The city of Warrenton received approval for loan money toward the construction of the new Interstate 70 interchange. The city also selected three potential developers who want to be part of the Tax …
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The city of Warrenton received approval for loan money toward the construction of the new Interstate 70 interchange.The city also selected three potential developers who want to be part of the Tax Increment Financing (TIF) District surrounding the interchange.The future interchange and TIF district, which includes the former outlet mall and areas north and south of I-70, is part of an overall redevelopment district that voters approved in August.The Missouri Transportation Finance Corporation on Oct. 11 approved a $15.4 million loan to the city to extend State Highway MM north, across I-70, to the North Outer Road.The city is expected to start repaying the loan Oct. 31, 2017.The city approved three developers to work with to redevelop the area. They are RAK Development, Baywood Realty and Construction Corporation, and Keevan Family Partnership.RAK Development plans to renovate the former outlet mall and feature anchor and junior anchor stores at a cost of $24.5 million. The company is seeking $6 million in TIF and community improvement district assistance.Baywood Reality plans to build a strip mall on the north side of the interchange with an anchor store, retail and outlots for $35.5 million. They are seeking $14 million in TIF money and community improvement district assistance.Keevan Family Partnership is planning to build a $33.7 million retail development on the south side of the new intersection with an anchor store and retail spaces. They are asking for $7.25 million in TIF money and community improvement district assistance.Alderman Gary Auch, Ward 2, stated that the numbers are a starting point for negotiations. The final numbers could change and are subject to approval by the city as design and development plans proceed.TIF district
