Cape Girardeau Planning and Zoning Commission approves casino development plans

Isle of Capri's plans for a $125 million casino in Cape Girardeau moved forward Wednesday when the planning and zoning commission approved the company's final development plan.

With a unanimous vote, the commission endorsed the plan that will now go before the city council for its final approval.

Isle's vice president of design and construction Dick Meister presented the updated development plans to the commission.

"Our next step is getting the roadway finalized so it goes out to bid next month," Meister said.

Isle's development agreement with the city gives it the option of setting up an infrastructure fund to pay for street and utility improvements, but Meister said the company hasn't decided whether to exercise this option. Under the infrastructure fund clause of the agreement, the city would issue bonds to pay for the upgrades and then pay off the bonds with an annual percentage of the casino's gross gaming revenue.

"We're still discussing whether that's the right way to go or not with the city, and we'll make that decision sometime in the next three to four weeks," Meister said. "Our finance people are working with the city and the bond counsel and all those folks to figure out what the right thing to do is."

Isle has acquired nearly all the properties it needs for the development site, he said. In addition to approving the final development plan, the commission also approved a preliminary plat for the property to unite the individual parcels that make up the site.

There some changes to the final plan from previous versions, including flipping the location of the building and the parking lot, so the building is closer to the river; adding a separate entrance to the building's multifunction room so that people do not have to go through the casino facility to access it; and moving the Lone Wolf and SkyDeck restaurants to the south side of the complex. Earlier plan versions also included three phases of development, with the second adding a hotel and the third listing a possible residential use. Meister said Isle is no longer seeking permission for future residential use at this time. Isle does plan to construct a hotel at some point, but when will depend on the occupancy rates of existing hotels in the area, he said.

City engineering staff continue to work with Isle to finalize the designs for the realignment of North Main Street, city engineer Kelly Green said.

Isle is awaiting information from AT&T, Charter and AmerenUE on how they want their respective utilities to be relocated, Meister said.

Work on the roadway could begin in late March or early April and will take six to nine months to complete, Green said. Improvements to Big Bend Road, in progress, should be completed about the same time, she added.

Meanwhile, Isle continues to work on finalizing the casino building design and preparing construction documents it needs to obtain a building permit. Meister said Isle hopes to deliver those plans to the city in June.

The first part of the building to be constructed will be the water-filled basin the gaming floor must be above to meet Missouri Gaming Commission requirements. Work on that portion of the project should begin in July.

"By October 1, you should see steel going up," Meister said. "Give or take a week."

Those living in homes purchased by Isle as part of its casino site are moving out and most will be gone by the end of February, Meister said.

While it moves forward with plans for its new development, Isle is also working to help preserve the Reynolds House, a historic structure across the street from its new entrance.

Meister said Isle is helping to form a 501(c)(3) not-for-profit corporation that would care for the property and also plans to donate some land and landscaping around the existing site.

The city has assigned the casino site an official address: 777 N. Main St., said Ken Eftink, assistant city manager.

mmiller@semissourian.com

388-3646

Pertinent address:

777 N. Main Street, Cape Girardeau, MO