PARTNERSHIP MOVES PARK PROJECT LOSER TO REALITY

In today's competitive business market, it's unusual to see rival companies working side by side. But that's what happened on Cape Girar~deau's proposed parks and recreation project at Shawnee Park. This cooperation will result in local financing of this project, with all of Cape Girardeau's seven banks participating equally.

The fact the banks are willing to finance this project locally demonstrates their confidence in Cape Girardeau's economy and in the project. It speaks well for all partners. The banks involved are: Capital, Boatmen's, Mercantile, Commerce, First National, AmeriFirst, and Southeast Missouri.

When the council authorized the project last November, city officials projected that, through bonding the excess tourism funds, they could generate $3.5 million for the project. But through this bank partnership, the city will now be able to generate about $3.73 million.

The bank partnership is far from a financial bonanza for these institutions. By buying bonds directly from the city at a lower rate of interest, the banks receive a lower return than if they would invest the money on the open market. This partnership represents a real investment in our community by these banks.

Plans call for construction of softball and soccer fields at Shawnee Park, purchase of a 90-acre tract of land at Mount Auburn and Kingshighway for a general use community park, construction of a 32,000- square-foot multiuse building on the site, and completion of a fitness trial through Arena Park and the new park site.

This project has also opened up new lines of communication between the city's finance department, city administration and all seven local banks. There are many new people locally in the banking field, and this transaction has enabled city and banking officials to become better acquainted, which likely will yield benefits in the future.

Another positive growth of this project was the settlement of long-standing dispute between various companies and the city over the city's motel and restaurant tax.

About $500,000 of the bonding revenue was money paid in protest by these companies since 1984, and now this will be available for financing of this park project. Not only has the action added to the amount of money available for the project, it has helped removed the tension between formerly contentious factions. We applaud Jim Drury and his Mid-America Hotels Corp. and Bob, Charles and Jerry Drury and their Drury Industries for their cooperation and vision on this park project. City officials see this as a major endorsement of the proposal.

Closing of the transactions is scheduled for mid-March. The total project is expected to be completed by 1995. The bank financing and lawsuit settlement are both positive steps for the city of Cape Girardeau that move this major park project closer to reality.