Poplar Bluff City Council members voted Monday to move forward with the issuance of approximately $11 million in additional bonds for developers of the Eight Points retail area.
The money reimburses developers for certain land acquisition, construction costs, professional fees and financing costs for new businesses at the site.
Eight Points Development LLC, the owner, has said six retailers, two restaurants, a hotel and gas station/restaurant should open by April 2018.
There was no additional discussion Monday by the council of the bonds.
Poplar Bluff city officials signed agreements in 2012 that stipulated these payments for the project.
About $16 million in bonds already have been issued for completed work, which includes the construction and opening of Menards and Walmart Neighborhood Market.
The bonds are paid for with a 1-cent sales tax and property taxes collected from businesses within the 96-acre tax incremental financing district in northern Poplar Bluff.
Taxes from Menards, Walmart Neighborhood Market, Southern Bank, Larry Hillis Chrysler Dodge Jeep Ram, First Midwest Bank and Meek's Lumber pay for the 2015 bonds, according to documents on file with city hall.
The 2017 bond issuance can only be paid for with taxes collected at the new businesses, until the 2015 bonds are paid.
Taxes will be collected for the 2017 bonds from Academy Sports, PetsMart, Dollar Tree, Five Below, Ross Dress, Shoe Carnival, Fairfield Inn, Rhodes gas station, Imo's pizza, Scotty's Brewhouse, Jimmy John's and other potential retailers within the area 2 designation.
Total capital investment in the development at the end of the new construction will be approximately $75 million, according to developers.
The Daily American Republic has attempted for the past several months to get more detailed information regarding how much money is captured by the TIF and how the money is used.
Attorneys with the St. Louis law firm Gilmore & Bell, which represents the city, have said recently they are waiting on a ruling from the Missouri Attorney General's office concerning how much information can be released.
While the project is financed with public tax dollars, the state redacts information for many special taxing districts when fewer than seven retailers are involved.
A 2016 state TIF report said that reimbursable costs for the Eight Points project could be as much as $35 million. The debt was originally expected to be retired in 23 years, but the current anticipated retirement, at the time of the report, was 19 years.
The majority owners of Eight Points Development are THF Poplar Bluff Investors. THF is owned by Stanley Kroenke, Kroenke family members, TBF Poplar Bluff Investors LLE and Jeffrey Otto, according to city documents.
City documents show total sources of funding of $33.7 million from the following sources, for the new businesses (figures approximate):
Developer equity, including loan proceeds --$12.9 million
Regional transportation development district -- $284,000
Series 2017 bonds -- $9.7 million
Maurer owners proceeds (for Out lot 1) -- $10.75 million
The Maurer family has purchased 4.6 acres of property west of Menards for construction of a gas station/restaurant, hotel and restaurant with approximately 220 parking spaces.
The money will be used for the following expenses (figures approximate):
Construction of buildings -- $13.7 million
Site development/infrastructure cost -- $3 million
Professional services -- $2.8 million
Other -- $314,000
Financing costs (including construction period interest) -- $650,000
Project development fee -- $2.5 million
Out lot building 1 construction costs -- $10.8 million