Noland Fashion Square Redevelopment — Financial Incentives, Interest & Public Accountability

I reviewed the proposed Noland Fashion Square redevelopment agreement, its financial incentives, and the potential long-term financial obligations associated with the project. My research focused on ensuring that redevelopment benefits Independence while protecting public resources through responsible financial oversight and accountability. **Key findings and questions identified:** - **$47 million in reimbursable project costs:** The draft agreement provides for up to $47 million in eligible reimbursements across the redevelopment areas, plus additional simple interest on approved expenses. - **Interest beyond the principal cap:** Interest may accrue from the date eligible expenses were paid, including expenses paid directly by the developer without borrowing funds. The total potential interest obligation and the point at which interest stops require clarification. - **$2,881,645 in estimated construction sales-tax savings:** The project's financial report identifies this estimated benefit through a Chapter 100 exemption. The portion attributable specifically to Independence remains to be determined. - **Comparison with earlier TIF agreements:** Earlier Noland Road/23rd Street redevelopment agreements either excluded reimbursement interest or included financing costs within established reimbursement limits. - **Reimbursement approval procedures:** The draft includes a 30-day response provision under which a reimbursement request may be deemed approved if the City does not respond. The approval and verification process warrants further examination. - **Council financial oversight:** The draft requires monthly construction and leasing reports. I raised questions about adding regular financial reports showing reimbursement requests, approved and unpaid amounts, payments made, and accrued interest. - **Remaining redevelopment areas:** With Area 1 approved and Areas 2–11 not yet approved, I examined what opportunities may remain for additional financial safeguards or voluntary amendments. On October 13, 2026, I shared written research and six specific financial accountability questions for further consideration. **Requested follow-through** I requested further examination of the combined value of public incentives, the total potential interest exposure, existing reimbursement balances, financial reporting procedures, and available opportunities to strengthen protections before additional redevelopment areas are approved. The research recognizes that reimbursement is generally limited to designated project revenues and bond proceeds, meaning the developer also bears financial risk if those revenues are insufficient. These findings concern the draft agreement and accompanying financial materials. Actual balances, final executed terms, and any subsequent City determinations remain subject to verification. **My objective is to support successful redevelopment while ensuring that Independence residents can understand the full financial commitments, expected public return, and protections built into the agreement.**