Cape Girardeau City Council to vote on public hearing for Broadway Theatre

A decision will be made about the former Broadway Theatre at the Monday, April 17, Cape Girardeau City Council meeting, but it won't be the last.

Council members will be voting on whether to host a public hearing at their Monday, May 1, meeting on a development plan officially submitted to the city by the Broadway Theater Redevelopment Corp. The process is prompted by the Urban Redevelopment portion of the city's code.

City manager Kenneth Haskin said Friday, April 14, that a formal development agreement between the developer and the City of Cape Girardeau would be presented to council members if the majority vote in favor of holding a public hearing.

At the March 6 meeting, Brennon Todt, owner of Todt Roofing Inc., presented a three-phase, multimillion-dollar plan before council members to save the historic building and transform it into retail spaces, luxury apartments and a small theater, an 11th-hour move that could potentially save the dilapidated structure from planned demolition by the municipality.

The city received two bids for demolition for $471,200 and $293,743, respectively. Demolition bids sunset after 60 days. The expiration date for Broadway Theatre demolition bids is Tuesday, May 2.

Todt's presentation had the support of Old Town Cape — which sent out a release this week, encouraging people to attend Monday's meeting — the Cape Girardeau Historic Preservation Commission and the Broadway Theatre Foundation's Board of Directors.

Following the March presentation, council members voted four to three in favor of exploring options other than the proposed demolition.

The submitted development plan outlines a potential tax abatement agreement with the municipality for the rehabilitation of the structure under Chapter 353 Missouri statutes. Chapter 353 requires the redevelopment be performed in "blighted areas" — places under city jurisdiction that are in poor condition and have become economic and social liabilities.

The potential abatement is for 25 years, with the final 20 years dependent on completion of phases two and three of the development plan

Todt has funding guaranteed for the first phase of development, according to a letter from The Bank of Missouri attached to the plan. That funding is contingent upon council approval of the agreement.

The contractor said in his March presentation that his participation in saving the Broadway Theatre building would be dependent on the city paying the stabilization costs. He estimated that would run from $125,000 to $150,000.

Under city code, restabilization would be subject to an open bid process from the city, meaning there is no guarantee Todt Roofing would be contracted to do the work.

Haskin said that issue would be addressed in a final agreement but is not addressed in the plan.

The plan's language states that for the first five years the property owner will make payments in lieu of taxes that "together with any unabated taxes, will equal 50% of the value of improvements. Accordingly, during this period, 50% of the taxes attributable to any increase in the assessed value over the assessed value of the land will be abated."

Broadway Theatre has been a fixture in downtown Cape Girardeau for more than 100 years. It's been listed on the Historic Preservation Commission's Endangered Buildings list since the list was first created in 2012.

The structure was in poor shape prior to a March 2021 fire that caused considerable damage to its facade, roof and structural integrity.

The city has had the building marked for demolition since last summer. Numerous repair orders were extended to allow time for the former theater to be restored in 2021 and 2022, but all lapsed without significant progress, prompting the city to move forward with demolition.

The Southeast Missourian contacted Todt for comment, but the developer did not respond prior to publication.