Cape accepts state funds for airport work

Aircraft maker intends to locate here

Business Today

New planes could be taxiing down the runway at the Cape Girardeau Regional Airport now that the city accepted a state loan to fund infrastructure improvement for an aircraft company to build planes here.

The Cape Girardeau City Council passed a resolution in mid-July night accepting $750,000 from the Missouri Department of Economic Development that will fund infrastructure improvements to the Cape Girardeau Regional Airport.

"The state funding finally came through," said Bruce Loy, airport manager. "This gives them the money they needed to start up" in a temporary facility.

The improvements are part of a deal arranged earlier this year that will bring Renaissance Aircraft to Cape Girardeau. The city applied for the loan in January.

Renaissance plans to produce the Renaissance 8F, a two-seat plane that will be marketed to recreational pilots.

Each plane would sell from $75,000 to $100,000.

To build the planes, the company plans to build a $1.2 million facility at the airport, with construction to begin later this year. The plant eventually will employ more than 200 workers, company officials have said.

The city intends to sell $2.1 million in bonds to finance construction and airport improvements Renaissance will pay off the bonds over a 20-year period.