TIF Commission takes next step

Tax Increment Financing, or TIF, Commission Chair Nick White, left, who is also with the New Madrid County Ambulance Board, and New Madrid City Administrator Aaron Griffin, who is also vice chairperson of the TIF Commission, listen during a meeting Wednesday, Sept. 4 at Sikeston City Hall.

Gina Curtis/Standard Democrat

SIKESTON — Sikeston may undergo new changes in the future.

On Wednesday evening, Sept. 4, the Sikeston Tax Increment Financing, or TIF, Commission met to discuss and approve amendments to the Sikeston 60 West Redevelopment Plan. 

The meeting was held in the council chambers at Sikeston City Hall and focused on the redevelopment area, which is described in the Redevelopment Plan as approximately 175 acres generally bounded on the east by School Street, which includes the lots on the west side of Lawrence Street and the existing Wal-Mart Supercenter, on the south by Highway 60, and on the west by the Burlington Northern Railroad tracks. 

The Redevelopment Plan, as previously amended, divides the area into Redevelopment Project Area 1, Redevelopment Project Area 2A, Redevelopment Project Area 2B, and Redevelopment Project Area 3.

Mike Bohannon of Cotton Ridge Development Co. LLC said the city developed a redevelopment plan for the region, which it accepted along with tax increment financing for RPA 1, one of the three redevelopment projects.

“We started out basically just looking at a cotton field and then brought in the theater,” Bohannon said. “It took Cotton Ridge, the city and New Madrid County to get all of that done.” 

The redevelopment project within RPA 1 is now complete and includes the Malco Cinema and Watami. 

Then in 2016, Bohannon said they were approached with Hilton hotels for a new Hampton Inn. That year, the city adopted the amended plan and approved tax increment financing for RPA 2A. Bohannon said that area is partially complete now that a second hotel is currently under construction.

“That new hotel being built will be a Fairfield Inn & Suites by Marriott,” Bohannon said. “With that being said, the TIF has worked so far. It’s been a great asset to have.”

According to Bohannon, the proposed amendment to the Redevelopment Plan describes a 54-acre redevelopment project for RPA 2B that includes site grading and preparation, construction of various buildings and utilities, interior roadways, parking lots, ingress and egress, landscaping and other infrastructure as required.“We have done a feasibility study on a new convention center that would be a joint venture with New Madrid County and the city of Sikeston,” Bohannon said. “That may very well entail another hotel. We are always looking at retail. And we are in talks currently with a couple of restaurant possibilities coming in.

Bohannon continued: “It looks like things are going to continue to grow as Interstate 57 begins to take shape. We see a lot of things that could take place and make a major change for both the city of Sikeston and New Madrid County.”

The total estimated cost of the project is $57 million, with $7 million of those costs to be funded by the TIF. 

Now the proposed amendment will go before the Sikeston City Council at the Sept. 30 meeting for their approval.