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Independence TIF Commission recommends amended Wally’s redevelopment plan to city council
Summary
The Independence TIF Commission voted Nov. 24 to forward an amended tax increment financing (TIF) plan for Wally's to the City Council after the developer’s attorney described two technical changes: a withdrawn request for an extra CID and formula adjustments that reduced reimbursable costs.
The Independence Tax Increment Financing (TIF) Commission voted on Nov. 24 to recommend approval of an amended TIF plan for the Wally’s redevelopment and forward the matter to the City Council for a public hearing and first reading on Dec. 15.
At a continued public hearing, Kurt Peterson, the developer’s attorney presenting on behalf of Wally’s, told commissioners the package includes two changes from the plan previously discussed. He said the applicant will not seek to impose an additional community improvement district (CID) with a 1% sales tax after the new CID was not removed from the existing Nolan Road CID. "That didn't happen, and thus, we did not ask to impose an additional CID," Peterson said.
Peterson also said adjustments to the cost-benefit formula reduced the project’s reimbursable…
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