- Acreage: 12 acres
- Projected redevelopment project costs: $7.05 Million
- Financing Sources: Tax Increment Financing and CID Sales Tax
- Finance: Traditional Revenue Bonds
Spencer Fane represented a retail developer and worked with the City of Kirksville and the Missouri Department of Transportation to create a new Community Improvement District.
The project includes an enhanced landscape and lighting package, consolidating and improving the center’s curbcuts, adding a median and burying utilities. The project satisfies the City’s desire to improve the look of the primary southern entrance to the City of Kirksville, satisfies MoDOT’s desire to improve the overall safety of the corridor by consolidating several potentially dangerous curb cuts and satisfies the client by improving the look and safety of their retail center.
Financing was achieved by creating a TIF district and imposing a 1% sales tax within the boundary of the CID. The TIF portion of the financing funded a package of improvements for the retail center and the CID portion of the financing funded the public improvements.