From Mayor Harry Rediger’s Southeast Missourian blog:
The City of Cape Girardeau reached final agreement in December to purchase 247 acres of land along both sides of LaSalle Avenue. This land was purchased for $6 million from the Southeast Missouri State University Foundation.
An initial down payment will be made to the foundation and the balance will be paid through 12 equal annual payments. These payments will come from 11 to 12 percent of our annual projected casino funds and will not require any new taxes or money from the city’s general revenue budget.