SUBJECT
An Ordinance to appropriate expenditures from the Casino Fund for payments to Southeast Missouri State University.
EXECUTIVE SUMMARY
Southeast Missouri State University is constructing a dual role, multi-use, comprehensive development in the City of Cape Girardeau. The University has requested a commitment from the City to fund a portion of the project. The request is $600,000 annually totaling $10,200,000.00.
BACKGROUND/DISCUSSION
The City in continuing with it's legacy of support and partnering with the University will participate in the Modern Campus Houck project with a commitment of $10,200,000 paid in annual installments of $600,000. The project brings more development and visibility to the downtown Cape Girardeau area and aligns with the City's effort to revitalize and improve Downtown Cape. Expenditures will be funded by Casino Fund Revenues and are subject to sufficient revenue received by the City each year as determined by the City Manager and approved in the annual budget by the City Council.
FINANCIAL IMPACT
SUSTAINABILITY: ECONOMIC, ENVIRONMENTAL AND SOCIAL IMPACTS
STAFF RECOMMENDATION
BOARD OR COMMISSION RECOMMENDATION
PUBLIC OUTREACH
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