City prepares business park, seeks tenants

Cape Girardeau city officials said "things are in motion" to prepare for the opening of the city's new business park.

The city purchased the land from the Southeast Missouri University Foundation in December for $6 million and plans to make payments over the next 12 years using a portion of revenue it receives from Isle Casino Cape Girardeau.

According to city manager Scott Meyer, the city also has committed $1.2 million of casino funds for the installation of a sewer line through the park. He said there is "some water out there" at the park, but the refinancing of city bonds will pay for needed improvements.

City officials said they hope to sign the park's first tenant within the next few months. Meyer said each client would be responsible for a portion of costs related to utilities.

"Each developer pretty much stands on its own, so they'll have to make their own connections to the main for water and sewer, which is pretty typical," he said. "Ameren will also be working with them on electricity."

Meyer also said if the city ever felt the need to extend the water or sewer lines, it would look into the possibility of applying for grants to help cover any associated costs.

To attract investors to the area, Meyer said two components were needed: utilities and transportation. While the city is working on the sewer extension, he said the park was well situated and would be easy to access with the opening of LaSalle Avenue and the future opening of Veterans Memorial Drive.

LaSalle Avenue, which was paid for with $3.4 million of Transportation Trust Fund III money, bisects the property and makes the city more accessible for people who live to the north. Veterans Memorial Drive is an ongoing project funded by the city, Missouri Highways and Transportation Commission and federal Surface Transportation Program that will create a 6 1/2-mile outer road from LaSalle Avenue to Scenic Drive.

It was designed to improve connection between the park and U.S. 61. "Phase one" of the project's five phases was completed in December. Upon completion, the road will belong to the city.

Meyer said these developments were designed to appeal to possible new tenants.

"We're working with interested developers and we would love that to happen tomorrow, but of course, we understand those developers are looking at investing millions of dollars," he said. "What we want to do is make the area more attractive to make them more interested. We're not ready to make any announcements yet, as much as we'd love to have someone in there, but I think we're moving forward nicely."

Mayor Harry Rediger said he's "excited about getting some action out at the business park."

"We're awaiting a grant from the state to give us some incentive moneys for this first client that will help with infrastructure," he said. "We hope to hear back about that within the next 60 days."

He said the grant would provide about $700,000. Rediger said the city hopes to make an announcement about the business park's first business after it hears from the state about the grant.

The mayor said he hoped the park would attract light manufacturing businesses and distribution centers. When the city first announced its intentions for the property, there was discussion of encouraging businesses to hire graduates and interns from Southeast. Rediger said that opportunity still is being encouraged.

"There could be more synergies if some entrepreneurial businesses settle there that would be willing to work with the university to use students and graduates," he said. "We certainly hope to see that come to fruition. It's all about getting that first tenant."

srinehart@semissourian.com

388-3641

Pertinent address:

LaSalle Avenue and Interstate 55, Cape Girardeau, Mo.