RAYTOWN, Mo. — Raytown city leaders plan to refinance the controversial TIF plan that opened the doors of a new Walmart in 2009.
As part of the $40 million TIF deal, the city paid the school district $19 million to relocate a school located at the site, and $7 million went to Walmart.
Ten years after the deal was approved, $31 million in debt remains.
The city has been able to make annual payments on the deal so far but hasn't seen any additional savings. Taxpayers are on the hook if there's not enough revenue to cover the debt.
According to Assistant City Administrator Missy Wilson, they hope to refinance at a lower fixed interest rate. That could result in savings of up to $3 million for the city.
"It is another step of the city staff being more efficient, exploring opportunities so that we can save money," Wilson said.
The Raytown Board of Aldermen unanimously approved the refinancing plan at its 7 p.m. meeting Tuesday.
The current interest rate is 5 percent, and the city hopes to achieve a rate closer to 4 percent.