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City finance director reports 32nd Street Place TIF performing; reimbursements under way
Summary
City Finance Director Leslie Hass told the TIF commission that 32nd Street Place has activated most project areas, costs have been certified and reimbursements begun; staff said the project appears on track and could pay off earlier than projected, but final timing is not yet determined.
At the April 30 meeting of the Joplin City Tax Increment Financing Commission, City Finance Director Leslie Hass provided an annual financial update on existing TIF districts, including 32nd Street Place. She said 32nd Street Place comprises four project areas, three of which are activated; all costs for activated areas have been certified and reimbursements from the TIF have begun.
Hass told the commission staff is still collecting revenues and monitoring the project, and that while the current projections look favorable and the TIF may be paid off earlier than previously forecast, she would not commit to a specific early payoff date until collections and final accounting are complete. She said one remaining project area — where an old Holiday Inn was located — has not been activated because the developer is not yet ready.
Commissioners asked whether the TIF is on track to complete and pay off early; Hass said the city hopes to pay off the district sooner but deferred giving a firm schedule until closer to closeout. There was no public comment on the update.
