Old Blue Ridge Cinema could be razed soon

That old eye-sore of a movie theater at Interstate 70 and U.S. 40 may be on the verge of being razed.

A proposed development – the Blue Ridge Crossing East project, a $9 million to $10 million retail, restaurant and convenience store project planned for an area northeast of the current Blue Ridge Crossing – will go up in its stead if a tax increment financing plan proposed by the developers is approved next week by the Indepenenc City Council.

Spencer Thomson, an attorney for Blue Ridge Crossing East developers Cinema East, LLC., said the developers need the “pay as you go” TIF funds to develop and revive a strip that has now become blighted, a key definition in determining authorization for TIF funding.

A “pay as you go” TIF is different than a standard TIF in that the former calls for a developer to front all the cost for the development, but receive sales and property tax revenues in increments over the life of the TIF contract. The contract for the Blue Ridge Crossing East project is a 15-year agreement instead of the normal 23-year TIF agreement. The city’s Tax Increment Financing Commission in September unanimously approved a request for more than $1.9 million in tax incentives from Cinema East, LLC.

“We think the development would be a great addition and a catalyst for 40 Highway,” Thomson said, adding the developers of Blue Ridge Crossing East also developed the Blue Ridge Crossing project – anchored by the Wal-Mart Supercenter – at the site of the old Blue Ridge Mall. If approved the entire site will be demolished and redeveloped.

“We are trying to work out the details with the city,” Thomson said of a meeting scheduled today with city officials. “We are optimistic we are going to get it done. We will know a lot more after our meeting and will be able to say a lot more after the city votes (on the ordinance).”

City Manager Robert Heacock said the development should be a positive for the area, even in today’s tough economic climate.

“That is a very positive project,” Heacock said. “It will help that area a great deal. It’s very visible from I-70. We are excited that in these tough economic times that Independence has much to offer in terms of commercial development.”

Blue Ridge Cinema closed its doors in 1995. It will be demolished if the Blue Ridge Crossing East project moves forward. The City Council heard first reading of the ordinance last Monday.