- Acreage: 28.34 acres
- Projected redevelopment project costs: $19.87 Million
- Financing Sources: TDD Sales Tax and 50% Match from MoDOT
- Finance: MTFC Loan
Spencer Fane represented a retail developer to create a new Transportation Development District. As counsel to the new TDD Spencer Fane lead an initiative that included the City of Columbia, the Missouri Department of Transportation, the Missouri Transportation Finance Board and two other TDDs formed over adjacent retail development at Spencer Fane’s bequest to pursue a significant corridor improvement.
The $19.87 million project was created to improve to Stadium Blvd. in Columbia from I-70 to Broadway. The project significantly improves the traffic flow and includes expanding a four lane roadway with signalization currently operating at D and F grade by constructing a six lane corridor with an engineering traffic system which includes additional curb cutsinto our clients retail centers located along the roadway.
Financing was achieved by imposing a .5% sales tax in the three TDDs. MoDOT agreed to match the sales taxes generated by the TDDs however their funds were not available until 2012. To accelerate the MoDOT match and liquidate the local share, a low interest MTFC loan was secured to make project funding immediately available.