An emergency ordinance passed at Monday’s City Council meeting arranges for sales tax reimbursement from the city if a development planned for the Falls at Crackerneck Creek comes to fruition and succeeds.
The developer, Crackerneck West Retail LLC, is expected to construct a 58,000-square foot “Main Event” entertainment center, in the area behind the Cheddars restaurant in the southeast portion of The Falls. In addition, a fast-food restaurant and a sit-down restaurant are planned for the area in between Cheddars and Missouri 291, next to the Green Lantern car wash.
The city is only providing reimbursement for eligible public improvement costs incurred by the developer, and it would come from half of the city’s 1-percent sales tax revenues generated by “Main Event.” Total reimbursement over a 20-year period would come to no more than $1,645,375, according to information provided at the meeting.
If the entire project is constructed, it could generate nearly $8.9 million in tax increment financing revenues over the next 20 years which would be used to repay bonds issued for the Falls at Crackerneck Creek project, according to the city.
The Examiner will have more on this project later in the week.