Major development underway in TIF district

$2.7 million project near Highway 60 includes Lowe's store

By Jim Obert

Business Today

SIKESTON -- A local real estate developer has partnered with the city of Sikeston to develop 200-plus acres north of Highway 60 and east of South Main Street for commercial and other uses.

The developer, Scott Matthews of Four Corners Development Co., said OfficeMax has already opened at the site, Lowe's will soon begin construction of a 120,000-square-foot store, a veterinary clinic is set to open, and a bank and auto dealership have committed to build there.

The $2.7 million project calls for construction of a four-lane thoroughfare, extensions of existing streets, placement of a new storm sewer system, expansion of a residential subdivision and creation of a city park.

City manager Doug Friend said the development is connected to TIF -- tax increment financing. He said the city has two TIF districts, and the one Matthews is working in was created last spring.

"The district is larger than what is currently being developed," said Friend. "Scott came up with the idea to develop a portion of the district. An agreement was reached and approved by the City Council. We're very excited about it."

Bill Green, the city's director of economic development, said Mally Development Co. of Columbia, representing Lowe's, had contacted Matthews about locating a store in the city.

"When we learned of this we all worked to create a redevelopment district," said Green. "That area of Sikeston has been rather slow to respond to development, and we are very hopeful the district will expedite businesses locating there."

The redevelopment district requires retail outlets in order to generate sales tax to pay off the TIF bonds.

Several years ago Matthews began construction of South Ridge Estates, which borders the TIF district on the north.

"The city had run out of affordable real estate," said Matthews. "Most of the available lots cost about $35,000. I put in lots that sold from $15,000 to $16,500 and people built quality houses for $90,000 to $100,000."

Matthews said he wanted to expand the subdivision farther south but realized that was not possible without a new road and storm sewer system. The creation of the TIF district solved the problem, and construction of the third phase of the subdivision is under way.

Central to the subdivision and the retail outlets that will be built in the area is the Col. George Day Parkway, a 1-mile-long thoroughfare that will connect with South Main Street and an extended Ingram Street to the east.

Matthews said the parkway is named after a highly-decorated Vietnam Air Force colonel who was shot down over North Vietnam during the Vietnam War and spent part of his imprisonment with former pilot and current United States senator, John McCain.

Day, who was born in Iowa, is a regular visitor to Sikeston where he takes part in Veterans' Day activities and other events.

"We're putting in a gigantic storm sewer system that will run the length of the parkway," Matthews said. "It will drain everything north of the parkway and everything along South Main Street. The water will end up in a 7-acre retention pond that we're building. The project will cost about $700,000."

Matthews said the pond, which is expected to be finished by June, and 18 surrounding acres will be turned into a new city park.

Lowe's has been trying to pour a concrete pad since November, said Matthews, but the weather has not cooperated. Work will resume when the ground dries.

Located just north of the development are Sikeston Motors, Market Place and Big Kmart. A Wal-Mart is near the southern end of the development. Riggs, a large building supplies store, is slated to relocate to the west side of South Main.

Brunt Boulevard will be extended in order to draw retail outlets.

Anticipating increased traffic flow when Lowe's and other businesses open, Matthews said three traffic lights will be added to South Main, and one of them will be at the intersection of South Main and Col. George Day Parkway.

"Our ultimate goal is to get an interchange at South Ingram Street and Highway 60," said Matthews. "Ingram would be extended about 300 yards to hit the highway.

"It would be another entrance to the city and would parallel Interstate 55 as a major north/south artery."

Matthews said about five companies are currently involved in the development of the TIF district.