Independence TIF Commission recommends amended Wally’s redevelopment plan to city council

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 amount from about $10,795,000 "and change" to roughly $8.6 (amounts as stated in the record). "Again, the 8.6 is what's now updated in your TIF plan today," he said, adding that all other figures presented at the prior hearing remain the same and that he would provide exact numbers from the cost-benefit analysis if the commission wanted them.

The commission accepted three exhibits into the public record — the amended TIF plan, the notice of changes sent to taxing jurisdictions, and a four-day Extended Sunshine notice posted in accordance with the Extended Sunshine Act — by a voice vote before hearing the developer’s presentation. No members of the public registered to testify during the oral public-comment portion recorded in the transcript.

Following the presentation, a commissioner moved and a second was recorded to consider a resolution that would recommend approval of the TIF plan, designate the redevelopment area, find blight within that area, approve the redevelopment project, and designate the developer of record. The commission conducted a roll-call vote; the transcript records affirmative responses from named commissioners and the chair declared the motion passed.

A staff member told commissioners the item will be scheduled for the City Council’s public hearing and first consideration on Dec. 15, with the second reading and final action likely at the council’s first regular meeting in January unless a special meeting is called by the mayor and council. Peterson said the developer’s ideal outcome would return the project to its original schedule and complete approvals, including second reading, by the end of the year but conceded January was a possible result.

The commission adjourned at 10:11 a.m.

Votes and procedural actions recorded in the transcript: a voice vote approved the prior meeting minutes; a motion to accept the listed exhibits into the record passed by voice; and a roll-call vote on the resolution recommending approval of the TIF plan was recorded as passing in the transcript. The transcript records commissioners by name responding 'Yes' during the roll call on the resolution.

What happens next: the commission’s recommendation will appear before the City Council for public hearing and first consideration on Dec. 15; final council action is expected either at the council’s first regular January meeting or a special meeting called by the mayor and council.