March 9, 2023
Hannibal, MO. – Maria Kuhns, Entrepreneurship Specialist at Hannibal Regional Economic Development Council (HREDC) announced today the City of Palmyra and HREDC have scheduled a public meeting on Monday, March 13th at 6:30 pm 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 would like to collect petition signatures from property owners to establish the Community Improvement District.
The City of Palmyra hopes to establish 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 (“CID”) for the area, and availability of low-cost infrastructure financing under Neighborhood Improvement District (“NID”) legislation.
Maintaining the vitality of historic neighborhoods and downtown districts poses unique challenges requiring special revitalization solutions. 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.
The meeting will be held March 13th at 6:30 pm at Hall’s Hall, 220 South Main (Old Ben Franklin Building) and is open to the public. HREDC and the City Council are seeking input from the public on this revitalization program and seeking signatures from Community Improvement District property owners for the petition. Property owners within the CID boundaries have also been mailed letters with information about the meeting.
HREDC works to promote financial investment in Hannibal, and Marion and Ralls Counties. For more information on the organization, please visit their website at www.hredc.com.