The Noland Fashion Square shopping center redevelopment is being delayed again.

With the agreement between developers and the city up for a second reading and vote by the Independence City Council (after being postponed from a month earlier), the council heeded the developers’ request for continuance until Dec. 7. Developers intend to drop the Chapter 353 portion of the plan that asked for a 25-year tax abatement.

Noland Fashion Square is the shopping center area at the northwest corner of the Noland Road and U.S. 40 anchored by Gordman’s and Toys R Us. It is largely vacant. The council had approved a community improvement district and the 353 plan in February.

Initial plans called for a five-year investment of about $18.4, including $8.9 the first year to upgrade the center for attracting tenants. Developers requested that about $8 million be reimbursed from funds generated by the CID’s proposed 1 percent sales tax. The agreement first presented last month listed just $800,000 to $1.4 million the first year – for landscaping and parking lot and sign improvements. All other annual investments weren’t specified – dependent on the ability to attract major tenants.

“From the beginning there were questions about (the 353 plan),” city manager John Pinch said. “We’ll work with them. The 353 complicated some issues; it’s all kind of woven together. We’ve just got to meet with them to work with them.”

• The council recognized city employee David Dickerson for being named Code Enforcement Officer of the Year recently by the Missouri Association of Code Enforcement Association, as well as public works administrative specialist Jennifer Kim as city employee of the month.

• Finance director Brian Watson reported that he completed refinancing of the Falls at Crackerneck Creek bonds Oct. 20., and said he received an “unbelievably favorable rate.”

Watson originally had planned to refinance five of the seven bond series in August, but suddenly volatile stock market shelved those plans. Since then, the markets stabilized, and he was able to refinance at interest rates even lower than the dip initially forecasted.

The average interest rate now will be about 3.5 percent, he said, whereas before they approached 6 percent.

Instead of the year 2029, the bonds will now mature in 2052. But without restructuring, Watson said last week, the city would have been facing an average of $3.5 million debt payment until 2029 to cover revenue shortfalls, and that would be coming from general and enterprise funds. Now, the city’s annual debt payment looks to be in line with the revenues generated from the retail district.

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