Customers will help pay costs of new shopping center, streets – News – The Rolla Daily News – Rolla, MO – Missouri News

Customers will help pay costs of new shopping center, streets – News – The Rolla Daily News – Rolla, MO –  Missouri News

Once the Westside Marketplace is built and customers start buying merchandise, they will also, in essence, start reimbursing a portion of the cost of construction to the shopping center developers.
And already since April 1, customers throughout Rolla, except for the downtown business district and the Forum Plaza, have been raising money to help pay for the cost of building streets to get motorists through Rolla and over to the Westside Marketplace.

Once the Westside Marketplace is built and customers start buying merchandise, they will also, in essence, start reimbursing a portion of the cost of construction to the shopping center developers.
And already since April 1, customers throughout Rolla, except for the downtown business district and the Forum Plaza, have been raising money to help pay for the cost of building streets to get motorists through Rolla and over to the Westside Marketplace.
For both purposes, the shopping center construction and the street improvements, sales taxes either will be added to the price of the merchandise or existing sales taxes will be diverted.
Here is an explanation of how this plan of issuing two sets of revenue bonds will work to help in this innovative public-private partnership of bringing more shopping opportunities and more retail jobs to Rolla and to make some needed street improvements.
It works through one thing called TIF and another thing called TDD.
One set of bonds has been issued  on behalf of  Phelps County at the request of the Rolla city government, the other on behalf of the TDD…

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