Joplin shopping district’s early payoff unlocks new money for schools and taxpayers
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More tax revenue from one of Joplin’s busiest shopping areas will soon flow to local schools, the city and other public agencies following the early payoff of a redevelopment district.
Mayor Rob O’Brian said the tax increment financing district supporting 17:17 Marketplace will close this month.
The district includes Academy Sports, Macadoodles and Jimmy’s Egg.
The TIF helped finance infrastructure improvements following the 2011 tornado, including work along 17th Street near Walmart. Increased tax revenue generated by the development was used to repay those costs.
“That new tax increment that has been going to help pay off the infrastructure cost around there now goes to the taxing entities,” O’Brian said during an interview on Newstalk KZRG.
The money will now be distributed among Joplin, Jasper County, local schools and the special road district.
Officials said all previous TIF districts within Joplin’s Jasper County boundaries have now been paid off.
O’Brian also addressed Joplin’s recently adopted data center regulations.
The rules add about 20 requirements for future projects, including increased setbacks, berms, tree lines, low-level lighting and roofing designed to reduce heat buildup.
The regulations are not retroactive. Existing operations would be affected only if they seek a building permit for an expansion.
The City Council also kept Joplin’s combined property tax rate at 41 cents per $100 of assessed valuation.
About 24 cents supports the library, while 17 cents primarily funds the health department. The rate applies to both real estate and personal property.
