CAPE GIRARDEAU, MO (KFVS) - The City of Cape Girardeau announced Wednesday a big land purchase going towards creating jobs.
According to Mayor Harry Rediger, 247.43 acres of land will be bought from Southeast Missouri State University. The city will pay the university $6 Million to develop a new industrial park.
The land is east of Interstate 55, north and south of LaSalle Avenue.
According to the city, the Greater Cape Girardeau Area Benevolent Association will be providing the down payment.
The city will pay 12 annual payments of $460,000 to the university for the land.
According to the city, the money will come from casino revenue.
The city says the land will be used for creating new business and expanding current businesses.
According to University President Kenneth Dobbins it's a "win, win, win situation" for both the university and Cape Girardeau.
President Ken Dobbins says he hopes to have a good relationship with whatever businesses come to town.
He hopes to put some internship programs in place so students can get real world experience while in school.
Dobbins says internships allow students to start with a company and potentially staying with them.
Rediger says there's no name yet for the new park.