Developer releases TIF plan for West Park Mall
CAPE GIRARDEAU, Mo. (KFVS) - Plans to redevelop West Park Mall were shared with the City of Cape Girardeau’s TIF Commission on May 1 and June 2.
According to the developer, River City Centre, they propose using support from Tax Increment Financing, Community Improvement Districts and Transportation Development Districts to help with their $107 million plan to reimagine the entire West Park Mall property.
RCC plans to redevelop the property in multiple phases, with the first phase projected to begin in August.
The first phase, laid out in a release from RCC, is expected to include new, individual exterior store entrances and façade enhancements, extensive improvements to the east wing and to address mechanical, electrical and plumbing infrastructure work, adding loading dock space and making landscaping improvements.
After the improvements are made in the first phase, developers plan to have the property reassessed for tax purposes.
RCC said this is where TIF support will help, stating TIF reimbursements make up less than 18 percent of the total estimated cost and facilitate the redevelopment of a property, which would otherwise remain in a deteriorating state.
They believe the redevelopment plan, when complete, will bring in more than $80 million in new tax revenue over 30 years to all local taxing districts: $51 million to the City of Cape Girardeau, $28 million to Cape Girardeau County and $3 million to the Cape Girardeau Public School district.
In addition to new tax revenue, the project is expected to create 750 construction jobs and more than 700 permanent retail jobs.
RCC envisions the redevelopment of the property will return it to one of the region’s primary draws for retail and entertainment.
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