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May 2, 2012

Neosho council seeks to refinance debt

By Josh Letner Globe Staff Writer

NEOSHO, Mo. — The Neosho City Council took action Tuesday night to refinance a debt that encumbers approximately 284 acres of city-owned land near the Neosho Industrial Park.

In December, the city council instructed city manager Troy Royer to have the land surveyed after it was discovered that the city owned more property than was previously thought.

Royer says the city was under the assumption that it owned about 99 acres of land, but a search of city and county records revealed that the city, in fact owns nearly 288 acres. He says the city originally purchased 341 acres, but sold 57 to Neosho Land Development, a non-profit economic development group, in 2003 for $200,500.

Royer says the city is also required to maintain ownership of approximately 98 acres of the property due to the presence of a storm water retention pond and spillway. He says that leaves about 183 acres that the city would like to one day sell.   

Royer says the survey and refinancing are part of a city initiative to put the land on the market. He says a survey is currently being conducted, after which the value of the property will be appraised. Royer says the land currently secures about $730,000 in debt from Certificates of Participation sold in 2003. Royer says the city hopes to refinance the debt and use the city’s new public works building and the roughly 11 acres of land it occupies as collateral, thus freeing up 183 acres for possible sale.

 

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