Vote clears way for TIF project consideration

Cape Girardeau's Tax Increment Financing (TIF) Commission unanimously approved a resolution Thursday calling for the reactivation of a targeted redevelopment zone in the city's downtown district.

If approved by the Cape Girardeau City Council, the reactivation of Redevelopment Project Area 2, also known as RPA 2, will clear the way for tax incentivized construction and renovation projects in parts of downtown between Century Casino and Southeast Missouri State University's River Campus.

The resolution vote followed a brief public hearing during which Cape Girardeau deputy city manager Molly Mehner explained why the vote was necessary. In 2015, she said, the TIF Commission and City Council approved a redevelopment plan making tax increment financing available for qualified projects. Several redevelopment project areas were created including RPA 1, also known as the Marquette district along Broadway, and RPA 2 along Main Street.

Each RPA has a 10-year window during which redevelopment projects within the zone must begin in order to qualify for TIF benefits. RPA 2 was activated in 2017, but deactivated when a proposed redevelopment project along Main Street failed to materialize.

"That project lost its funding, so there was no project," Mehner said. "But now we have another project ready to proceed, but in order to do that, RPA 2 needs to be reactivated."

That project, reported last month in the Southeast Missourian, involves renovation of a vacant one-story brick warehouse at the intersection of William and Main streets owned by Brennon Todt, president of Todt Roofing & Construction. Pending approval of tax abatement incentives, Todt plans to convert the century-old structure into a retail and dining destination and says the work could be completed by late this year.

The TIF Commission's resolution, along with Todt's River and Rails Projec plans, will be considered at the City Council's May 17 meeting, with a final vote scheduled for June 7.

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