Funding for redeveloping the Warrenton outlet mall was approved by the city’s board of aldermen at its Jan. 3 meeting. The board voted unanimously, with Alderman John Miller absent, to approve tax …
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Funds approved for Warrenton mall developer
Posted
By Adam Rollins, Record Staff Writer
Funding for redeveloping the Warrenton outlet mall was approved by the city’s board of aldermen at its Jan. 3 meeting.The board voted unanimously, with Alderman John Miller absent, to approve tax increment financing (TIF) for a redevelopment area comprised of the Warrenton outlet mall and adjacent land north and south of Interstate 70.TIF is a means by which cities help pay for public improvements or private developments that will benefit the public.TIF projects are a tool provided by the state of Missouri, allowing local governments to capture the incremental property tax and 50 percent of the net increase in economic activity taxes (sales taxes) to assist in the cost to redevelop such an area.Under the TIF plan, the city of Warrenton will provide funding for improvements and new business construction in the redevelopment area. The city’s funding will then be paid back by increased taxes from the area.Planned work on the mall by RAK Development is the only portion of the redevelopment area that is beyond early planning stages, according to the ordinance authorizing the TIF.Warrenton Director of Operations Terri Thorn said RAK has asked for a maximum of $6 million in TIF funding for commercial development.Three other property owners — Ashfield LLC, Samoht Properties and Keeven Family Partnership — successfully applied in December for their land within the redevelopment area to be rezoned as commercial properties in anticipation of future development. They do not yet have concrete plans, Thorn said.The next step for the developers is to create redevelopment plans and submit them to the Warrenton Board of Aldermen for approval, Thorn said.A bonus for pedestrians: Any development plans will be required to include sidewalks along the adjacent roadways, Thorn said. A sidewalk also will be built along a planned overpass connecting the north and south sides of I-70.Big signs for big storesThe board of aldermen also passed an ordinance at its Jan. 3 meeting changing the city’s current regulations governing outdoor signs.The ordinance adds new regulations that officials said will be friendly to any “big-box” stores attracted by the new development.“The basic concept here is when we get in larger square foot shopping operations like Wal-Mart or a large-box store, they generally ask for larger signs to display their services,” Alderman Gary Auch said. “What this is doing is simply creating an amendment to the ordinances that will allow larger box stores that hopefully will be coming into the commercial area to have signs appropriate to what they’re used to.”
Early plans for the proposed redevelopment and expansion of the Warrenton outlet mall area. Submitted photo.
