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The city of Palmyra and Hannibal Regional Economic Development Council have scheduled a public meeting for Wednesday, May 11, at 6:30 p.m. at Hall’s Hall, 220 South Main (Old Ben Franklin Building).
HREDC and city officials will be on hand to present information on the proposed downtown revitalization programs and to facilitate questions and answers.
In addition to sharing this information, HREDC and the city hope to gather input from owners of property and businesses related to the overall program as well as the revised proposed CID boundaries.
The city is considering the establishment of three interlocking incentive programs designed to encourage revitalization of private and public properties within a defined area of the city’s central business district.
This broad front approach consists of real property tax abatement under Missouri’s Urban Redevelopment Corporations Law (“Chapter 353”), creation of a Community Improvement District for the area, and availability of low-cost infrastructure financing under Neighborhood Improvement District legislation.
“Maintaining the vitality of historic neighborhoods and downtown districts poses unique challenges requiring special revitalization solutions.,” said Corey Mehaffy, HREDC executive director.
“This combination of incentives is being used successfully in communities around Missouri. If implemented, the program will achieve concentrated and coordinated promotion of downtown activities, physical private and public property improvements and infrastructure/streetscape enhancements.”
Mehaffy said the city of Palmyra recently held a meeting to discuss revitalization programs and gain feedback from the community on the original proposed CID boundaries.
Following that public meeting, the Palmyra City Council met to discuss the feedback from the community and revise the proposed boundaries.
“The purpose of this meeting is to review the revised proposed boundaries and gain additional feedback from the public,” Mehaffy said. “ In addition, we will present information on the revitalization program and answer questions from the attendees.
“We are excited to see so much interest in revitalization programs in our communities.
“I believe our communities have significant opportunities to enhance our historic districts, attract more residents and create additional revenues for our taxing jurisdictions.”