JOPLIN, Mo. – Last night’s announcement at the Joplin City Council meeting regarding the Recovery TIF and it’s April payoff date came as a surprise to council. It also came as a surprise to taxing jurisdictions, that can start to collect the revenue.
“We got the word late Friday that the bonds would be totally redeemed with the payment on April 1st.” Finance Director Leslie Haase announced that news to the city at the Tuesday night council meeting.
So, we asked, what happens next? “We have to wait for that payment and then we will need to bring an ordinance to council that officially closes the TIF, at that point the collections can start to go to the original taxing jurisdictions.”
The Joplin School District was already expecting an October payoff, and that was a major factor in their plans for Columbia, West Central, and Kelsey Norman. Dr. Ron Lankford says “Had it not paid off early, Joplin Schools would not be able to present to our voters a no tax increase $25 million bond proposal.”
For Dr. Ron Lankford with the district, the new April pay off couldn’t come at a better time as the district’s fiscal year closes at the end of June, meaning they can start budgeting now for those new revenues instead of waiting. “It’ll be just beneficial to start a new year with accurate budget numbers.”
As for how much the district is expecting…”We expect there about $1.7 million to $1.8 million.”
Which Dr. Lankford says is a higher number than it would have been just a couple of years ago. “It’s positive for the district and it’s plans, but it’s also a positive statement for the growth and redevelopment of the Joplin city and community as well.”
Leslie Haase says they hope to have the ordinance ready for council as quickly as possible for the April meetings so the collections can be released. Haase says the city is expected to see around $1.3 million in tax revenue.