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HomeMy WebLinkAboutTIF.Minutes.01-19-2022.draftDRAFT ~ 1 ~ MINUTES OF THE JANUARY 19, 2022 TAX INCREMENT FINANCING COMMISSION OF THE CITY OF CAPE GIRARDEAU, MISSOURI A meeting of the Tax Increment Financing Commission of the City of Cape Girardeau, Missouri was held via the Zoom virtual meeting format at 2:00 p.m. on January 19, 2022. The following persons were present or absent at the meeting as follows: Name Present/Absent Katie Earnhart Present Danny Essner Present Neil Glass Present Adrienne Henry Present Charlie Herbst Present Roger Hudson Present Jay Knudtson Present Kyle McDonald Present John Mehner Present Marla Mills Present Al Spradling III Present The following persons were also present at the meeting: Mark Grimm (Gilmore & Bell), Stephanie Bogue (Gilmore & Bell), Molly Mehner (City of Cape), Ben Traxel (Tenmile Holdings, LLC), Dana Brune (Cape Chamber), and Liz Haynes (Old Town Cape). Call to Order Adrienne Henry called the meeting to Order at 2:01 PM. Roll Call Molly Mehner conducted roll call. DRAFT ~ 2 ~ Acceptance of Agenda John Mehner moved to accept the agenda. Marla Mills seconded the motion. After consideration and discussion by the Commission, the motion passed unanimously. Review and discuss the redevelopment plan, blight study and cost-benefit analysis for 824 Broadway Ben Traxel, Managing Member of Tenmile Holdings, LLC, gave a brief overview of the project. Mr. Traxel explained the Esquire Theater served as a movie theater from the time it opened in 1947 until its closing in 1985. Since then, it has been rented occasionally but has not sustained regular occupancy. Tenmile Holdings envisions restoring, rehabilitating and renovating the Esquire Theater building into four professional, loft-style office suites with an additional retail space or café at the building’s Broadway entrance. They would install an interior infrastructure, fill in the sloped floor, and divide the main theater space into four separate office suites. The front lobby area will become a storefront retail space or café. The front façade will be refurbished in order to keep the heritage of the Esquire Theater alive. The entrance to the office suites will be along the west elevation which will help activate that façade as people travel eastbound down Broadway. Mark Grimm provided an overview of the Blight Study, Redevelopment Plan and Cost-Benefit Analysis. He explained the Blight Study was originally conducted by the SEMO Regional Planning Commission in May, 2018 for a previous application on the building. That study determined the conditions identified in the Study Area met the principal requirements for a “blighted area” designation, as outlined in the TIF Act at the time of the study. The SEMO RPC confirmed the conditions have not changed and continue to date. Mr. Grimm also reviewed the Cost-Benefit Analysis and explained the applicants are requesting 90% of the property tax revenues generated from the Redevelopment Project and 90% of the Economic Activity Taxes captured by TIF for 23 years. Danny Essner asked Mr. Traxel if the Broadway façade would be restored to its original design and colors. Mr. Traxel responded the colors may vary but the intent is to refurbish the façade as close to its original design as possible in order to honor the heritage of the old theater and to maintain the streetscape as it has existed for the last 70+ years. John Mehner thanked Mr. Traxel and his partners for their interest and investment in the Esquire Theater and downtown Cape Girardeau. Marla Mills also thanked Mr. Traxel and his partners. Ms. Mills commented saving the building is the next best thing to rehabbing it for its original use. Liz Haynes stated it has been a pleasure working with Mr. Traxel and applauded his vision for the old theater. DRAFT ~ 3 ~ Schedule public hearing John Mehner moved and Marla Mills seconded to schedule the public hearing for March 9, 2022 at 4:00 PM at the Osage Community Center. Other Business There was no other business to discuss. Adjournment John Mehner moved to adjourn the meeting. Al Spradling seconded the motion. After consideration and discussion by the Commission, the motion passed unanimously. The meeting adjourned at 2:24 p.m. Submitted by: Molly Mehner, Deputy City Manager