Blue Ridge Cinema could be torn down soon

Asbestos removal has begun, and two weeks from now demolition may begin on the old Blue Ridge Cinema at Interstate 70 and U.S. 40. 

Jennifer Clark, Independence’s director of community development, said that the Cinema and the adjacent title company could be razed within six weeks to make way for the development of Cinema East LLC’s Blue Ridge Crossing East development. The cinema closed in 1995.

In February, the Independence City Council unanimously approved the Blue Ridge Crossing East “pay as you go” tax increment financing plan for the proposed $9 million to $10 million retail, restaurant and convenience store project planned for an area northeast of the current Blue Ridge Crossing.

“The old Blue Ridge Cinema theater as well as the title company which is on the adjacent property – (developers) believe that they will be able to begin demolition in the next two weeks,” Clark said. “It will take approximately six weeks with (asbestos) removal as well as demolition.”

Blue Ridge Crossing East developers will utilize a “pay as you go” TIF, which 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 unanimously approved last September a request for more than $1.9 million in tax incentives from Cinema East, LLC, also the developers of the Blue Ridge Crossing project that’s located on the site of the old Blue Ridge Mall.