Staff:
Agenda:
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Molly Mehner, Deputy City Manager, ICMA-CM, AICP
12/20/2021 |
AGENDA REPORT
Cape Girardeau City Council
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21-281
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SUBJECT
An Ordinance Terminating Tax Increment Financing within the Redevelopment Area Described in the Esquire Theater Tax Increment Financing Redevelopment Plan and Dissolving the Esquire Theater Special Allocation Fund.
EXECUTIVE SUMMARY
On August 20, 2018, the City Council approved Ordinance 5106 for a redevelopment project for the Esquire Theater located at 824 Broadway. In doing so, a special allocation fund was established to assist with the financing of the redevelopment project and the 23-year life of the tax increment financing incentive was activated for the Esquire Theater. The redevelopment project, however, never came to fruition. A new project is being pursued. The first step in that process is terminating the existing TIF. Approving an Ordinance repealing Ordinance No. 5106 will dissolve the Esquire Theater Tax increment Financing District and the associated Special Allocation Fund .
FINANCIAL IMPACT
There is no financial impact. If there had been any revenues deposited in the special allocation fund for the Esquire Theater, such funds would be promptly returned to the taxing districts from which they originated; however, because the project never came to fruition, no funds were deposited.
STAFF RECOMMENDATION
Staff recommends the City Council approve the Ordinance Terminating Tax Increment Financing within the Redevelopment Area Described in the Esquire Theater Tax Increment Financing Redevelopment Plan and Dissolving the Esquire Theater Special Allocation Fund.
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