The city of Kirksville has begun paying back the developer of the south Baltimore shopping district. With work completed on improvements to the south Baltimore shopping district, the city is beginning to pay back the developer, approving the first payment to cover part of its more than $500,000 in project expenses. 40-thousand dollars in payments from TIF funds was approved at the recent city council meeting.
The payment marks a small step toward the total cost of the south shopping district improvements paid for ahead of time by the developer. Those are estimated at more than half a million dollars. The city believes TIF funds will never fully pay back those expenses based on little property value growth. The city insisted on the use of outside loan funds, denying the developer’s request for a city loan, instead requiring work be completed or underway on the facade project before expenses could be paid out.