TIF Commission hears proposal

TIF Commission hears proposal

The Tax Increment Financing (TIF) Commission met for the first time in almost a decade Monday, hearing proposals for the Redevelopment Project Area (RPA) 2B in the Sikeston 60 West TIF Redevelopment Plan.

TIF Funding is a public financing method that is used to help bring about improvements for redevelopment, infrastructure, and other community-related projects.

In 2014, the City of Sikeston requested proposals for the redevelopment of the Sikeston 60 West Redevelopment Area, located on the south side of the city behind Walmart.

A redevelopment plan for the area was produced by the city and the city adopted the plan and approved tax increment financing for RPA 1, one of the three redevelopment projects. The redevelopment project within RPA 1 is complete and includes the Malco Cinema and Watami.

The plan was later amended to facilitate additional redevelopment in the area. In 2016, the city adopted the amended plan and approved tax increment financing for RPA 2A, which is partially complete and includes the new Hampton Inn and a second hotel that is currently under construction.

Mike Bohannon with Cotton Ridge Development Co. LLC told the commission Monday that they would like to amend the plan for RPA 2B. A plan for the Sikeston 60 West TIF Redevelopment Plan must be activated by the end of the year or the city would have to go through the process of getting the area approved as a TIF district again.

Bohannon said the new proposed project, which encompasses approximately 54 acres, would include grading and preparation of the site, construction of various commercial buildings, (including a convention center or civic center, hospitality, office and retail uses) and construction of appropriate utilities, interior roadways, parking lots, ingress and egress, landscaping and other infrastructure as needed. The project budget is approximately $57 million.

A public hearing about the proposed project will be held in front of the TIF Commission on Wednesday, Sept. 4 at 5 p.m. Anyone with questions can ask them at the hearing.

If the project is approved by the TIF Commission, it would then go to the Sikeston City Council for approval.

Also at the meeting, Nick White was named chairman of the TIF Commission while Aaron Griffin was named vice chairman.