Friday, May 3, 2013

Aldermen Approve Two Ordinances for Truman's Marketplace


By Paul Thompson
The Grandview Board of Aldermen passed two ordinances at their brief regular session last week, and both related to Truman’s Marketplace.
The first ordinance passed was an agreement with Springsted Incorporated of Kansas City, Missouri. The ordinance authorizes the city to contract financial services to Springsted at the cost of $175 per hour, to be paid from the Economic Development fund. The company has served as the financial advisor for what was the Truman Corners shopping center since 2011, conducting cash flow and project feasibility analysis along with several other services during the redevelopment bid process at Truman Corners.
The contract passed last week continues the city’s relationship with Springsted throughout the redevelopment process.
Since the TIF project at Truman Corners was approved, bid winner RED Legacy has been marketing Truman’s Marketplace and working to purchase properties within the TIF district. They anticipate that the first series of bonds will be sold in June 2013, and Springsted will help select an underwriter for the bond issue.
The next ordinance authorized the execution of a service agreement with Real Estate Research Consultants, who will be preparing tax revenue estimates for the city’s TIF district at the re-named Truman’s Marketplace.
RERC is set to be paid $49,950 for their services, in addition to associated expenses not to exceed $1,850. RERC has an extensive track record in the Kansas City area, and the city felt comfortable enough with the accuracy of prior forecasts to choose the company over four other bidders.
RERC has worked with Springsted before, and the two companies will now be working together to make Truman’s Marketplace as successful a venture as possible.
-In other news, Candy Miller and Bill Coe were both named to posts at the Parks and Recreation Commission during the open session. The pair will both be serving five year terms, set to expire on April 30, 2018.
-In the consent agenda, the board authorized the purchase of a new infrared streetpatching device. The trailer-mounted, 30-square-foot infrared device will come out of the $120,000 budget the Public Works Department receives for the acquisition and replacement of equipment. Public Works director Dennis Randolph told the board that the new equipment was the best way to patch holes in the street quickly, and that the work would be built to last. The device cost the city some $29,000, and is being shipped from R. Filion Manufacturing in Claremont, New Hampshire.

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