Plan to fund new roads draws interest

Jackson Mayor Paul Sander said another meeting could be held soon regarding the formation of a transportation development district, which would help fund projects in connection with Jackson's proposed East Main Street interchange with Interstate 55.

Jim Mello, a lawyer from St. Louis, outlined the basics of TDDs Monday night at the annual joint meeting of the Jackson Board of Aldermen and the Cape Girardeau City Council.

A TDD is a governmental subdivision that would have the authority to levy taxes and assess property as well as issue notes and bonds for a term of up to 40 years.The idea is for the district to tax itself and create revenue within the district to pay for transportation projects inside the boundaries.

The methods a TDD could use to finance itself include:

Up to a 1 percent sales tax which could be collected by the TDD or a local transportation authority.

A property tax up to 10 cents on $100 assessed valuation.

A special assessment for each project.

Toll roads.

No financing details were offered at Monday night's meeting. However, no opposition was voiced about the concept.

Sander would like to see the TDD formed as soon as possible because Jackson has more to gain in the short term than any other entity. But, he said, the long-term benefits for Cape Girardeau would be equal to what Jackson would reap in the early years. Cape Girardeau would have to annex quite a bit of land for the city limits to extend into the TDD.

Cape Girardeau council member Evelyn Boardman said she'll have to know more before giving her endorsement.

"This was my first introduction to this particular tax development," she said. "As far as down the road, I can't say what we'll do. Certainly, we will be growing to the north, there's no doubt. It's an interesting concept that is being used around the state pretty effectively."

'Cautiously optimistic'

Earl Norman, a developer who owns the property to the west of the interstate, would be a major player in the TDD, which would include Cape Girardeau, Jackson, Cape Girardeau County and Southeast Missouri State University, which owns property on the east side of the interstate on which it plans to build a technology park.

"I'm cautiously optimistic," Norman said. "We have a significant investment in land, and I'm for anything that will move the project forward. But I'd have to see more financing details before I can get enthusiastic about supporting it. But we're very interested."

And that interest is all Sander is hoping for at this point.

"All we wanted to do is to present the idea and concept and throw it out there so everybody could understand it," he said.

The interchange itself is on schedule for construction in 2006. Jackson will pay for 50 percent of the construction costs, and the Missouri Department of Transportation will pick up the rest.

The TDD would fund other transportation projects in connection with the interchange.

"I firmly believe this project is going to bring in a lot of commercial development in the next several years," Sander said.

Councils agree to lighting

Both councils approved a resolution Monday night to confirm mutual support for the planning and construction of street lights at the intersection of U.S. 61 and I-55.

bmiller@semissourian.com

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