CAPE GIRARDEAU, Mo.,
Dec. 22, 2003 – The Southeast Missouri State University Board of Regents approved a second amendment Friday to the Amended and Restated Cooperation Agreement for the St. Vincent Seminary Property between the University and the City of Cape Girardeau.
The second amendment was approved during a closed session meeting of the Board.
Currently, it is projected it will cost only $13.6 million to repay the $8.9 million of bonds, University officials said.
The second amendment caps the city’s spending of motel and restaurant taxes for the River Campus project at a maximum of $16 million. However, if the hotel/motel/restaurant tax revenue is not sufficient for the city to make bond payments, the University would have the option to refinance, according to the second amendment, and the $16 million cap would not be applicable.
The second amendment to the agreement will be considered by the Cape Girardeau City Council in January.