River Campus

For over three years Southeast Missouri residents have enjoyed a host of events made possible by having a state of the art facility in the Southeast Missouri State University River Campus. What's more, the city is ahead of schedule in paying off its financial obligation.

In November 1998, the voters in Cape Girardeau approved an $8.9 million bond issue to help fund the River Campus. According to the city's finance director, John Richbourg, total cost of issuing the bonds and servicing the debt totaled $9.975 million.

Revenue generated by city hotel/motel and restaurant tax dollars is used to pay off the bonds. According to Richbourg, dollars not used for the Cape Girardeau Convention and Visitors Bureau budget are directed toward bond payments, and extra funding is put in an escrow account to pay off the debt faster.

According to Richbourg, four years worth of bond payments -- $2.5 million -- was in the escrow account in October when the last bond payments were made.

The bonds are scheduled to come due Oct. 1, 2023, but can be called as early as Oct. 1, 2013. At this time, Richbourg expects the bonds will be retired "significantly earlier" than 2023.

Thanks to the vision and diligence of many, Cape Girardeau has an excellent venue for events. Businesses have another reason to locate here. And with the recent news, these benefits -- among others -- are being realized while the city moves toward retiring the debt attributed to the facility earlier than expected.

To all those who made the River Campus possible, as well as those who are working toward minimizing the cost to taxpayers, bravo.