Cape Girardeau City Council members approve final portions of West Park Mall project

Cape Girardeau City Council members approved the final pieces of a plan to redevelop West Park Mall at their meeting Monday, Oct. 16

By 4-1 votes — with Mayor Stacy Kinder and council members Mark Bliss, Dan Presson and Nate Thomas supporting and council member Tameka Randle opposing — the group approved a comprehensive redevelopment agreement and enacted a mechanism to waive sales tax on up to $3 million in construction materials for the project. Council member Robbie Guard was absent, as he has been throughout discussions of the mall as he has a financial conflict of interest. Council member Shannon Truxel was absent Monday.

The actions end a monthslong process in which officials considered a number of incentives for the $100 million-plus project, proposed by River City Centre LLC, a group of local investors who purchased the mall more than two years ago for about $10 million.

Sarah Yenesel

Sarah Yenesel

The group asked the city to consider a tax incentive package totaling about $49 million (in today dollars, not including financing costs). Council members ultimately endorsed tax increment financing reimbursement for the majority of the 65-acre site and established a Community Improvement District and Transportation Development District within the property borders.

They rejected developers' request that the city waive about $100,000 in fees associated with the project.

The TIF incentive will set baseline sales and property tax levels, and should those tax revenues rise over a specified period, the developers and local taxing units will evenly split the proceeds. CID will impose a sales tax and an annual $2-per-square-foot-of-leasable-space assessment on the property to fund improvements. TDD will impose a sales tax within the boundaries to fund transportation-related improvements.

Officials removed the two ordinances involving the mall from the council's consent agenda, allowing officials and members of the public to further discuss the issues.

Dennis Vollink, a retired executive of Drury Southwest, reiterated his objections to the "excessive" incentives package, contending those involved with future projects will seek similar incentives.

"This sets a precedent that this is what will be used going forward," he said.

He also said he doubts economic projections of the project's impact.

"The odds of it doing what it is said it will be doing are slim," he contended.

Elaine Edgar questioned whether the project would tighten the city's coffers regarding public safety investments.

"I don't want my public safety in this town to be contingent on if this mall project is successful," she said.

Thomas rejected that argument, saying the mall's ongoing decline would be a potential danger to the city's sales tax base. He further said no other plan to revamp the mall had come forward.

"I have not gotten one solution or even a concept of a solution," he said. "The only other alternative is to do nothing. It will leave us with a world of consequences that we, as a city, would have to figure out."

Bliss noted sales tax revenue has fallen by about 40% over the past two years and would continue to slide without redevelopment.

"Cape is heavily dependent on sales tax revenue. Other services will be impacted if the mall is not redeveloped," he said.

Presson described the mall as a "hallmark" property in the city and said redeveloping the mall would be an investment in the city's future.

Opposing the matter, Randle challenged "massive" incentives and termed the project "ill-conceived, greedy and not in the best interests of citizens".