Joplin Council approves CID district for proposed “32nd Street Place” development
CID is first of many steps toward new project
JOPLIN, Mo. – The Joplin City Council approves the first part of a project called “32nd Street Place”. We have more on this part of the project, and what’s been approved so far.
The CID district is most of the area southeast of the intersection of 32nd and Range Line, and along Hammons Boulevard. What a CID district does is help generate money for the developer. Joplin City Manager Nick Edwards says “As part of the project the CID can help fund a, re-do of Hammons Boulevard as well as some connecting streets within the development.”
The way it does that, is through a 1% sales tax imposed only on the businesses within the district. “For this project the CID with a 1% for a 30 year term, generates about 18 million dollars in funding for those public infrastructure upgrades.”
Only 50% of that will actually go to the developer for the project. The other 50%, if passed, will go to a TIF district, to help pay it down early. But the TIF district hasn’t even been drawn up yet. “Subsequent meetings there will be approvals of, or consideration of other incentive tools, like the TIF tool, and so if all of those are approved then the project would be fully financed and able to move forward.”
A number of businesses and property owners within the proposed CID district sent signature sheets voicing their approval of the project and of the proposed sales tax increase. Edwards says beyond the infrastructure improvements the CID brings to the whole area, there’s the ultimate retail development itself. “The project as we know it right now, the estimated project value is around $148 million, and so that’s a significant investment in the community.”
Edwards says the plans for the retail development itself are still several months down the road, pending the approval of the actual TIF district, which will come at a later date.