The Board of Aldermen has voted and approved the tax increment financing (TIF) proposal from RED Development, for the redevelopment of Truman Corners Shopping Center.
RED Development LLC, with a portfolio of more than 31 retail, commercial and mixed-used properties, including Adams Dairy Landing in Blue Springs and Summit Woods in Lee’s Summit, is proposing an overhaul valued at around $91 million. Their plan will demolish the entire center and build all new stores. The plan then proposes 545,000 square feet of retail, a decorative plaza for public events, and some new restaurants.
According to Dan Lowe, managing partner for RED, preliminary discussions with prospective retail tenants looked promising for a new shopping center, which will tentatively be renamed Truman’s Landing, with the intent of attracting the same mix as other retail projects RED has done in the area.
RED’s proposal will require around $41.3 million in tax increment financing (TIF) and is asking the City to back the TIF bonds for at least the first 5-10 years, which will pose a risk to the City if sales taxes don’t meet at least 67% of projections. The Board of Aldermen and staff will use various approaches to mitigate risk to the City in case the project does not perform as expected at some point in the future.
Click here to learn more about the TRUMAN'S LANDING PROPOSAL.