NASH ROAD LAND PURCHASED

Another 240 acres of prime industrial property may soon be added to the Greater Cape Girardeau Development Corp.'s portfolio.

The development group last weekend signed a purchaser's agreement with Armstrong World to purchase a large tract of land adjacent to the Cape Girardeau Regional Airport. It is about a half-mile from Interstate 55.

"We feel this is ideal property for development," said John Mehner, president and chief executive officer of the Cape Girardeau Chamber of Commerce and secretary-treasurer of the development corporation. "It has an airport, river and railroad access. With the extension of Nash Road to the Southeast Missouri Regional Port, the property is in a great location."

The western 80 acres of the site is included in the Cape Girardeau County Enterprise Zone, which provides tax benefits to businesses by promoting investment and new jobs in the zone.

Utilities and water service are available on the property, which has total highway frontage on Nash Road of 3,960 feet.

The property is currently leased for farm purposes, which generates about $16,500 annually. However, the agricultural lease may be canceled by either party with a 60-day notice.

The corporation, which was founded more than 35 years ago for the purpose of acquiring land for industrial use, bid on the property, which was offered by Terra Marketing Inc., headquartered in Phoenix, Ariz.

Thomas L. Meyer Realty was the local realtor involved in marketing the tract as part of a nationwide sealed bid.

The property was offered as a part of New America Network's National Sealed Bid Event, a list of 48 properties in 20 states. Thomas L. Meyer Realty is an affiliate of the network.

Minimum bid for the property was suggested at $1.2 million, with a Sept. 30 deadline.

"We can't reveal the bid at this time," said Mehner. "But once the deal in completed, the price will be announced."

The corporation, which has helped develop hundreds of acres of property in the Nash Road industrial area, will own 365 acres for development once the sale is completed.

"We still have about 125 acres from previous purchases," said Mehner.

The 37-year history of the development group started on Sept. 17, 1959, when 25 chamber members each invested $625 to form the corporation. The first land was acquired in 1962, when 160 acres was purchased. By 1984, the corporation had 432 stockholders and had acquired an additional 500 acres from Armstrong World.

Today more than 25 industries are in the Nash Road industrial park, providing employment to more than 1,500 workers.

Construction of a 60,000-square-foot speculation building was completed earlier this year. It is being marketed by the Cape Girardeau Area Industrial Recruitment Association.

"We have sent out more than 600 brochures concerning the new building," said Mitch Robinson, executive director of the recruitment association. "We have received some inquiries."