Formerly blighted property along Illinois 3 in Columbia has blossomed under the benefits of tax increment financing. The intersection of Admiral Parkway (Illinois 3) and Valmeyer Road is taking on a new look as the Admiral Trost Redevelopment Area continues momentum. Recent developments include construction of the world headquarters for Maverick Technologies, a branch of Reliance Bank, a Hampton Inn (Columbia's first hotel) and a CVS Pharmacy.
Columbia-based Wegmann Properties was the developer of the center, a commercial project that has reclaimed just over 30 acres in a prime commercial area. Leasing is managed by CMJP Properties, broker for the development. The City of Columbia and other local taxing districts authorized the use of tax increment financing for this area in 1995.
Illinois law requires local taxing bodies to make a joint investment in the development or redevelopment of an area with the intent that any short term gains be reinvested and leveraged so that all the taxing bodies will receive larger financial gains in the future. The Admiral Parkway Redevelopment Area Joint Review Board (JRB), made up of one representative from each taxing authority affected by the district along with at least one member of the general public, meets annually to review progress of the redevelopment plan.