New development is headed for Raytown’s Wal-Mart development district.
According to Raytown Finance Director Mark Loughry, a new Freddy’s restaurant should open in the area by the end of the summer. He also says two other projects are in the works but aren’t being disclosed because they haven’t been finalized yet.
The new development comes as Raytown’s fire district is in an ongoing dispute with the city on funding the Wal-Mart deal. Raytown Fire District Chief Matt Mace says the city has been improperly taking the fire district’s tax money. Mace also says the Wal-Mart deal has put the city in a compromising financial situation.
Loughry disputes that claim. He says although the project hasn’t produced the expected development at this point, his projections still have the project on target to pay off the bonds, or roughly $40 million loan, on time with self-sustaining tax dollars and a contingency fund set up with the original bond money.
Andy Alcock can be reached at email@example.com.