Platte County, Missouri, has officially withdrawn from public financing related to the Zona Rosa shopping district. The decision follows a recent ruling affirming that the county is not responsible for covering any shortfalls in sales tax revenue used to repay bonds associated with the development.
On March 4, 2024, the Platte County Commission voted unanimously to terminate its involvement in the financing arrangement. County Commissioner Joe Vanover stated, “With today’s agreement, the county government will withdraw completely from public financing of Zona Rosa.” He emphasized that all parties, including the bank and the developer, acknowledged that the county did not default on the Zona Rosa bonds.
The situation arose amid legal disputes between UMB Bank and the current developer regarding the repayment of bonds and the upkeep of three parking garages within the shopping center. In early 2025, both parties indicated their desire to resolve the disputes by extending the special sales tax for Zona Rosa.
In response to these developments, Platte County engaged attorney Todd Graves and intervened in the ongoing litigation. The negotiations aimed at ensuring the county could fully extricate itself from the financing obligations. The settlement agreement reached states, “The Parties acknowledge that the County is not and has never been in default on any obligations related to Series 2003 Bonds, Series 2007 Bonds, or any agreement named in the County Complaint, Settlement Agreement, or this Addendum to which the County was a party.”
As part of the settlement, Platte County will transfer ownership of the parking garages to the transportation development districts associated with Zona Rosa. This agreement allows for a clean exit from the “public financing scheme,” as outlined in a recent news release.
The conclusion of this matter marks a significant shift for Platte County, enabling it to focus on other priorities without the financial entanglement of the Zona Rosa project. The decision underscores the county’s commitment to maintaining fiscal responsibility while navigating complex public-private partnerships.
