By Emily Younker
JOPLIN, Mo. —
The Joplin City Council today approved the creation of a 3,000-acre tax increment financing district to finance redevelopment projects in the wake of the May 2011 tornado.
An ordinance establishing the TIF plan was approved on a 6-3 vote during a special council meeting Friday. Casting the dissenting votes were Bill Scearce, Trisha Raney and Jack Golden.
Council members also considered a separate ordinance for approval of the redevelopment plan as outlined in the TIF proposal and designating the Joplin Redevelopment Corp. as the developer. This ordinance was approved on a 7-2 vote, with Scearce and Raney casting the dissenting votes.
Future increases in property taxes and a portion of the sales tax revenue from the TIF district will be directed over the 23-year life span of the TIF to tornado redevelopment projects. David Wallace, chief executive officer of Wallace Bajjali Development Partners, the master developer, has said up to $57 million in tax revenues could be generated to secure bond indebtedness to help finance some of the projects.
Projects include $258 million for housing, $56 million for mixed-use residential over retail and commercial space, $74 million for a medical office building, $20 million for a Joplin Public Library/theater complex, $45 million for a consolidated government office complex, $68 million for a performing and visual arts center and Union Depot restoration, $73 million for a downtown education complex, $55 million for a multipurpose event venue and sports complex and $70 million for a hotel and convention center.