CID board looking forward to first meeting

Joplin Metro

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March 19, 2010

Anonymous The Joplin Globe Fri Mar 19, 2010, 09:58 PM CDT

By Emily Younker

eyounker@joplinglobe.com

CARL JUNCTION, Mo. — The interim board of the new Briarbrook Community Improvement District plans its first meeting next month, according to member Toby Teeter.

Teeter on Friday said the public meeting will primarily consist of approving the district’s bylaws, updating the public on the status of the CID, and discussing steps toward selection of a lender for the bond issue to fund the purchase or lease of the Carl Junction golf course property, he said.

The board will also “likely go into closed session to discuss real estate,” meaning the acquisition of Briarbrook Country Club from its current owner, Equity Endeavors, Teeter said.

Teeter said the interim board would not proceed with the bond issuance until the contract to buy the property is put together, which he indicated could be within a month.

“I anticipate that we could have the contract for purchase executed next month, and immediately we will initiate a process to get through the bonding process and close the transaction,” he said. “The deal won’t close until we have the bond proceeds, and that may not happen until the middle of summer.”

A CID is a political subdivision that allows landowners in a designated geographic area to assess themselves a tax to purchase, improve and maintain property. The CID encompasses the Briarbrook residential area, and will finance the purchase or lease of the country club’s golf course, clubhouse, swimming pool and tennis courts. It also will fund capital projects and maintenance.

Two options have routinely been discussed for obtaining the property.

Under one option, the board would buy the property directly from the owner, issuing $2.1 million in bonds to fund the purchase and renovations. The owner of a $100,000 home would pay $90.25 per year in special tax assessments.

Teeter said he couldn’t speak on behalf of other board members, but “it’s most likely that (buying the property from the owner) will be the option to pursue,” he said.

The other option would require the property to be gifted to the state in exchange for tax credits and then be transferred to the city, which would be expected to lease most of it to the board. The board would issue about $1.5 million in bonds for the lease and subsequent renovations. This option would cost the owner of a $100,000 home $66.50 per year in special tax assessments.

Teeter said that under the current timeline, capital improvements to the property — starting with restoration of the clubhouse and a fitness center addition — would likely begin during the second half of the year.

He also said he expects the golf course to continue to be operated — at least through the remainder of the golf season — by the group of residents that has been running it under the current owner.

“Obviously that’s not our decision until we own the property,” he said. “It does make sense for them to handle that burden until the CID buys the land, and probably even for a short period after the CID owns the land.”

The board is also looking to the formal election of its seven board members. City Clerk Maribeth Matney said that election will be held June 15.

Dan Hartley, Randy Brownlow, Phyllis Sanders, Leigh Ann Hackney, David Englert and Gary Greene are currently serving with Teeter as interim board members, according to the petition seeking establishment of the CID.

The petition drive, which was launched last fall, sought the signatures of more than half of Briarbrook subdivision property owners and of residents collectively owning more than half of the assessed value of Briarbrook property to successfully petition the City Council to create the district.

District formation

The City Council formally approved an ordinance creating the district at its March 2 meeting.

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CID board looking forward to first meeting

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