The Joplin Globe, Joplin, MO

Local News

July 31, 2013

TIF trustee holds $5 million for debt payments

JOPLIN, Mo. — Joplin will hold onto $5 million of the $18 million realized from the first round of bonds sold on the city’s newly created tax increment financing district to meet the bond’s debt payments.

Leslie Haase, the city’s finance director, said the money is being held by the city’s TIF trustee, UMB Bank. She said it is to be used to make payments on the TIF bonds until enough tax revenue starts coming in from the TIF district to meet the bond payments.

She gave a financial report to the Joplin Redevelopment Corp. on Tuesday night and sought approval to pay out $13 million of the money generated by the bond sales for TIF and tornado redevelopment project costs. The JRC is involved in buying land for those projects.

Haase said Wednesday that it will be several months before much money comes in from the Joplin Redevelopment TIF District that was put in place in December. Half of any increases in tax revenue inside the designated TIF area will help pay for redevelopment projects generated by the city’s designated master developer, Wallace Bajjali Development Partners. The TIF district encompasses the tornado zone and stretches across portions of central and downtown Joplin, particularly along Main Street.

Haase said the city does not expect to receive any significant amount of money from the TIF district until early 2014, after property taxes are paid at the end of the year. That is why money needed to be held from the bond sales to make payments, she said.

Costs for the bond sales, as of July 30, were $183,794, according to a statement provided to the JRC. Those were fees paid for financial advisory and legal counsel, along with cost reimbursements to several firms involved in the bond issue.

Land purchases by the JRC that are within the TIF zone and eligible to be paid by TIF district revenue amount to $5,364,322. Part of those land purchases were made for the project to build a new Joplin Public Library and movie theater at 20th Street and Connecticut Avenue, and a retail/loft project east of the library site along 20th Street to Carolyn Place. The rest of the purchases are in the area of 26th Street and McClelland Boulevard for a senior transitional living complex that is to be co-developed by Wallace Bajjali and O’Reilly Development of Springfield.

One purchase, that of the Coca-Cola Bottling Co. property at 1301 S. Virginia Avenue, was made for $541,232, but it is outside the TIF zone and has to be paid for by funds other than those generated via the TIF district.

According to a balance sheet of the JRC, the fees charged by Wallace Bajjali for those land purchases totaled $287,852 as of July 29. All but $92,000 has already been paid.

“The only other thing we owe them (other than land purchase fees) is up to $1 million in pursuit costs” for putting the redevelopment projects together, Haase said. That money will be paid out as the projects are developed, as agreed to in a contract the City Council approved when it hired the master development firm. That contract calls for Wallace Bajjali to share the development costs with the city. Haase said the first installment of those pursuit costs will likely have to be paid soon, but she did not know Wednesday how much that would be.

Other costs related to the land purchases so far are $132 for electric charges, $70,349 for land closing costs and $15,260 for liability insurance.

Closed session

THE JRC BOARD met in closed session Tuesday, after an open session, to consider more land purchases.

Text Only
Local News
  • Carthage prepares for Marian Days

    The 37th annual Marian Days celebration will start in two weeks, and planning is well under way for the event that will bring tens of thousands of Catholics of Vietnamese descent to Carthage.

    July 23, 2014

  • Joplin couple indicted in child porn case

    A federal grand jury indicted a Joplin couple Wednesday for alleged sexual exploitation of a second child in addition to a girl who was the subject of a preceding indictment of the husband for allegedly producing and distributing child pornography.

    July 23, 2014

  • Mike Pound 2010.jpg Mike Pound: It’s not Mayberry, but Carthage is close

    When I was a kid, I wanted to live in Mayberry. In a way, I suppose I still want to live in Mayberry, the fictional town featured in the classic Andy Griffith show of the 1960s.

    July 23, 2014 1 Photo

  • Missouri attorney general defends his support of Amendment 1

    With a large cornfield behind him and campaign signs all around, Democratic Attorney General Chris Koster appeared Wednesday at the David Collard farm to tout Amendment 1, an Aug. 5 ballot measure that would make the “right to farm” part of the state constitution.

    July 23, 2014

  • Joplin school board reviews audit procedures

    A team from the Missouri State Auditor’s Office has begun requesting documents in its task to audit the operations and management of the Joplin School District, the audit manager told the Board of Education on Tuesday.

    July 22, 2014

  • Joplin man to stand trial in accident case

    A passenger accused of causing an accident on Interstate 44 in Joplin that injured three others as well as himself was ordered bound over for trial Tuesday on three felony counts.

    July 22, 2014

  • Pseudoephedrine sales in Pittsburg to require prescription

    Starting Friday, those who purchase pseudoephedrine and related products in Pittsburg will need a prescription to do so.

    July 22, 2014

  • r072214soroptimist3.jpg Volunteers spend week providing camp experience to foster youths

    Karen McGlamery is a massage therapist. Terri Falis-Cochran is a finance manager. Jane McCaulley is a retired art teacher. But for a week each summer, the three are among dozens of area residents who become camp counselors.

    July 22, 2014 2 Photos

  • Jasper County Commission reviews traffic plans

    The Jasper County Commission will hold public hearings today and Thursday on a number of traffic changes proposed in the county. No one spoke when the first hearing was held Tuesday as part of the regular commission meeting, according to Jim Honey, Eastern District associate commissioner.

    July 22, 2014

  • Neosho school board hires company to manage substitutes

    Citing its hopes of shifting health care costs and utilizing more time from retired teachers, the Neosho Board of Education granted a contract Monday to a temporary employee company to manage its substitute teacher program.

    July 22, 2014

Must Read


Have you ever served as a volunteer for your state's conservation department?

A. Yes.
B. No.
     View Results
Twitter Updates
Follow us on twitter