Staff:
Agenda:
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Molly Mehner, Deputy City Manager, AICP, ICMA-CM
12/20/2021 |
AGENDA REPORT
Cape Girardeau City Council
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21-270
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SUBJECT
An Ordinance approving an Amended and Restated Redevelopment Agreement for the 811 Broadway Tax Increment Financing Redevelopment Plan.
EXECUTIVE SUMMARY
On September 21, 2020, the City Council passed Ordinance 5340 designating the property at 811 Broadway as a Tax Increment Financing (TIF) Redevelopment Project Area and Ordinance 5339 approving a Redevelopment Agreement outlining the terms of the TIF assistance. The Approved Redevelopment Agreement included a project completion date of December 31, 2021. Due to numerous factors, the project is not likely to be completed by the deadline. Thus, the applicant has requested an amendment to the Redevelopment Agreement extending the project completion deadline to July 31, 2022. Everything else in the Redevelopment Agreement will remain the same.
FINANCIAL IMPACT
There is no financial impact from the proposed amendment to the Redevelopment Agreement.
STAFF RECOMMENDATION
Staff recommends the City Council approve the Amended and Restated Redevelopment Agreement for the 811 Broadway Tax Increment Financing Redevelopment Plan.
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