The City announced a plan to promote development at I-55 and LaSalle Avenue at a news conference this afternoon. Southeast Missouri State University will sell 247 acres of land to the City for $6 million. The Greater Cape Girardeau Area Benevolent Association will pay the $480,000 down payment. The City will pay $460,000 annually for 12 years. The payment will come from the new casino revenue as outlined by the casino revenue strategy to invest in both capital improvements and regional economic development.
Mayor Harry Rediger said a land purchase will make the City more attractive when businesses are looking to develop in the region. Once the City owns the property, City leadership can respond to opportunities as they become available. We plan to work with MAGNET and other area partners in recruitment and further plan development.
- Property is east of Interstate 55 both north and south of LaSalle Avenue [MAP]
- Property includes 247.43 acres
- Price of sale property: $6 million
- The Greater Cape Girardeau Benevolent Association providing the $480,000 down payment
- Money from Nash Road land sales, a 1970s industrial park project
- The Greater Cape Girardeau Benevolent Association has been buying and selling property for business development since the 1960s
- The City will make 12 annual payments of $460,000 from revenue from the casino