DIRECTOR REPORTS PORT HAS $12 MILLION IN ASSETS

SCOTT CITY -- The Southeast Missouri Regional Port Authority has about $12 million in assets, its executive director Dan Overbey told the 25 people at the Scott City Chamber of Commerce luncheon Tuesday.

Overbey highlighted current projects, such as the Economic Development Administration grants of $1.2 million for the 1,200 feet of interchange track constructed near the Scott City park on the east side of town and the $4 million in federal and state funds for economic development after the 1993 flood.

Some planned improvements include a railroad spur to the cargo dock area.

Oberbey said the port is constantly mailing packages to various industries that might find the port attractive, adding that the industry that finds the port attractive is one that can use all the means of transportation available in the area, including river, rail, highway, airport and pipeline.

Overbey, the port's director since 1993, said the port dates back almost 20 years. Sales taxes in Scott and Cape Girardeau counties from 1986 to 1989 provided about $7 million for the port's initial projects, including a state highway for access and a water system.

Overbey said the port is similar to a land development agency, surviving off rental income from tenants and that it had reached a profitable level last year with its $160,000 budget.

The purchase of a rail line providing access to three major railroads has put the port in the hole again, Overbey said, adding that the long-term potential of having the railroad outweighs the cost.