The Joplin Globe, Joplin, MO

Local News

July 26, 2013

Joplin Redevelopment Corp. to hear details of bond sale

Redevelopment funds of $18 million from Joplin’s first round of bond sales backed by the newly-created tax increment finance district have been received and will be one of the topics of discussion Tuesday at a meeting of the Joplin Redevelopment Corp.

The city’s finance director, Leslie Haase, is slated to give the JRC a financial report and ask the board for approval to repay a loan for the purchase of property.

David Wallace, with Wallace Bajjali Development Partners, the city’s contracted master developer, said that expenses from the bond sale also are due. Those include legal and consulting fees that Haase will enumerate to the JRC.

Haase said she expects the city to realize about $13 million after expenses. The money is to be used for redevelopment projects. A portion is earmarked for repayment of a loan the JRC obtained from a consortium of eight local banks to fund land purchases for some of the projects.

Haase said she will have the final calculations on the transactions related to the bonds at the meeting Tuesday.

Stifel, Nicolaus & Co. handled the bond sale for what is described as the largest TIF district in Missouri history. The district will capture a portion of the property and sales taxes generated from new growth in the tornado zone and through a portion of mid-Joplin and downtown. The TIF district proceeds are projected to be $57 million over the 23-year duration of the district.

In other business Tuesday, Wallace will ask the board to ratify the purchase of the former Salvation Army Thrift Store property at the northwest corner of 26th and Main streets. The board previously voted to approve the purchase of the block where the thrift store was destroyed by the 2011 tornado. The purchase is ready to close and a certificate ratifying the sale is needed from the board to complete it, Wallace said.

The Wallace firm proposes to build a retail and loft development there. Wallace said it will be anchored by a grocery store of 15,000 square feet with approximately 5,000 square feet of retail space and 10 loft units. He has not yet disclosed what grocery chain has spoken for a site there.

Additionally, the board will be asked to approve a short-term lease for the Joplin School District to possibly use the former Coca Cola Bottling Co.’s building at 1301 Virginia Ave. The JRC previously approved the purchase of the former bottling plant.

Wallace said it is proposed as the site for a future consolidated Joplin post office. It would take the place of the two existing post offices at First and Main streets and 32nd and Main streets. He said his firm is trying to buy more land in the area for the project.

One of the projects planned for Joplin’s redevelopment, a theater and arts complex downtown, would be located in the area of First and Main streets where the current post office is located.

Wallace said Joplin schools was looking for places to store books for a couple of weeks until school starts Aug. 15. The district may not need the Coke site, he said. “We are just positioning it so if they want to use it we already have approval,” he said.

The JRC board also will be asked to accept the resignation of one of its members, Michael Hagan. Hagan, a banker, had previously expressed discomfort with not having more time to review a redevelopment agreement for the TIF district before voting on it at a meeting in May. Distribution of the agreement had been delayed by changes and reviews that occurred with the bond issuers and city staff. The agreement specifies how TIF district revenues are to be paid out.

The Joplin City Council will be called on to name a replacement to the board. A dozen applications were received when the council made appointments last month to fill two newly created seats on the JRC board, expanding it from five to seven. The board seats were increased so that it would have more voters when members are absent or abstain.

Meeting set

The JRC, also known as the 353 Board, meets at 4 p.m. Tuesday at City Hall, 602 S. Main St.

Text Only
Local News
  • Season opens Friday for Carthage Art Walk

    Art, music and other activities are scheduled Friday when a new season of the Carthage Art Walk opens on the courthouse square.

    April 23, 2014

  • Carthage Council reorganizes

    The Carthage City Council has one new member after Paul McCoy was sworn in as Ward 2 councilman on Tuesday.

    April 23, 2014

  • Nixon: Tax-cut bill holds fatal flaw; area lawmakers say stance totally false

    Another year has brought yet another tax-cut fight between Democratic Gov. Jay Nixon and the Republican-led Missouri General Assembly, and on Tuesday, Nixon announced that he had found what he sees as a fatal flaw.

    April 22, 2014

  • Jasper County Commission approves contract for storage building expansion

    The Jasper County Commission on Tuesday approved a contract to expand an equipment storage building at the county’s Highway Department Complex on North River Street. The commissioners accepted a bid from Matt Denney Construction Co., Carthage, to build the 3,000-square-foot addition at a cost of $62,375.

    April 22, 2014

  • NEO_Big_Event - Bright.jpg NEO students step up for Big Event

    Leann Hartman has a 30-foot ditch filled with leaves that she has to clean out every spring. For the retired schoolteacher, this usually means paying a company to clean it for her, only to have to do it again the following year.

    April 22, 2014 1 Photo

  • Carthage School Board advances funding for building projects

    Financing for a series of building projects planned in the Carthage School District was advanced Monday by members of the Carthage School Board. The board approved a resolution authorizing the sale of $18 million in bonds to finance a series of building improvements and approved lease-purchase financing for the early childhood center currently under construction.

    April 22, 2014

  • Mike Pound 2010.jpg Mike Pound: Golf tournament supports SIDS research, awareness

    There are probably a lot of reasons the Marshall Dean Keller Memorial Golf Tournament continues to grow year after year, but one of the biggest just might be the cause it supports.

    April 22, 2014 1 Photo

  • r042214earthday.jpg Local group launches clean air plan on Earth Day

    It was an Earth Day first for Stephany Aquinaga, a pre-med student and member of the biology club at Missouri Southern State University. “This is the first time I have ever planted a tree,” she said.

    April 22, 2014 2 Photos

  • Nevada City Attorney chosen to advise Neosho Ethics Board

    The Neosho City Council on Monday appointed Bill McCaffree, Nevada city attorney, as special counsel to the Neosho Ethics Board. McCaffree will provide the ethics board with legal advice as it investigates an ethics complaint against council members Steve Hart and David Ruth. The vote to hire McCaffree was 3-2, with Hart and Ruth voting against the motion.

    April 22, 2014

  • Neosho teachers express support for Common Core State Standards

    Neosho teachers on Monday voiced their full support for Common Core State Standards. They made their statements to board members during the Neosho Board of Education meeting as an agenda item.

    April 22, 2014

Must Read


Missouri Gov. Jay Nixon said Tuesday that a tax cut approved by the Legislature could have a “cataclysmic” effect on state revenues to the tune of $4.8 billion. House Majority Leader John Diehl calls that “absurd.” Who do you believe?

A. Nixon
B. Diehl
     View Results
Twitter Updates
Follow us on twitter