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Joplin TIF commission approves 2nd amendment to 1717 Marketplace plan to reimburse about $600,000 for 15th Street work
Summary
The Joplin City Tax Increment Financing Commission voted April 30 to approve a second amendment to the 1717 Marketplace TIF plan that increases reimbursable costs by about $600,000 so the city can recoup work on 15th Street; staff said final refund amounts will be distributed to taxing jurisdictions after closeout.
The Joplin City Tax Increment Financing Commission on April 30 approved a resolution to adopt a second amendment to the 1717 Marketplace redevelopment/TIF plan that increases the project budget by approximately $600,000 to reimburse the city for completing 15th Street improvements.
City Finance Director Leslie Hass told commissioners that the 15th Street improvements — constructed to city specifications and dedicated to the city — are now complete and that the additional money is needed because project costs exceeded the 2018 estimate. “The total cost for this work is approximately $600,000 more than what was originally estimated in 2018,” Hass said, and added, “We have collected more money than what we need…we will be able to refund those proceeds.”
Hass said staff is not seeking reimbursement for financing costs associated with advancing the funds and that, if the commission and city council approve the amendment, the city will seek to be fully reimbursed from the TIF and the related transportation development district (TDD) revenues. She said staff projects final repayment of reimbursable costs in 2026, roughly three years earlier than the maximum period allowed under the TIF statutes.
No members of the public spoke during the hearing. After staff entered seven exhibits into the record, including the original 1717 Marketplace TIF plan, prior amendments, relevant ordinances and the staff report, Commissioner West moved to approve Resolution 2026001 as presented by staff; Commissioner Mike Landis seconded the motion. The commission then conducted a roll-call vote and the chair declared the resolution adopted.
Hass said that, following reimbursement to the city, staff intends to bring an ordinance to the city council to terminate the TIF and redevelopment area so any surplus in the TIF special allocation fund can be redistributed to affected taxing jurisdictions — she specifically mentioned the county, the school district and 911 — in accordance with the TIF Act. She also noted that closing out the related TDD will require additional circuit-court action.
The resolution was adopted and no further business was raised; the commission adjourned.
