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- Bob Evans restaurant in Cape Girardeau among chain's 21 closings (04/26/16)9
- Missouri House votes to allow concealed weapons without permits (04/28/16)8
- Police report filed, but no charges in incident at Cape Central (04/29/16)40
- Two hurt in motorcycle wreck on Interstate 55 (04/25/16)1
- Senator introduces bill for I-57 that would connect Sikeston with Little Rock (04/28/16)4
- Law firm requests information about Cape's traffic cameras (04/25/16)3
- Local lawmakers split over failed medical marijuana bill; voters may have a say (04/26/16)19
- Local company makes eco-friendly kitty litter that cuts cat-box smell (04/25/16)
- Man accused of pointing BB gun at Chaffee resident (04/26/16)2
Cape council gives deadline to plane maker
Renaissance Aircraft will have until Nov. 1 to make bond and lease payments totaling more than $61,000 or face eviction from a city-owned hangar at the Cape Girardeau Regional Airport.
The City Council set that deadline in a closed-door meeting Oct. 4 after the financially troubled company failed to make all the payments that city officials said were due Oct. 1.
Mayor Jay Knudston said Renaissance Aircraft president John Dearden has indicated he expects to secure additional capital within the next two weeks.
The mayor said the council doesn't want to be stuck with an empty hangar. The city owns both the hangar and the land on which it sits.
Dearden paid $4,585 of the nearly $65,000 that Cape Girardeau officials said Renaissance owed the city and United Missouri Bank by Oct. 1 to avoid defaulting on its lease and bond-issue agreement.
Eric Rowe, Dearden's attorney in Washington, D.C., said he had yet to review the city's statement or the amount that city officials say is owed.
Rowe said on Oct. 5 he and his client would look at all the financial alternatives.
The city sold $2.6 million in bonds to construct a hangar for Renaissance and pay for the extension of water and sewer lines to serve the business.
As part of the conditions of the bond issue, the hangar has to be used for aviation manufacturing, city officials said.
Renaissance Aircraft relocated from Eastman, Ga., to Cape Girardeau in 2001 with promises of manufacturing hundreds of two-seater propeller planes a year and creating at least 200 new jobs.