|
|
|
Independence City Council Member Lucy Young said the approval of a “pay as you go” tax increment financing plan for a commercial development at the site of the now-defunct Blue Ridge Cinema should provide a jolt for the blighted area.
In a 7-0 vote, the Council approved the Blue Ridge Crossing East tax increment financing plan for a proposed $9 million to $10 million retail, restaurant and convenience store project planned for an area northeast of the current Blue Ridge Crossing. Young said the TIF designation is a coup for the Independence side of the development that borders Kansas City.
“This has been a long time coming,” Young said of the redevelopment of the old Blue Ridge Cinema and its related property at the intersection of Interstate 70 and U.S. 40. The cinema closed in 1995. “This TIF will help build, and again help put money in our coffers.”
Council Member Jim Page added: “This is going to be one step toward cleaning up 40 Highway and bringing in new businesses along 40 Highway.”
Blue Ridge Crossing East developers Cinema East, LLC., will utilize a “pay as you go” TIF, which is different than a standard TIF in that the former calls for a developer to front all the cost for the development, but receive sales and property tax revenues in increments over the life of the TIF contract. The contract for the Blue Ridge Crossing East project is a 15-year agreement instead of the normal 23-year TIF agreement.
The city’s Tax Increment Financing Commission in September unanimously approved a request for more than $1.9 million in tax incentives from Cinema East, LLC, also the developers of the Blue Ridge Crossing project that sits in Kansas City. Anchored by the Wal-Mart Supercenter, it’s located on the site of the old Blue Ridge Mall.
“This will create a lot of jobs,” Independence Mayor Don Reimal said. “This will be very good.”
Independence City Council Member Lucy Young said the approval of a “pay as you go” tax increment financing plan for a commercial development at the site of the now-defunct Blue Ridge Cinema should provide a jolt for the blighted area.
In a 7-0 vote, the Council approved the Blue Ridge Crossing East tax increment financing plan for a proposed $9 million to $10 million retail, restaurant and convenience store project planned for an area northeast of the current Blue Ridge Crossing. Young said the TIF designation is a coup for the Independence side of the development that borders Kansas City.
“This has been a long time coming,” Young said of the redevelopment of the old Blue Ridge Cinema and its related property at the intersection of Interstate 70 and U.S. 40. The cinema closed in 1995. “This TIF will help build, and again help put money in our coffers.”
Council Member Jim Page added: “This is going to be one step toward cleaning up 40 Highway and bringing in new businesses along 40 Highway.”
Blue Ridge Crossing East developers Cinema East, LLC., will utilize a “pay as you go” TIF, which is different than a standard TIF in that the former calls for a developer to front all the cost for the development, but receive sales and property tax revenues in increments over the life of the TIF contract. The contract for the Blue Ridge Crossing East project is a 15-year agreement instead of the normal 23-year TIF agreement.
The city’s Tax Increment Financing Commission in September unanimously approved a request for more than $1.9 million in tax incentives from Cinema East, LLC, also the developers of the Blue Ridge Crossing project that sits in Kansas City. Anchored by the Wal-Mart Supercenter, it’s located on the site of the old Blue Ridge Mall.
“This will create a lot of jobs,” Independence Mayor Don Reimal said. “This will be very good.”
