City council authorizes TIF Commission to consider project in downtown Cape Girardeau

A set of properties near the intersection of Broadway and North Middle Street are now being considered for a Tax Increment Financing (TIF) project in downtown Cape Girardeau.

The properties under consideration are at 222, 230 and 260 N. Middle St. and 430 and 440 Broadway. According to the agenda report signed by deputy city manager Molly Mehner, the parcels have been vacant for some time.

The City of Cape Girardeau’s primary objectives for the five parcels include redeveloping or demolishing the existing structures, promoting redevelopment capable of generating long-term tax revenue for the city while also enhancing the city’s image by promoting high-quality development or building rehabilitation, according to the agenda report.

Mehner provided background information about the various qualifications that must be met for a project to qualify for a TIF during the second virtual City Council meeting conducted via Zoom call.

The meeting ended with the unanimous passage of the resolution authorizing a request for proposals from developers, which will be publicly posted later this week.

The motions passed by City Council on Monday also initiated the process of calling the TIF Commission to reconvene to review the proposed project.

During the meeting, Mayor Bob Fox reappointed Jay Knudtson to the TIF Commission, and he appointed Marla Mills to fill in for Maurice Sandfort. Both mayoral appointments were unanimously approved by council members.

Once all reviews have been conducted, and if the project is determined to meet the “but for” determination for TIF funding, the project will be brought before the City Council to review again later this year, Mehner said.