Council approves amendment to release $5 million in incentives for Westpark Mall redevelopment

Developers leading the Westpark Mall redevelopment told the Cape Girardeau City Council they want the council to release the remaining $5,000,000 in incentive funds already held in escrow to complete construction and tenant build-outs. "No new money. No new process. We're asking for the remaining $5,000,000 in incentive funds to be released to be used on the project," said the developer representative during a presentation on the first reading of Bill 26-67.

The presenter told the council the money originates from bond investors (total bond proceeds of $21,700,000), $16.7 million has already been used and the requested $5 million is the final tranche. He highlighted measurable progress: occupancy rising from about 62% to an estimated 91% by year-end, 10 national tenants on 10-year leases, and an on-site employment estimate of about 491 regular jobs (more than 600 seasonally). "We've made a lot of progress in a very short period of time," the developer said, asking the council to allow the funds to be treated the same as previous incentive dollars held for the project.

Several supporters from the development team and the public emphasized local economic benefits and use of local contractors. Nick Martin of Pilot Construction Solutions said the project opened work and opportunities for local subcontractors and suppliers. Resident and longtime business supporter Esmer told the council that bond counsel had confirmed the proposed reallocation of funds was legally permissible and argued the revenues supporting the bonds are generated by the mall's customers, not by general-tax dollars. After council discussion that repeatedly referenced increased sales tax and local job impacts, the council voted by voice to accept the ordinance on first reading. Mayor (speaker 1) announced he would abstain from the vote due to a financial conflict of interest.