Developers of the Marquette Tech downtown redevelopment project have asked for a maximum of $2.49 million in tax-increment financing spread over 23 years to help fund their $20 million project. The Cape Girardeau City Council will vote tonight on measures to approve the project and a related redevelopment pact. Under the proposal, the development group would receive 90 percent of the increased property taxes and 50 percent of the economic-growth-in-activity taxes, which includes sales taxes. Under the proposed agreement, 10 percent of the increase in property-tax revenue from the development would be placed in a city-managed fund and could be used for other programs and projects. Deputy city manager Molly Hood tells KZIM KSIM what she wants the public to understand about this complicated issue.
Hood says for the council to approve a TIF project, developers must convince city officials the project could not be completed without tax-increment financing.