Regents set to put funding plan in motion for River Campus

Southeast Missouri State University will be a step closer to securing financing for its River Campus development under a proposal that will be considered by the board of regents today.

The meeting is scheduled to begin at 1 p.m. in the University Center Ballroom.

The measure is the first step in efforts to have bonds issued by the Missouri Development Finance Board to help fund construction of the $35.6 million development of a River Campus arts school on the grounds of a former Catholic seminary. The site overlooks the Mississippi River at Cape Girardeau.

The resolution would authorize selection of a financial adviser and/or underwriting firm, a bond insurance company and drafting of financial documents.

School officials said, however, that no bonds could be issued without future action by the regents.

Bonds would be issued to fund the bulk of the construction costs of the project, including the city's $8.9 million share. Funding also will come from private donations raised by the university.

Southeast plans to hold a groundbreaking ceremony for the project on May 27 at 3 p.m.

In other business, the regents will consider approving the preliminary design for the Terrace Park at the River Campus. The tree-filled park on the east side of the property would include a shelter with an open roof of cross rafters, a parking area, a walking trail and educational displays with historical and geographical facts.