TIF Commission forwards Broadway project to Cape City Council

Plans to redevelop several vacant buildings along Broadway and North Middle Street in Cape Girardeau took a major step forward Wednesday when the city’s Tax Increment Financing (TIF) Commission voted to send the project to the City Council for its review.

If approved by the council, the project would qualify for certain financing benefits, including reimbursement of some of the project’s estimated cost of nearly $5 million. Developers say if the council approves the project, site work could begin almost immediately to renovate several properties in the 400 block of Broadway and 200 block of North Middle Street.

All of the properties have been designated as “blighted,” which qualify them to be included in a TIF funded project. By renovating the properties, their assessed valuation will be increased significantly, ultimately leading to increased tax revenue for Cape Girardeau and various entities that benefit from the city’s property taxes.

The redevelopment plan, known as The Rialto Retail and Residential Development, calls for creation of restaurant and retail venues as well as upscale second-floor apartments in several empty buildings on Broadway. In addition, the project would include renovation of a building at 260 N. Middle St. and removal of another structure at 222 N. Middle St.

All properties in the proposed redevelopment area are owned by Rust Communications Inc., parent company of the Southeast Missourian.

The commission’s vote followed a brief public hearing at which no one spoke either in favor or against the plan.

In addition to its vote to move the Rialto development project forward, the commission also set Aug. 19 as the date for a public hearing on a TIF application to redevelop another vacant downtown building, this one at 811 Broadway, once home to American Legion Post 63 and Pitter’s Cafe and Lounge.

The commission plans to meet at least twice before the hearing to discuss various aspects of the $1.2 million renovation proposal, which would include creation of several apartments and a ground-floor coffee shop.

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