by Alan McArthur
Platte City appears to have found a bank to finance the bonds for road improvements in the Platte Valley Plaza; however improvements may still be on hold until the spring.
According to sources, representatives of the Transportation Development District (TDD) are in negotiations with Kearney Commercial Bank to purchase the bonds for the city's portion of the road improvements.
The road improvements were put on hold after financing for the city's portion of the bonds fell through in October. Work had already begun on the projects through a small cash loan by developer Bill Mann to the project.
Before a new bank can be approved for the development, agreements need to be approved by the city and the developer. Then the TDD will need to meet to approve the bank to finance the project.
Mann said on Tuesday that he currently has financing for his portion of the project and is waiting for the city.
Once the bank has been approved, then work will begin on the projects. However, Missouri Department of Transportation (MoDOT) has expressed interest in putting the project on hold for the winter and beginning it in the spring.
Previously, it appeared the TDD had financing through D.A. Davidson & Co. The funding for the project then fell through at the last minute, according to Jason Metten, city administrator.
The improvements in the Platte Valley Plaza are broken into two projects and, according to an agreement signed in March of 2008, the first project is funded by the TDD and project 2 is backed by the city.
Both projects are being funded through a 5/8th cent special sales tax and assessment on property in the TDD of the Platte Valley Plaza.
Project 1 is listed in the agreement as being the addition of traffic signals at Kentucky Avenue and Highway 92, addition of traffic signals at Running Horse Road and Platte Falls Road, construction of a turn lane on 92 Highway at Kentucky Avenue, and construction of a turn lane from I-29 Highway south to 92 Highway.
Project 2 is listed as adding a raised median and additional lane on Kentucky Avenue as well as traffic signal modifications, and widening of Running Horse Road for a dedicated left turn lane at Platte Falls Road with traffic signal modifications.
In an unrelated project, Mann is also attempting to have an 81.26 acre property east of Platte City voluntarily annexed into the city. The property is located south of 92 Highway near the I-435 and I-29 Highway interchange.
The development would have 140 single family homes and 18 duplexes. It would also include some commercial development along 92 Highway.