By David G. Wallace
Special to The Globe
JOPLIN, Mo. —
As you know, I have been engaged in numerous public-private partnerships during my past 30 years of business. Some of these transactions have been very complex, international privatizations, and some have been as simple as a contractual relationship between a private vendor and a municipality.
However, the devastating and tremendous force of the May 22 tornado created a large-scale impact on this community. Using Isaac Newton’s Third Law of Motion — “every action has an equal and opposite reaction” — the Joplin redevelopment efforts demand an equally large-scale and powerful response.
In order to attract the private-sector funding to invest in Joplin’s bold future, the federal, state and local leadership of Joplin are having to use some of the most complex financial tools in its economic development arsenal. In some cases where the tools don’t exist, the leadership has the creativity and political sophistication to draft and propose legislation. Friday’s approval by the Joplin City Council of the TIF ordinance — the largest in Missouri — illustrates this bold and steadfast leadership.
I would like to thank The Joplin Globe for providing continuous coverage, updates and an educational forum for the citizens of Joplin. These are very complex economic development tools, and I commend the Globe for digging in and understanding the rationale and impact to the Joplin community.
Democracy is truly alive and well in Joplin. The citizens have been educated, the citizens have provided their views and comments (both for and against), and the elected officials continue to vote their conscience based on what they feel is in the best interest of all citizens of this wonderful community.
The future will hold many opportunities for public input and debate as we continue to mold the development plans and related capital structure. We look forward to working with The Joplin Globe and other media outlets as we hold these discussions.
Thanks again for your continuous and wonderful coverage of these extremely important yet complex issues.
David G. Wallace, CEO
Wallace Bajjali Development Partners, LP