Joplin TIF District New Underwrite
By: Jessica Schaer
Updated: March 18, 2013
JOPLIN, MO.--- Joplin city leaders have officially hired an underwriter to handle bonds issued within the Tax Increment Financing District. City leaders have chosen representatives with Stifel-Nicholaus to handle $13 million in TIF bonds. According to city leaders, Joplin's TIF District is the largest implemented in Missouri history.
Tonight's approval of hiring a financial firm is the first step in moving forward with projects within the district. Stifel-Nicholaus representatives will take the bonds to market and sell them to interested investors. The City of Joplin will then use the proceeds from the sale of those bonds to buy more land for TIF District projects.
"This was about approximately a fourth of what we'll have to issue eventually, but we need to get it going so we can get some of the money flowing to enable some of the projects to take place," said Mark Rohr, Joplin City Manager.
"The bonding and the finance, getting that set up. And then you know, at some point, there will be some infrastructure projects put together," said David Hertzberg, Joplin Director of Public Works.
City staff say it will be a few weeks before the bonds will be sold or the city will receive any money from the bond sales.
The addition of a new storm siren to the city was also approved tonight.
Eastbound drivers along I-44 will soon feel a little safer with the addition of the siren at Joplin's Missouri Welcome Center. The center is located at mile-marker 2 and owned by the Missouri Department of Transportation.
City leaders agreed to pay $1 per year over the next 25 years to lease a 5-by-5 piece of land from MODOT on the center's property. The siren itself will cost the city $25,000 and paid for with funds from the regular budget. The new siren should be installed within the next few months.
Tonight's approval of hiring a financial firm is the first step in moving forward with projects within the district. Stifel-Nicholaus representatives will take the bonds to market and sell them to interested investors. The City of Joplin will then use the proceeds from the sale of those bonds to buy more land for TIF District projects.
"This was about approximately a fourth of what we'll have to issue eventually, but we need to get it going so we can get some of the money flowing to enable some of the projects to take place," said Mark Rohr, Joplin City Manager.
"The bonding and the finance, getting that set up. And then you know, at some point, there will be some infrastructure projects put together," said David Hertzberg, Joplin Director of Public Works.
City staff say it will be a few weeks before the bonds will be sold or the city will receive any money from the bond sales.
The addition of a new storm siren to the city was also approved tonight.
Eastbound drivers along I-44 will soon feel a little safer with the addition of the siren at Joplin's Missouri Welcome Center. The center is located at mile-marker 2 and owned by the Missouri Department of Transportation.
City leaders agreed to pay $1 per year over the next 25 years to lease a 5-by-5 piece of land from MODOT on the center's property. The siren itself will cost the city $25,000 and paid for with funds from the regular budget. The new siren should be installed within the next few months.
