JOPLIN, Mo. —
Joplin’s proposed master developer will soon unveil proposals for an initial $800 million worth of potential tornado-recovery projects, if the City Council approves a contract with the firm on Monday.
David Wallace, chief executive officer of Wallace Bajjali Development Partners, of Sugar Land, Texas, gave a synopsis of its proposal to the Joplin 353 Redevelopment Corp., a city board, on Thursday. He said the 353 board will be the funding mechanism for the plan, if the council agrees to proceed.
The 353 board arranges the purchases of property for city projects. Under the Wallace Bajjali proposal, it would become a land bank for redevelopment.
The City Council at its meeting at 6 p.m. Monday is scheduled to consider a contract essentially establishing a partnership with the firm for redevelopment purposes.
If that wins approval, Wallace will discuss more details of the projects at a council work session on Monday, July 9.
Wallace partners have been in Joplin since right after the 2011 tornado looking at possibilities to help restore the city, which lost thousands of homes and businesses. The storm was blamed for 161 deaths.
Wallace said Thursday that the 353 board could buy and resell land as a way to establish and support a revolving loan fund that could be used for economic development projects. Those initial property purchases would cost about $30 million. They could be funded with $8 million of the $45 million in federal Community Development Block Grant funds the city has been allocated plus $22 million in tax-exempt bonds that could be sold.
Among the list of projects mentioned as possibilities is a newly created housing program that would allow income-eligible residents to buy houses valued at $115,000 for $70,000, using grants to pay the difference. Wallace said the reason is that many residents had been renting houses and apartments for about $350 a month. New homes and apartments would cost more than that in rent or mortgage payments, and the program could provide housing that is affordable to those in need and allow them to become homeowners instead of renters.
Also in the works are two mixed-use projects, which involve constructing buildings that will provide retail and office space on the main floor with lofts upstairs. Wallace also mentioned a project for medical offices and a clinic, a government complex for state and federal offices, and a cultural arts center.
That would involve the pursuit of 1,100 parcels of land, mostly in the tornado zone, for the 353 board to buy and then resell. Reselling the sites would generate money that the board could use to support a revolving loan fund for development that could be used as a tool for incentives and grants to attract businesses, Wallace said.
Wallace said his firm has about 70 letters of intent for land that could be used to start the steps.
Redevelopment proposals were assembled from sources including an analysis the firm did of what was lost in the tornado, both public and private. Also studied were the city’s capital improvement projects, and the wants and needs communicated by the public to the Citizens Advisory Recovery Team. In the months ahead, public forums would be held on the firm’s proposals so that the developers can be assured that the ventures meet with the approval of residents, Wallace said.
A member of the 353 board, Brad McIntyre, asked if the firm has previous experience with redevelopment in disaster zones.
Wallace explained a project the firm has been working on for 10 years in Waco, Texas, where a tornado in 1953 destroyed the city’s downtown and killed 114 people.
Regarding the potential use of eminent domain for the projects, board members were told that would be a last resort only for a public project.
Public input
DAVID WALLACE said forums would be held to get public input on development proposals before final approval of any particular project is sought from the City Council.
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