Plans for a Redeployment Project put on Hold for Now

As of right now a project that was proposed for redevelopment in Cape Girardeau which involved tax increment funding has been dropped. The City Council members are set to vote on the matter to be able to dissolve a special fund in regards to the project so any development inside the district would have the opportunity to get back any future expenses for a period over 23 years as state law currently allows. City Council members gave their approval to the downtown TIF project, so that a couple building down town could undergo redevelopment in June two years ago which paved the way for developers to have the opportunity to be reimbursed for some of the project expenses.  Along with the City Council members giving their approval to the project the city required the development of the project to be finished by the end of this calendar year, but the project that was worth a total of $4.59 million never progressed. The project plan for the project required project reimbursements to be a minimum of 1.54 million over a 23 year time frame. Since the project never began no funds were put into the special fund. State law currently requires, when a TIF agreement is passed the time period begins. Additional development that takes place within the district would only be able to get funding during the time period.

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