The Cape Girardeau City Council passed a tax increment financing incentive, also known as a TIF incentive, on a downtown building renovation project Monday. Two buildings are involved with the project, which comprise 1 North Main Street.
Jason Coalter with Centurion Development says a new farm-to-table style restaurant, an event center and a covered rooftop pavilion could potentially fill the space, which still houses original hardwood floors and 100 year old brick.
“These buildings are very expensive, especially when you're doing more risky developments,” admitted Coalter. “And due to some of the things going on with these buildings, this was a way to utilize some incentives the city has to offer. It generates a lot more tax base in the long run.”
They’re also working to expand onto the Cape Riverfront Market with a 6,000 square foot, indoor, year-round farmers market.