Developers propose $100 million overhaul of Noland Fashion Square, ask city for TIF, CID and other tax tools

Trieland Properties on Monday told the Independence City Council it is seeking public finance tools to redevelop the vacant Noland Fashion Square at the corner of Noland Road and U.S. 40 in Independence.

"Delivering the project vision as outlined by Rich requires an an estimated investment of $100,000,000," said John Hansen of IRR during the presentation. The development team asked the council to approve a package that includes tax-increment financing (TIF), 50% PILOTs (payments in lieu of taxes), a 100% redirection of incremental sales taxes (referred to by the team as 100% EATS), extension of the existing 1% Community Improvement District (CID) sales tax, a $1-per-square-foot CID special assessment, support for forming a Transportation Development District (TDD) with a 1% sales tax and a Chapter 100 sales-tax exemption on construction materials.

The developers said those incentives close a financing gap and raise the expected project return from about 3.76% without incentives to about 10.75% with the requested public tools. Richard Dubey, president of Trieland Properties, said the project would replace a largely vacant, blighted property and preserve a Price Chopper store in Independence. "Ultimately, what are the benefits to the city of Independence on a property that's been for all intents and purposes vacant for the last 15 or 20…