Kansas City, Mo. March 11, 2019 – Rouse Frets White Goss Gentile Rhodes attorneys Bill Moore and Kim Spies served as counsel to the city of Hollister, Missouri on a bond financing that closed February 26.
Bill has worked with the city of Hollister for many years on economic development matters. The city approved a tax increment-financing plan for a project in 2005. When that anticipated development was not initiated, the location sat empty for several years. Subsequently, another developer requested approval of a new tax increment-financing plan in 2016 for Hollister Parkway Project, including mixed use and retail development. A Menards home improvement store was constructed on one site within the TIF redevelopment area and opened for business in 2016. The city and the store incurred costs to construct the retail and warehouse space, and associated public roads and infrastructure improvements. Using the TIF economic development tool and the bonds, those costs were reimbursed, with the bonds to be repaid by the increase in sales and other taxes, known as “economic activity taxes,” generated by the new development. The bonds provided challenges to structure with only one retailer operating on the site. Ultimately, the bonds were successfully issued in an amount sufficient to reimburse all the costs advanced to allow the retailer to open, payable from economic activity taxes generated by the TIF.
About Bill Moore:
Bill has over 30 years of experience practicing law in both the private and public sector, including over 14 years as the City Counselor for the City of Independence. His practice concentrates on local government law and real estate development, including zoning, land use, and economic incentives. Bill serves as special counsel for many political subdivisions utilizing development tools such as tax increment financing, tax abatement, and the creation of special purpose districts such as transportation development districts and community improvement districts. Bill also represents property owners and developers on real estate development matters.
About Kim Spies:
Kim concentrates her practice in public finance and municipal law where she has served in a full range of roles, including bond counsel, issuer’s counsel, disclosure counsel, and developer’s counsel. She has experience structuring, negotiating, and preparing bond and offering documents for traditional and innovative municipal financings for education, airports, stadiums, health care, hotels, transportation, and other public projects. She also handles real estate and economic development projects for governmental entities and developers. Her experience includes the use of special taxing districts and other public incentives such as Tax Increment Financing, Transportation Development Districts, Community Improvement Districts and Neighborhood Improvement Districts. Kim serves as counsel on economic development bonds including chapter 100 bonds and IRBs to promote job creation and local community investment.