Item Coversheet
City of Independence
AGENDA ITEM COVER SHEET
BILL NO. 17-0321st R.

Agenda Title:

17-032 - An ordinance terminating and dissolving the Noland Road Auto Plaza Tax Increment Financing Plan, special allocation fund, and the tax increment financing associated therewith, and terminating the designation of the redevelopment area under said plan as a redevelopment area.
Recommendations:

Staff recommends approval of this Ordinance.
Background:

The Noland Road Auto Plaza TIF was approved in 2002; T.E.N. Investments, Inc. was the developer of the project. The Redevelopment Area was approximately 14 acres of land generally located south of 31st Street and directly west and east of Noland Road. The Plan focused on redeveloping buildings that were deteriorating, obsolete or vacant in the heart of the “Miracle Mile”. The Redevelopment Plan consisted of three project areas:

Redevelopment Project One consisted of an auto dealer and construction of an auto repair facility and an auto service center.

Redevelopment Project Two consisted of the redevelopment of the former Hal Quinn Buick agency to a level necessary to provide facilities for a Honda auto dealer in accordance with Honda’s new national standards.

Redevelopment Project Three consisted of the redevelopment of the former Lincoln-Mercury dealership to a standard necessary to provide facilities for one or two new car franchises.

It was a concern that if these buildings stayed vacant it would devalue the entire corridor and lead to further blight. The redevelopment costs were prohibitive to the developer seeking a positive return on their investment and the use of TIF was required to assist with offsetting some of the development costs. The total estimated redevelopment costs were estimated at $13,281,380, reimbursable projects costs were estimated to be $1,865,000 plus.

 

Current Status:
Despite the upgraded facilities the Honda dealer relocated to Kansas City, KS and the Lincoln-Mercury dealer closed. All three buildings included in the TIF are now fully occupied.




Fiscal Impact:

Excess funds received into the Noland Road Auto Plaza TIF Special Allocation Fund have all been disbursed to the taxing jurisdictions. The special allocation fund balance is $0.00.



Department:          FinanceContact Person:          Brian C. Watson


REVIEWERS:
DepartmentAction
Finance DepartmentApproved
Finance DepartmentApproved
City Council Mgmt AnalystApproved
Finance DepartmentApproved
Law DepartmentApproved
City Managers OfficeApproved
City Clerk DepartmentApproved

Council Action:          Council Action:         

ATTACHMENTS:
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