On split vote, Zona Rosa
by Alan McArthur
The Platte County Commission voted to approve a resolution concerning agreements about the Platte County Industrial Development Authority (IDA) issuing transportation revenue bonds for the second phase of the Zona Rosa development.
The resolution was approved by a vote of two to one by the commissioners.
Zona Rosa developers sought the resolution to help fund the second phase of development with bonds.
The plan calls for the Platte County IDA to issue bonds for the construction of phase two at Zona Rosa. The construction will include another parking garage as well as a Dillard’s store.
One of the direct beneficiaries of the new Zona Rosa development is the Park Hill School District. The district receives about $2.2 million a year in tax revenue from the new development along Barry Road.
When the commission took a vote, one commissioner voted against the measure.
“I tried to keep my vote neutral while we were negotiating and ultimately we ended with the best deal we could get,” said Tom Pryor, district one county commissioner. “But I could not overcome the thought of the increase in the obligation for the county.”
For the bonds issued during the first phase the county was potentially liable for $18.6 million, but under the new resolution the county is potentially liable for $36 million. The county would only be obligated to pay the cost if the projected revenues were 70 percent or less of the projected amounts.
“The TDD has a history of revenue income and could have obtained their own bonding for the project from banks at slightly higher interest,” said Pryor. “I felt increasing the obligation for the county was the incorrect thing to do.”
The bonds approved in the resolution are 25 to 30 year bonds.
“Having a 30 year life on these bonds is questionable,” said Pryor. “It depends on whether we will have another Plaza or a Metro North.”
In other business, the commission:
•Approved a bid request from the Platte County Visitors Bureau to print the 2008 vistor guides. The Visitors Bureau also presented an agreement with the Missouri Department of Transportation to install signage along highways.