Joplin City Council to vote on first reading of agreement with Friends of Memorial Hall

The first reading of an ordinance approving a memorandum of understanding with Friends of Joplin Memorial Hall is scheduled to come before Joplin City Council during its 6 p.m. Monday, December 1 meeting

Friends of Joplin Memorial Hall presented the plan to the council earlier this month.

The background is included in a summary in the council packet:

Friends of Memorial has submitted a proposal to acquire Memorial Hall and redevelop the building, subject to several conditions and contingencies. Friends and the local hotel industry will work with the Missouri State legislators to pass legislation at the state level that increases the lodging tax that the City of Joplin may levy from four percent (4%) to six percent (6%). 

If this enabling legislation is passed, the City will hold a local election so that the citizens will vote on
increasing the lodging tax from four percent (4%) to six percent (6%). 

The proposal has an overall budget for renovations of approximately $16,740,396.00. 

Friends plans to apply for State Historic Tax Credits ($4,398,000.00), Federal Historic Tax Credits ($2,298,200.00) and New Market Tax Credits ($3,400,000.00). 

In addition, Friends will undertake a community fundraising campaign to raise $2,000,000.00. Upon successful fundraising, Friends of Joplin Memorial Hall will provide a financial statement certifying the completion of the $2M capital campaign, and only after the successful capital campaign will the City issue bonds. 

Friends is requesting city funds in the amount of $7,000,000.00. The City Funds would come solely from the revenue bonds that are issued and repaid solely from the revenue from the increase in the lodging tax as set forth above.

This MOU is conditioned on the 2% lodging tax increase being law and the Joplin voters approving
the tax increase. Friends would be responsible for any other funds required to complete therenovations. 

In the event that Friends ever ceases operating Memorial Hall in the future, ownership of the building and all improvements would revert back to the City. Friends will obtain no rights to sell or lease the property to any third party in the future and any such sale or lease shall void Friends leasehold rights in the building and ownership of the building and/or leasehold in the building shall immediately revert back to City.

Earlier- Joplin City Council to hear proposal to save Memorial Hall