D & J Realty Holdings, LLC has applied to the city for incentives relating to a redevelopment project found at the northwest corner of 35th St. & Noland Road, including the site of the existing Cargo Largo store. The project involves the redevelopment of existing facilities and the construction of the following:

1. 524,672 square foot mixed use facility
2. Redevelopment of the existing Cargo Largo store
3. Construction of future mixed-use buildings

In connection with the Project, the Developer is asking that city council approve the following

incentives:

1. Real property tax abatement under Chapter 353 of the Revised Statues of Missouri.
2. Reimbursement from net new sales tax revenues generated from the Project by the City’s 0.5% streets sales tax and 50% of such net new revenues generated from the Project by the City’s

1.0% general sales tax for costs related to the Street Project, plus annual interest.

3. Reimbursement from net new sales tax revenues generated from the Project by the 0.75% sales tax imposed by the Noland Road CID for costs related to the Street Project, plus annual interest.

In 2018 discussions began about the development of a new facility for Cargo Largo that would allow them to consolidate much of their operations into one location.  The preliminary discussions about incentives continued into 2019 but were put on hold through 2020.

Discussions resumed in 2021 in conjunction with the approval of a preliminary development plan for the new Cargo Largo facility by City Council on May 17, 2021.  The Independence Economic Development and Incentives Commission (EDIC) reviewed the proposed 353 Redevelopment Plan and sales tax agreement at their September 16, 2021, meeting.  After receiving favorable comments from the represented taxing jurisdictions, staff worked to finalize the 353 Redevelopment Plan for final review by the EDIC.  On October 20, 2021, the EDIC met a final time to review the Redevelopment Plan and the Redevelopment Agreement.  The Commission voted 8-0 to recommend City Council approve the incentives as proposed. 

Reimbursement for this project is limited to the net new sales tax generated from the project by the streets sales tax and 50% of the net new sales tax generated from the project by the general sales tax.  Additionally, the city is projected to collect $685,959 in net new PILOTS and $15,457,555 in net new sales taxes (over and above amounts used to reimburse public improvement costs) over the 20-year life of the 353 Redevelopment Plan.