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Crackerneck Creek bond refinancing will safeguard Independence general fund
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Independence bond move aimed at protecting general fund, basic services
By Mike Genet mike.genet@examiner.net
The Examiner
The city of Independence will borrow $45 million to refinance several bonds for the Falls at Crackerneck Creek development, extending some bond payments by six years to 2051, but with the plan that bond payments should not divert funds from basic city services.
The City Council unanimously approved the deal Monday. The transaction has been in the works for well more than a year and much discussed at a handful of council meetings over the past several months, with interest rates at generally historic lows. The bonds will go for sale in June.
By Mike Genet mike.genet@examiner.net
The Falls at Crackerneck Creek development has been a financial albatross for the city of Independence for a dozen years. City officials are mulling how best to keep the tax-assisted project from being worse.
Financial advisers for the city have proposed taking advantage of historically cheap bond interest rates through refinancing and continuing to use funds from other more-lucrative development areas to support what’s commonly known as the Bass Pro TIF (tax increment financing).
Bryan Kidney, director of finance and administration, and bond advisers say the refinancing deal should go before the City Council in the next month or two. If the deal goes through, It would be the third time the bonds have been refinanced for the development that started shortly before the Great Recession of 2008-09 includes and surrounds Bass Pro Shops near Interstate 70 and Missouri 291.
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