Cape Girardeau Area Magnet

The past year was a busy and productive one for Cape Girardeau Area Magnet, highlighted by its involvement in the effort to win the state of Missouri's 13th gaming license and bring the Isle of Capri casino to Cape Girardeau.

Magnet executive director D. Mitch Robinson says that 2011 will be another big year for the not-for-profit organization he heads.

"2011 is going to be an exciting year for the entire Cape Girardeau area," said Robinson. "The busy activity is very strong right now, and we hope it will carry throughout the entire year with new companies and jobs being created."

New business and new jobs are what Cape Girardeau Area Magnet is all about. Magnet is a full-service economic development organization working to support existing business and industry, attract new companies to the area, support small business start-ups and recruit retail business to the area.

Robinson says Cape Girardea Area Magnet assisted with several new or expanding business starts in the area last year. He is hopeful that 2011 will see Magnet's application for the Enhanced Enterprise Zone designation approved, which will give a big boost to new and expanding businesses in the area. The application was completed last year and was presented to the Cape Girardeau County Commission on Jan. 27. The commission will submit the application to the Missouri Department of Economic Development.

The Enhanced Enterprise Zone Program offers state tax credits, accompanied by local real property tax abatement, to qualifying businesses within the designated enhanced enterprise zone. The tax credits are good for up to five tax years after the new business project starts operating. According to the DED's website, qualification is based on certain demographic criteria, the potential to create sustainable jobs in a targeted industry and a demonstrated impact on local industry cluster development.

Robinson expects that the enhanced enterprise zone designation, along with the beginning of spending on the $125 million Isle of Capri project, will stimulate a flurry of new economic growth for Cape Girardeau and the surrounding area.

"We plan this year to expand our marketing efforts for new retail stores to come to our area," Robinson said. He also said that an overhaul of the organization's website was in the works, which will enhance Magnet's ability to use Internet technology to communicate with existing area businesses and get the word out about Cape Girardeau to potential new businesses.

Magnet can assist new and expanding businesses with various services. Magnet can help with building and property searches to find a site for the project. The organization can also assist with locating financing, including helping with necessary paperwork to qualify for incentives such as enhanced enterprise zone tax credits as well as other incentives. Magnet can also helping with recruiting a labor force for the new operation.

Cape Girardeau Area Magnet's offices are located at 1267 N. Mount Auburn Road in Cape Girardeau in the Chamber of Commerce building.