School, developers discuss TIF proposal

The discussion of a tax-increment financing proposal made by developers of a new subdivision continued Monday night as members of the Cape Girardeau School Board got the first opportunity to talk directly with the developers.

Prestwick Plantation is a new, 600-acre subdivision near Dalhousie Golf Club on Bloomfield Road.

"This project has been very well thought out and planned," developer Cord Dombrowski told board members. "It is not our intent to encumber the school district with this project, and if you feel that this process will do that, then we'll withdraw."

Tax-increment financing is an economic tool used to encourage development through property tax abatement over a certain period of time. In 2002, Prestwick developers requested $30 million in tax-increment financing to build infrastructure for their 735-unit subdivision.

While several community members attended the meeting, only one spoke. Citing violations of Missouri state statutes, Cape Girardeau resident John Heckrotte said that city taxpayers should be allowed to vote on the TIF proposal.

"If I had the money, I would file a lawsuit against this for the benefit of taxpayers," Heckrotte said. "TIF is a good idea, if it's done right. But in this case, it's not being done right."

Final vote March 17

School superintendent Mark Bowles said the board will take the next 30 days to process the information heard at Monday's meeting before voting on the district's official stance. The final vote will be March 17.

After the school board's, the issue will go before an 11-member TIF Commission appointed by the Cape Girardeau City Council last year. The commission will in turn deliberate the issue before making a recommendation to the council. The council has the final say on the fate of the TIF proposal.

The school board also heard presentations on TIF from Bowles, as well as an independent consultant with Banc of America in St. Louis.

Bowles offered board members an update on the information gathered since the TIF issue was first brought before the district last July, and also detailed a list of concerns about how the TIF will affect the district.

Bowles said it is his recommendation that four guiding principles must be met before the district could support the proposal:

Land for a new attendance center must be supplied by developers.

Funding for a new attendance center must be supplied by developers.

There must be no loss of money to the district.

There must be guaranteed payment to the district.

Bowles said he feels like the developers have been willing to work with the school district to ensure the district's needs are met, and that they have agreed to the guiding principles, although exact details have not yet been laid out.

Eric Cowan, a representative of Banc of America, also attended the meeting and provided board members with a general presentation about TIF proposals. He highlighted the various stages a TIF must go through, explained the factors that could affect it and discussed Missouri statutes governing TIFs.

cclark@semissourian.com

335-6611, extension 128