Manhattan seeks to bolster reserve funds, manage increased project debt burden 1350kman.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from 1350kman.com Daily Mail and Mail on Sunday newspapers.
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.