Independence Gazette

The proposal to have Price Chopper anchor the redevelopment of the long blighted Noland Fashion Square was unanimously approved at the Monday, June 1st, City Council Meeting.

The nearly 50% incentive package was questioned throughly by all council members and the mayor. City Staff was repeatedly made to answer why this incentive package won’t fall back on the city, as the often cited “Bass Pro TIF” has.

Once described as a “financial albatross around the city’s neck” by former City Manager Zach Walker, the “Bass Pro TIF” still costs the city millions annually.

Multiple council members, and even citizen speakers asked for reassurance that this project will not hold the same fate for the city.

The City’s Bond Council, David Martin, once again explained that with the “Bass Pro TIF” it included an Annual Appropriation Pledge. That contract language, and the structure of that incentive package has put the city in the position to make up the shortfall of the bond payments, or risk their bond ranking.

The Industrial Development Bonds used for the other Tri-Land project at the HUB Shopping Center, and what will be used at Noland Fashion Square will not carry that same structure, so if the project fails, it falls on Tri-Land, not the city.

City Manager Troy Anderson explained how taxpayer dollars are not going to the project and nothing from the city’s general fund is being used to pay for the project. The TIF will enable the city to forego a portion of the revenue stream, a stream that will not exist without the developer’s investment.

After questions from every council member and Mayor King, the vote to approve the project was unanimous. Tri-Land previously stated they intend to have Price Chopper open by late 2027, so work should progress rapidly.

Several other items regarding the project were tabled indefinitely to allow them to easily be brought back up and voted on as needed.