CAPE GIRARDEAU, MO (KFVS) - Cape Girardeau passed a resolution Monday night supporting Tax Incremental Financing for the redevelopment of Esquire Theater. This will allow the someone to redevelop using the TIF.
If you've spent any time in downtown Cape Girardeau, you'd probably recognize the old Esquire Theater. But since the lights on the outside have been out for more than 30 years, it's in need of some work.
The president of the Cape Chamber, John Mehner, understands that.
"It needs a lot of work and you know there are some people who prefer that old buildings be torn down," said Mehner. "There are many others who prefer that old buildings be restored, and I think we have an opportunity here to have this building re-developed."
According to the State, to be eligible for this type of funding a building needs to be blighted.
As for taking already collected tax dollars, Mehner says that it wouldn't touch those.
"It's not a pot of money that the city has from existing tax payers... that's not what's used for TIF... They're the ones paying the increased property tax based on the development that they do."
The city will now hear proposals for possible redevelopments.