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Independence, MO —
Even in these tough economic times, Independence city officials say they are pleased overall with how five tax increment financing projects are moving along.
These projects – four along the Noland Road corridor and one on Sterling Avenue – have had a five-year anniversary within the past 12 months or were closed out. Community Development Department Director Jennifer Clark provided the City Council Monday night with an update on the projects, and at next Monday’s regular council meeting, a public hearing will take place on all TIF projects in Independence.
One TIF project that city officials are especially proud of is the recent closing out of the Hy-Vee redevelopment at the northeast corner of U.S. 40 and Noland Road, a project that paid itself off 10 years ahead of schedule.
The TIF project, adopted in 2002, was established to address stormwater issues and the demolition of existing buildings prior to construction. The 10-acre site contained buildings in poor structural condition in a high-profile intersection, Clark said, as well as buildings with prolonged vacancy and vandalism.
The project accomplished all of its original goals, Clark said, which included a new signalized intersection at U.S. 40; an aligned U.S. 40 and Noland Road intersection; a widened U.S. 40; new sanitary sewers, water lines and storm sewers; a landscaped corner; a demolished old BrandsMart building; and the redevelopment of an old Kmart building.
“Stormwater issues have been resolved, the buildings are in good condition, and the properties are well-maintained,” Clark said.
In the weeks following the project’s closeout, Westlake Ace Hardware – included in the project – announced it would close its store at 4545 S. Noland Road by Sept. 2. Still, a celebration for the Hy-Vee TIF retirement will take place at 11 a.m. this coming Monday, at the Hy-Vee.
District 4 Council Member Eileen Weir, whose represented area includes the Hy-Vee TIF, said she was pleased to see several TIF projects coming to completion, especially the Hy-Vee redevelopment area.
“We forget how bad that corridor was – it’s easy to have your memory fade,” Weir said. “To see it now, how it is, be so profitable and close out early is tremendous.”
The four other TIF projects discussed Monday include the following:
• Sterling Village: At the northwest corner of Sterling Avenue and Sheley Road, the Sterling Village TIF adopted in July 1998 was terminated earlier this year after the developer, Sterling Village Redevelopment Company LLC, said it had completed all it could in this economic climate.
Even in these tough economic times, Independence city officials say they are pleased overall with how five tax increment financing projects are moving along.
These projects – four along the Noland Road corridor and one on Sterling Avenue – have had a five-year anniversary within the past 12 months or were closed out. Community Development Department Director Jennifer Clark provided the City Council Monday night with an update on the projects, and at next Monday’s regular council meeting, a public hearing will take place on all TIF projects in Independence.
One TIF project that city officials are especially proud of is the recent closing out of the Hy-Vee redevelopment at the northeast corner of U.S. 40 and Noland Road, a project that paid itself off 10 years ahead of schedule.
The TIF project, adopted in 2002, was established to address stormwater issues and the demolition of existing buildings prior to construction. The 10-acre site contained buildings in poor structural condition in a high-profile intersection, Clark said, as well as buildings with prolonged vacancy and vandalism.
The project accomplished all of its original goals, Clark said, which included a new signalized intersection at U.S. 40; an aligned U.S. 40 and Noland Road intersection; a widened U.S. 40; new sanitary sewers, water lines and storm sewers; a landscaped corner; a demolished old BrandsMart building; and the redevelopment of an old Kmart building.
“Stormwater issues have been resolved, the buildings are in good condition, and the properties are well-maintained,” Clark said.
In the weeks following the project’s closeout, Westlake Ace Hardware – included in the project – announced it would close its store at 4545 S. Noland Road by Sept. 2. Still, a celebration for the Hy-Vee TIF retirement will take place at 11 a.m. this coming Monday, at the Hy-Vee.
District 4 Council Member Eileen Weir, whose represented area includes the Hy-Vee TIF, said she was pleased to see several TIF projects coming to completion, especially the Hy-Vee redevelopment area.
“We forget how bad that corridor was – it’s easy to have your memory fade,” Weir said. “To see it now, how it is, be so profitable and close out early is tremendous.”
The four other TIF projects discussed Monday include the following:
• Sterling Village: At the northwest corner of Sterling Avenue and Sheley Road, the Sterling Village TIF adopted in July 1998 was terminated earlier this year after the developer, Sterling Village Redevelopment Company LLC, said it had completed all it could in this economic climate.
The project did accomplish its goals of removing blight and the removal of several small, substandard single-family structures bordering Sterling Avenue.
The original intent was to construct more than 20 fourplex buildings, but in the end, only five were completed. The developer chose to close the project out nine years early because of the fluctuating real estate market, Clark said.
The development does have a high occupancy rate, she said, as well as good access to public transportation. City Manager Robert Heacock added that no public funds were at risk since the project was a pay-as-you-go TIF – the developers actually invested more than they got back, the city says.
“If it hadn’t been because of the economy, I think we would’ve seen it come to fruition,” Mayor Don Reimal said.
• Santa Fe: This TIF, west of Noland Road and generally north of Gudgell Road and south of Fair Street, experienced growth earlier this year with the construction of a 9,000-square-foot building and the opening of NAPA in April.
“(NAPA) has spurred a great deal of interest and new opportunities for investment in that area,” Clark said.
The project was established to address dilapidated and substandard structures; storm drainage issues; obsolete platting, streets and sidewalks; and stabilize and increase value to the area, Clark said. The redevelopment has yet to include new residential units, but some off-site public improvements have taken place.
• Recovery Sales: Adopted in 1996, with amendments made in 2000, 2002 and 2008, this TIF is north of 35th Street, west of Noland Road and south of 31st Street.
Public improvements made to date include upgraded rail crossings at 35th, 31st and Osage streets, as well as new rail crossing at 33rd Street and Noland Road. Traffic issues at 35th Street and Noland Road also were addressed with signals.
Original project plans also called for new retail, warehouse and office developments within this TIF.
• Noland Road Auto Plaza: Now in its 10th year, this TIF called for the demolition of the old Honda building and the upgrade of facilities for a Honda dealership, which have taken place. Project goals also included a new auto repair facility and service center. This TIF is generally located to the east and west of Noland Road, just north of 31st Street and just south of 32nd Street.
