| Plan for tax assistance approved Tom Dellaportas had a good night Thursday. The Chicago-based developer with First National Development Ltd. received unanimous approval from the Blue Springs Tax Increment Finance Commission for a 900,000 square foot, retail project, Plaza at Adams Farm - formerly known as Coronado Plaza - on Adams Dairy Parkway. 'It is a first step,' Dellaportas said. 'And it is positive.' Dellaportas said the 10-0 vote was encouraging, too. The project would be on 123 acres on both sides of Adams Dairy Parkway and spanning Coronado Drive and R.D. Mize Road. The project includes nine water features and a pedestrian path. Dellaportas asked for $29.5 million in tax incentives, to be collapsed in 22 years, on the project. He would use any new personal and real property taxes and 50 percent of any new sales taxes generated by the project to offset construction costs. Nearly $12.5 million would go for dirt moving, storm water retention and site improvements, and the remaining $17 million goes to city-mandated traffic improvements to Adams Dairy Parkway and connecting roads, including Mock Avenue and R.D. Mize Road. Earlier this year, the city learned the parkway, which was initially constructed to sustain traffic from the previous plans for office space, would not hold the traffic caused by a change to retail. Attorney Greg Grounds, former mayor, spoke on behalf of the developer, saying the TIF could collapse in about eight years without the additional $17 million. However, he told the commission, the revenue projections for the project were conservative. Likewise, he said once the second phase comes on board, there would be more tax dollars available for the taxing district. The commission's recommendation to the council includes at least 30 percent of taxes be distributed among the taxing district. 'We will have a considerable surplus of money,' Grounds said. 'But we are committed to getting new money to the taxing entities.' The development team agreed to distribute any surplus to the taxing entities annually. The original plans for the parkway were to fill the area with office space by 2010, but time ticked by. 'The public continually told us that what they were interested in dining opportunities and retail opportunities,' Grounds said. 'We have a national developer who has developed all over who has come to us and said he wants to do an extensive dining, retail center.' Bill Moore, another attorney for the developer, told the commission the non-TIF taxes they would capture in the next 22 years would be extensive. He said the project would collect about $16.5 million in real property tax, $6.8 million in personal property tax and $42.6 million in sales taxes. With those figures, the Blue Springs School District would get about $4.3 million in personal property tax over the life of the TIF and about $196,000 in real property tax. Dave Wright of Blue Springs Board of Education said the revenue was why he voted in favor of the project. 'We are concerned any time moneys are taken away from our school district and our kids,' Wright said. But the atmosphere leading to the approval wasn't quite so positive as nay-sayers lined up to voice objections. Only two people offered support of the $114 million project, which should bring national retailers including a home improvement store and about 14 restaurants to the parkway area. Mark Jones, owner of White Oak Plaza at Missouri 7 and U.S. 40 expressed concerns the project is taking tenants away from the devloper for his center. Brien Starner, director of economic development for the city, said last week Target decided not to go to White Oak and could, likely, be one of the anchors Dellaportas is courting for his project. 'Realtors told the city if you do Adams Dairy Parkway, you will kill 7 highway,' Jones said. 'The big box said we want to go where the big retail center is going.' Most of the opposition expressed similar concerns about M-7. City Councilman Ron Fowler spoke against the project because of the city's vacancy rate. 'We have a limited number of tax dollars available,' Fowler said. 'When you have a 27 percent vacancy rate, is the answer to build more and hope that vacancy will go away?' People in favor of the project expressed their excitement about having retail along the parkway and in Blue Springs. Bill Essman, general manager of Adams Pointe Conference Center, said the Courtyard by Marriott lost hundreds of thousands of dollars to neighboring cities because there wasn't enough entertainment opportunities for guests. 'The size and style will be an attractive amenity to our clients and potential hotel guests,' Essman said. The Chamber of Commerce also endorsed the project. |