Old Town Cape secures matching funds for grant

Sunday, May 29, 2005

Old Town Cape has secured $4,000 in donations from two local banks to help fund efforts to renovate the facades of downtown buildings.

The money would be used as the local match needed if the redevelopment organization secures a $20,000 federal grant.

Old Town Cape wants to provide small grants to businesses to help them renovate the facades of downtown Cape Girardeau buildings as part of historic preservation efforts, said Tim Arbeiter, executive director of the redevelopment organization.

Capaha Bank and Security Bank & Trust each have agreed to donate $2,000 to the project, Arbeiter said.

John Abercrombie, president of Capaha Bank, said the facade program would have a positive impact on small businesses in the Old Town Cape district.

Richard Allgood, vice president of Security Bank & Trust, agreed. "When we heard about the program, we felt it was community development at its best," he said.

Old Town Cape, with the city of Cape Girardeau, recently applied to the Missouri Department of Transportation for federal funding available for transportation enhancements including historic preservation and beautification projects.

Old Town Cape seeks to promote the historic, cultural, social and economic revitalization of the area extending from east of West End Boulevard to the Mississippi River and from North Street south to Highway 74.

The area includes nearly 280 businesses and is home to more than 9,000 people.

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