FLOOD BUYOUTS MEAN SAVINGS IN FUTURE

Cape Girardeau's flood buyout program is winding to a close. In all, the state and federal government will have paid out nearly $2.5 million to purchase property that was damaged in the 1993 and 1995 flooding of the Mississippi River. The price tag is steep. But it will save considerable taxpayer dollars in the long run.

That's because many of the properties have been flooded repeatedly, which means recurring claims and payouts of federal flood insurance. That costs taxpayers a bundle. Consider this: FEMA received 283 claims for flood insurance reimbursement on 86 properties in Cape Girardeau in 1993. That's a whopping 3.3 claims per property. Buyouts stop the endless and expensive cycle of flood claims.

In Cape Girardeau, 151 homes were damaged by the floods of 1993 and 1995. Of those, 114 qualified for the buyout. The city acquired 94 of the eligible homes. The remaining 20 aren't participating.

Those property owners who turned down the buyout program still qualify for federal flood insurance. That's unfortunate. The federal government is good at wielding a big stick. It is surprising the government doesn't force participation by denying future flood insurance coverage.

The key to the buyout program's success is high participation. Thankfully, most of the Cape Girardeau property owners took advantage of the buyout program this time around.

The state deserves credit for making the 1995 program more attractive. After the 1993 flood, many cities were hesitant to push the program because they would have had to come up with the 25 percent to match the 75 percent in federal funds. Many cities could ill afford the match.

But in 1995, Missouri decided to provide the 25 percent match. Cities have to pick up the administrative costs, which are minimal compared to the matching monies.

The demolition of all buyout properties should be completed by the end of June. The city is removing asbestos from 20 of the 26 homes. The city also plans to clean up the six vacant lots purchased.

The buyout program has changed two of the city's oldest neighborhoods. More than 60 homes were purchased for demolition in the Red Star neighborhood. And the last 13 homes were purchased for demolition in Smelterville in south Cape.

The city still hasn't decided what will become of the buyout property. There are strict guidelines. It must be maintained for use by the public. Neighborhood parks, community gardens and a recreational vehicle park are all possibilities that have been mentioned.