PALMYRA, Mo. — A Community Improvement District has been approved for the Flower City, bringing potential to attract new businesses, spruce up some existing properties and bring more residents to town.
Corey Mehaffy, executive director of the Hannibal Regional Economic Development Council, visited with members of the Palmyra City Council during their regular meeting Thursday, July 16, talking about details for the proposal. He has been working with council members and other stakeholders in the community during the past year. Now that the council has approved the district, public meetings will take place for community members, business owners and other stakeholders to discuss redevelopment options.
“Once we know if the community would like to move forward with the program, we will work with the City Council to find funding to engage our special counsel for economic development to begin work on our step-wise program,” Mehaffy said.
After the council’s vote, Council Member Brock Fahy made the motion for the CID’s proposed boundaries to be set from Leeser Truck Wash, 1604 S. Main St., to Cole’s Hearth Room, 3749 Highway BB, as well as one block to the east and one block to the south of Main St. The council approved the motion.
If community members express their support, HREDC will likely direct redevelopment programs throughout the CID, providing technical assistance to the City of Palmyra and the CID Board. Two funding options for redevelopment include a sales tax of up to one percent, only within the CID boundaries, and a property tax abatement program — which establishes a tax levy to match the property owner’s offset tax. The result is neutral to taxpayers.
Once the City Council officially establishes the CID, they will appoint members of the original CID board, who will govern the separate political subdivision of the state of Missouri. Board members will work closely alongside HREDC, the City of Palmyra, the Palmyra Chamber of Commerce and businesses and landowners within the CID boundaries as they make decisions about redevelopment projects and direct funding.
Potential projects within the CID could include façade improvements, low-interest loans, rent abatement, district promotions/events, pocket parks, banners and signage, benches and seating areas, beautification and security/ cleaning services, Mehaffy said.
The CID Board would also consider a Neighborhood Improvement District, which could bring improvements like infrastructure, streetscape and storm water improvements.
Mehaffy said the goal of the CID is to provide incentives for private investment in Palmyra. In turn, the investments are used so existing properties can bring in the property tax, personal property tax and sales tax levels they should, Mehaffy said.
Also, the CID will generate more new business investments and residential opportunities, helping with promotions to attract more businesses and residents to the Flower City. Mehaffy said the CID involves a three-pronged approach focusing on coordinated promotion, physical property improvements and infrastructure/streetscape improvements.
With numerous public meetings planned in the coming months, Mehaffy looks forward to the improvements the CID can bring to Palmyra.
“I am very excited to see the City move forward with this initiative,” he said. “This approach to revitalization has proven very effective in communities throughout the state and I am excited to see the impact the programs will have for Palmyra.”