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. The site is the location of the current Price Chopper grocery store and related retail.
The owner submitted a Chapter 100 Plan that seeks 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 purpose of the Chapter 100 Plan is to authorize the issuance by the City of taxable industrial development revenue bonds in the aggregate principal amount of not to exceed $27,500,000 (the “Chapter 100 Bonds”) in one or more series, with respect to the project within a redevelopment area to be created pursuant to the HUB Drive Tax Increment Financing Redevelopment Plan (the “TIF Plan”), which has been recommended for approval by the Tax Increment Financing Commission of Independence, Missouri.
The purpose of this Chapter 100 Plan is to provide sales tax exemption on construction materials while maintaining property tax benefits for the Developer similar to what would have been provided in reimbursement under the TIF Plan, resulting in approximately $14,731 in property tax abatement on improvements under construction for the Project.
The Chapter 100 Plan was considered by the Economic Development and Incentive Committee on May 23rd. The EDIC recommended approval of the application to City Council.