YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
The approvals begin the 23-year timeline for project developer Art King, of Columbia, to capture sales tax revenue within the TIF district. Half of new sales tax revenue generated by the shopping center, with a maximum of $48.5 million, will be returned to the developer to pay for public infrastructure such as streets, sewer service and water.
King can now begin issuing bonds that will finance Branson Hills Plaza on Branson Hills Parkway west of Highway 65. If investors don’t purchase the bonds, the TIF agreement with the city will be nullified; the city will not issue the bonds or be responsible for repaying them.
Branson Hills, set to open in early 2008, will include a Wal-Mart Supercenter, Kohl’s and about a dozen other retailers and restaurants.
Commerce Park plans
The board also gave first-reading approval to a neighborhood improvement district for the proposed Commerce Park. Plans for the industrial park on Highway 248 call for light industrial, retail and residential development.
To help finance Commerce Park, developer Kansas City-based Branson Commerce Park LLC is seeking a neighborhood improvement district that allows levying special assessments within the district to pay project costs.
This story originally appeared in SBJ’s Nov. 10 free e-news Daily Update. Click here to register.
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