The Downtown Moberly Community Improvement District (the “District”) is pleased to announce that under service agreements with the District, the Moberly Area Economic Development Corporation (“MAEDC”) and Main Street Moberly, Inc. have each developed downtown incentive initiatives in support of the District’s overall Downtown Revitalization Program. The first of these programs (“The “Economic Development Incentives”) is designed to facilitate and encourage increased investment and downtown entrepreneurship, leading to job creation, increased foot traffic, additional sales tax collections, new personal property investments, and additional sales for downtown merchants.
The Economic Development Incentives consist of a package of four programs:
Rent Buy Down Program (Leasing Assistance Program): Subsidizing private rental rates in downtown buildings to encourage new or expanded leasing.
Sales Tax Rebate Program: Encouraging new private investment by making incremental increases in CID sales tax available to developers.
Property Tax Rebate Program: Incenting private investment in Downtown properties by rebating CID property taxes to defray redevelopment costs.
Pitch Pool Program: Gap financing for small businesses to promote entrepreneurship in Downtown Moberly.
At present approximately $25,000 has been allocated by the District for the combined programs. Contact MAEDC at 660.263.8811 for more information. Additional program details and application materials will be available soon.
The District is also “rolling out” a Private Property Improvements (“PPI”) Program initially designed to assist downtown property owners in addressing code and building safety concerns. Administered by Main Street Moberly, Inc., approximately $80,000 will be allocated by the District to secure and preserve properties in need of repair, maintenance and code remediation. Interested parties may contact Main Street Moberly, Inc. at 660.263.5251 to request more information.
The District was established under Missouri’s Community Improvement District Act on February 21, 2017 by the Council of City of Moberly pursuant to a petition submitted by a majority of the residents and business of the Downtown area to provide a source of revenue and implement a program of improvements to public and private properties, collective promotions and other similar activities (the “Downtown Revitalization Program”). District affairs are governed by a 5 person board of directors appointed by the City Council.
Through the utilization of these incentive programs the District, together with its partners, the City of Moberly, MAEDC and Main Street Moberly, Inc. hope to see an increase in commercial business, tourism, the expansion of local businesses and overall revitalization of Downtown Moberly.