At the March 13th City Council Study Session, representatives of the development team for the Hub Shopping Center (located at 23rd and Hub) presented the preliminary concept for the redevelopment of the Hub Shopping Center project.
On May 4, 2023, the TIF Commission heard and considered the Tax Increment Financing redevelopment plan and other evidence and comments at the public hearing. The TIF Commission voted to approve Resolution No. 2023-01 which recommended that the City Council make certain required findings and approve the TIF Plan, the Redevelopment Area and the Redevelopment Project. The TIF Plan submitted is substantially the same as presented to the City Council at the March 13th Study Session.
The proposed Redevelopment Area, which contains approximately 16 acres, is located at the intersection of East 23rd Street and Hub Drive in Independence, Missouri. The site is the location of the current Price Chopper grocery store and related retail.
The Redevelopment Plan calls for one Redevelopment Project which seeks to eliminate blight, implement certain private improvements and public infrastructure improvements, increase property values, create economic stability and implement the Comprehensive Plan of the City. The primary purpose of the Redevelopment Project is to remodel and/or tear down portions of blighted buildings and redevelop the Redevelopment Area into a remodeled and newly constructed grocery-anchored shopping center development for continued use for retail and other commercial purposes.
The total development costs are estimated at approximately $36,000,000 and the portion requested to be reimbursable from TIF revenues is $12,000,000 plus financing and administration expenses. Significant portions of this reimbursement are anticipated to be generated by a community improvement district and a transportation development district to be formed, each to impose a 1.0% sales tax on the Redevelopment Area.
Under the Redevelopment Plan, tax increment financing revenues will be collected to fund reimbursable project costs associated with certain of the improvements. The Redevelopment Plan requires a 50% surplus of payments in lieu of taxes for distribution to the taxing districts in each year.