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TIF will be used for Sikeston mall improvements

Tuesday, October 15, 2002

Business Today

BENTON - Scott County commissioners on Oct. 1 reviewed all 47 pages of the Tax Increment Financing agreement for the Sikeston Outlet Mall renovation with Jim Schwaninger, county economic developer.

Following a public hearing, TIF commissioners had passed a resolution at their Sept. 17 meeting to recommend the county undertake the TIF project with Phil Boyer as developer.

County commissioners formally accepted the TIF Commission's recommendation and accepted the agreement Oct. 3.

Schwaninger said the TIF project will renovate the outlet mall to bring in a Vanity Fair store.

"Most everybody is being moved around to make the mall as attractive and effective as possible," Schwaninger said. "Clean, shiny stores with Vanity Fair being a draw for customers." He added that existing merchants there are "very positive" about the plan.

The Sikeston Outlet Mall is the largest sales tax revenue generator in the county and the third largest property tax source, according to Schwaninger.

The county has been losing some of that tax revenue, however, as sales at the outlet mall have dropped.

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