REGIONAL PORT INVESTMENT IS PAYING OFF

Over the last year, a milestone was reached at the 23-year-old Southeast Missouri Regional Port. For the first time in its history, private investment has exceeded public investment at the burgeoning facility on the Cape Girardeau-Scott County line.

Since the port authority was established in 1975, direct public investment there has totaled $16 million. This total includes $7.3 million from a sales tax the voters of Cape Girardeau and Scott counties levied on themselves from 1986 to 1990. As promised by promoters at the time, this tax expired after four years. Other funding came from federal and state government.

This year, the cumulative total of private investment at the port has reached $21 million. This includes a $13 million investment made by Missouri Fibre Corp. for construction of a wood-chip mill that is up and running. The port has led to creation of 70 jobs there and another 150 jobs for truck drivers, sales and office personnel at sites away from the port property.

Moreover, port director Dan Overbey says that the port's revenue from leases, rents and its railroad is expected to cover annual operating expenses of around $250,000 in the 1999 fiscal year.

Further improvements are in the works. Through competitive grants from the Missouri Department of Transportation, the port will receive $200,000 for fill work for about 12 acres along the north side of the harbor for future industrial sites. This state money will be matched dollar for dollar by Lone Star Industries. This port is the only one in the state that will be able to match the state money dollar for dollar with private funding, of which there is $1 million available for ports statewide. Ultimately, port officials plan to build up an additional 40 acres for new industrial sites.

Over the last generation, the taxpayers of these two counties have made in the port a large investment in our future. It appears that investment is beginning to pay off, with the promise of more to come.