretty good benefit from a TIF development because the city does not have to pay for those infrastructure improvements," said Peter Edwards, Joplin Interim City Attorney.
President of RKS Development Rodney Spriggs says the main reason why this area hasn't been developed is because it has a lot of hills. That causes higher infrastructure costs. Spriggs says he's had some businesses show interest in the proposed TIF area. He adds there are misconceptions about a TIF, but it will help create jobs once businesses move in.
"It is only money that is made above and beyond and only a small amount that actually goes to a developer. And what it's for is to deal with areas of land that are too expensive to develop," said Rodney Spriggs, President of RKS Development.
Once plans for the proposed TIF are finalized, Spriggs would like to present it to council again in six months.
Also at the meeting, city leaders approved to move the TIF revenue on 1717 Marketplace on Range Line road to a new developer, WBB. The TIF went up for auction recently and three different buyers, including WBB, purchased three different components of the TIF. Joplin Finance Director Leslie Haase says, since WBB is now in charge of the TIF revenue, they must finish one part of the area that hasn't been completed.
"That is the improvement of 15th Street from Range Line to Wal-Mart needs to be built to city street specifications and dedicated to the city," said Leslie Haase, Joplin Finance Director.
WBB must complete this improvement within 24 months or they will have to get an extension from the city. The third TIF that was on the agenda tonight was the Hope Valley Project. The council approved to move it to the third reading.