HomeMy WebLinkAboutOrd.5891.2026-03-16BILL NO. 26-17
ORDINANCE NO. 5B I
AN ORDINANCE DESIGNATING A CERTAIN TRACT OF LAND IN THE
CITY OF CAPE GIRARDEAU, MISSOURI, AS A BLIGHTED AREA;
APPROVING THE CAPE WEST PLAZA DEVELOPMENT PLAN; APPROVING
A REDEVELOPMENT AGREEMENT IN CONNECTION WITH THE
DEVELOPMENT PLAN; AND AUTHORIZING THE CITY TO ENTER INTO
CERTAIN AGREEMENTS AND TAKE CERTAIN OTHER ACTIONS IN
CONNECTION THEREWITH.
WHEREAS, the City of Cape Girardeau, Missouri (the "City"), is authorized and empowered to
undertake certain redevelopment projects pursuant to The Urban Redevelopment Corporations Law,
Chapter 353 of the Revised Statutes of Missouri ("Chapter 353") and Chapter 28 of the City Code of
Ordinances ("Chapter 28"); and
WHEREAS, the "Cape West Plaza Development Plan," a copy of which is set forth as Exhibit
A, attached hereto and incorporated herein by reference (the "Development Plan"), has been prepared and
submitted to the City in connection with the proposed redevelopment of 242 and 330 Siemers Drive in the
City (the "Redevelopment Area"); and
WHEREAS, the Development Plan contemplates the use of real property tax abatement to
(a) demolish, remove, renovate, reconstruct and rehabilitate the site infrastructure and improvements
located at 330 Siemers Drive to convert the property from a single commercial use to a multi -tenant
commercial use, and (b) renovate, reconstruct and rehabilitate the site infrastructure and exterior
improvements located at 242 Siemers Drive to enhance the existing multi -tenant commercial shopping
center (collectively and as further described in the Development Plan, the "Redevelopment Project"); and
WHEREAS, included as Exhibit C to the Development Plan is an analysis prepared by Steadfast
City Economic & Community Partners (the `Blight Analysis"), which documents the current conditions
of the Redevelopment Area and supports a finding that the Redevelopment Area is a "blighted area" as
defined in Chapter 353; and
WHEREAS, implementation of the Development Plan through the completion of the
Redevelopment Project will remediate the conditions that cause the Redevelopment Area to be a blighted
area; and
WHEREAS, in accordance with Chapter 353 and Chapter 28, the City Council held a duly
noticed public hearing regarding the blight designation, the proposed Development Plan and the
contemplated grant of tax abatement on March 2, 2026, at which hearing all interested persons and taxing
districts were given the opportunity to be heard (the "Public Hearing"); and
WHEREAS, the City Council hereby finds and determines that it is desirable for the
improvement of the economic welfare and development of the City to approve the Development Plan; and
WHEREAS, the boundaries of the Redevelopment Area are the same as the boundaries of the
proposed Cape West Plaza Community Improvement District (the "CID"); and
WHEREAS, the Redevelopment Project is the subject of a Plan for an Industrial Development
Project (the "Chapter 100 Plan" ), which allows for a sales and use tax exemption on construction
materials used to complete the Redevelopment Project; and
WHEREAS, the City Council finds and determines that it is necessary and desirable in
connection with the implementation of the Development Plan and the Chapter 100 Plan to enter into a
Redevelopment Agreement (the "Redevelopment Agreement") with Drury AT 2024, LLC, Drury Land
Development, Inc., Drury Development Corporation and the Cape West Plaza Redevelopment
Corporation.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF CAPE
GIRARDEAU, MISSOURI, AS FOLLOWS:
Section 1. Findings. Upon due consideration of the Development Plan, the Blight Analysis
and the testimony presented at the Public Hearing, the City Council finds that:
(a) the redevelopment of the Redevelopment Area called for in the Development
Plan is necessary or advisable to effectuate the purposes of Chapter 28;
(b) the Development Plan is consistent with the master plan and/or comprehensive
plan of the City;
(c) there are or will soon be housing accommodations elsewhere available for all
persons who will be displaced by the Redevelopment Project, and no undue hardship to such
persons will be caused thereby (in fact, no businesses or residents will be displaced as a result of
the Redevelopment Project);
(d) public facilities, including,. but not limited to, school, fire, water, sewer and
police services, as well as transportation, parks, playgrounds and recreation facilities, are
adequate or will be adequate to service the Redevelopment Area at the time that the
Redevelopment Project is ready for use;
(e) the proposed changes, if any, in the zoning ordinances or maps, in streets and
street levels, and the proposed street closings or subdivisions, if any, are necessary or desirable
for the redevelopment and its protection against blighting influences, and for the City as a whole
(it being understood that no zoning, street or subdivision changes are necessary in connection
with the implementation of the Development Plan); and
(f) the Redevelopment Area described in the Development Plan is a "blighted area"
as defined in Chapter 28 and Chapter 353, and the clearance, redevelopment, replanning,
rehabilitation or reconstruction thereof is necessary and in the best interest of the City and its
citizens.
Section 2. Approval of Development Plan. The Development Plan materially conforms to
the requirements for development plans set forth in Chapter 28 and is hereby approved.
Section 3. • Approval of Redevelopment Agreement. The City is hereby authorized to
enter into the Redevelopment Agreement, in substantially the form of Exhibit B, attached hereto and
incorporated herein by reference, with such changes therein as shall be approved by the officials of the
City executing the Redevelopment Agreement and consistent with the intent hereof, such officials'
signatures thereon being conclusive evidence of their approval thereof. The City Manager is hereby
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authorized to execute the Redevelopment Agreement, for and on behalf of and as the act and deed of the
City. The City Clerk is hereby authorized to attest to and affix the seal of the City to the Redevelopment
Agreement. Following the execution of the Redevelopment Agreement by all parties thereto, the City
Clerk is hereby directed, on behalf of the City Council, to furnish a copy of the Redevelopment
Agreement to the Collector of Revenue of Cape Girardeau County.
Section 4. Use of Redevelopment Area. The use of the Redevelopment Area shall be
limited to the uses described in the Development Plan until the earlier of (a) the end of the 25 -year tax
abatement period on each Parcel (as defined in the Redevelopment Agreement) or (b) the earlier
expiration thereof as described in Section 5.1(i) of the Redevelopment Agreement.
Section 5. Further Authority. The City shall, and the officials, agents and employees of
the City are hereby authorized to, take such further action and execute such other documents, certificates
and instruments as may be necessary or desirable to carry out and comply with the intent of this
Ordinance and to carry out, comply with and perform the duties of the City with respect to the
Development Plan and the Redevelopment Agreement. The City Manager is hereby authorized, through
the term of the Redevelopment Agreement, to execute all documents on behalf of the City (including
documents pertaining to the financing or refinancing of the Redevelopment Project by the Developer) as
may be required to carry out and comply with the intent of this Ordinance and the Redevelopment
Agreement. The City Manager is further authorized, on behalf of the City, to grant such consents,
estoppels and waivers relating to the Redevelopment Agreement as may be requested during the term
thereof, provided, such consents, estoppels and/or waivers shall not increase the amount or duration of the
economic incentives provided in the Redevelopment Agreement, waive an event of default or materially
change the nature of the transaction. The City Clerk is authorized to attest to and affix the seal of the City
to any document authorized by this Section.
Section 6. Severability. The sections of this Ordinance shall be severable. If any section of
this Ordinance is found by a court of competent jurisdiction to be invalid, the remaining sections shall
remain valid, unless the court finds that: (a) the valid sections are so essential to and inseparably
connected with and dependent upon the void section that it cannot be presumed that the City Council has
or would have enacted the valid sections without the void one; and (b) the valid sections, standing alone,
are incomplete and are incapable of being executed in accordance with the legislative intent.
Section 7. Effective Date. This Ordinance shall take effect and be in full force 10 days after
its passage by the City Council.
PASSED AND APPROVED THIS V day of �J Y'G , 2026.
Stacy Kin a r
ATTEST:
Courtney Davis, Deputy City Clerk
W!
EXHIBIT A
DEVELOPMENT PLAN
(On file in the office of the City Clerk)
EXHIBIT B
REDEVELOPMENT AGREEMENT
(On file in the office of the City Clerk)
(The above space is reserved for Recorder's Certification.)
TITLE OF DOCUMENT: REDEVELOPMENT AGREEMENT
DATE OF DOCUMENT: [*Document Date*]
GRANTOR: CITY OF CAPE GIRARDEAU, MISSOURI
GRANTOR'S MAILING ADDRESS: 44 North Lorimier
Cape Girardeau, Missouri 63701
GRANTEES:
GRANTEES' MAILING ADDRESS
RETURN DOCUMENTS TO:
DRURY AT 2024, LLC
DRURY LAND DEVELOPMENT, INC.
13075 Manchester Road, Suite 200
St. Louis, Missouri 63131
Gilmore & Bell, P.C.
211 North Broadway, Suite 2000
St. Louis, Missouri 63102
Attention: Mark D. Grimm, Esq.
LEGAL DESCRIPTION: See Exhibit A
eRecorded
DOCUMENT #
2026-03729
ANDREW DAVID BLATTNER
RECORDER OF DEEDS
CAPE GIRARDEAU COUNTY, MO
eRECORDED ON
05/05/2026 08:30:19 AM
REC FEE: 183.00
PAGES:54
(The above space is reserved for Recorder's Certification.)
TITLE OF DOCUMENT: REDEVELOPMENT AGREEMENT
DATE OF DOCUMENT: May 1, 2026
GRANTOR: CITY OF CAPE GIRARDEAU, MISSOURI
GRANTOR'S MAILING ADDRESS: 44 North Lorimier
Cape Girardeau, Missouri 63701
GRANTEES: DRURY AT 2024, LLC
DRURY LAND DEVELOPMENT, INC.
DRURY DEVELOPMENT CORPORATION
GRANTEES' MAILING ADDRESS: 13075 Manchester Road, Suite 200
St. Louis, Missouri 63131
RETURN DOCUMENTS TO: Gilmore & Bell, P.C.
211 North Broadway, Suite 2000
St. Louis, Missouri 63102
Attention: Mark D. Grimm, Esq.
LEGAL DESCRIPTION: See Exhibit A
REDEVELOPMENT AGREEMENT
among the
CITY OF CAPE GIRARDEAU, MISSOURI,
DRURY AT 2024, LLC,
DRURY LAND DEVELOPMENT, INC.,
11 1 illwl l "\M I[Kl X7:7:11 M C�7�1
and
CAPE WEST PLAZA REDEVELOPMENT CORPORATION
dated as of
May 1, 2026
TABLE OF CONTENTS
Page
Recitals............................................................................................................................... 1
ARTICLE I
DEFINITIONS
1.1. Definitions....................................................................................................................................... 2
ARTICLE II
DEVELOPER DESIGNATION; DEVELOPER TO ADVANCE COSTS
2.1. Developer Designation..................................................................................................................... 6
2.2. Developer to Advance Costs............................................................................................................ 6
ARTICLE III
MANNER OF REDEVELOPMENT
3.1.
Project Development........................................................................................................................ 6
3.2.
Project Construction......................................................................................................................... 7
3.3.
Construction Contracts..................................................................................................................... 7
3.4.
Competitive Bids; Prevailing Wage; Federal Work Authorization................................................. 8
3.5.
Governmental Approvals................................................................................................................. 8
3.6.
Excusable Delay.............................................................................................................................. 8
3.7.
Completion Certificates................................................................................................................... 9
3.8.
Property Maintenance; Compliance with Applicable Laws............................................................. 9
ARTICLE IV
REIMBURSEMENT OF REIMBURSABLE DISTRICT PROJECT COSTS; PROJECT OBLIGATIONS
4.1. Reimbursement of Reimbursable District Project Costs.................................................................. 9
4.2. Project Notes.................................................................................................................................. 10
4.3. Project Bonds................................................................................................................................. 11
4.4. Cooperation in the Issuance of Project Obligations....................................................................... 11
4.5. City to Select Bond Counsel, Underwriter and Consultants; Term and Interest Rate ...................11
4.6. Project Bonds, CID Special Assessment and Chapter 353 Abatement .......................................... l l
ARTICLE V
DEVELOPMENT INCENTIVES
5.1. Real Property Tax Abatement; Taxes and Payments in Lieu of Taxes..........................................12
5.2. Sales Tax Exemption on Construction Materials...........................................................................14
5.3. Community Improvement District................................................................................................. 14
5.4. Public Participation........................................................................................................................ 1.5
ARTICLE VI
GENERAL PROVISIONS
6.1.
Developer's Right of Termination.................................................................................................
16
6.2.
City's Right of Termination...........................................................................................................
16
6.3.
Results of Termination...................................................................................................................
16
6.4.
Successors and Assigns; Transfers of Property.............................................................................
16
6.5.
Remedies........................................................................................................................................17
24
6.6.
Notices...........................................................................................................................................
17
6.7.
Insurance Requirements.................................................................................................................
18
6.8.
Release and Indemnification..........................................................................................................
19
6.9.
Choice of Law; Conflicts...............................................................................................................
20
6.10.
Counterparts...................................................................................................................................20
6.11.
Severability....................................................................................................................................
20
6.12.
No Waiver of Sovereign Immunity................................................................................................
20
6.13.
No Third -Party Beneficiaries.........................................................................................................20
6.14.
Conflict of Interest.........................................................................................................................
20
6.15.
Further Authority...........................................................................................................................
21
6.16.
Project Data....................................................................................................................................
21
6.17.
Term of Agreement........................................................................................................................
21
ARTICLE VII
REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PARTIES
7.1.
Representations by the City...........................................................................................................
21
7.2.
Representations by Drury AT........................................................................................................
22
7.3.
Representations by Drury Land.....................................................................................................
22
7.4.
Representations by the Developer.................................................................................................
23
7.5.
Representations by the Redevelopment Corporation.....................................................................
24
Signatures........................................................................................................................ S-1
EXHIBIT A —
Legal Description of Redevelopment Area
EXHIBIT B —
Depiction of Redevelopment Project/Concept Site Plan
EXHIBIT C —
Form of Federal Work Authorization Program. Affidavit
EXHIBIT D —
Form of Certificate of Reimbursable District Project Costs
EXHIBIT E —
Form of Completion Certificate
EXHIBIT F —
Form of Cooperation Agreement
EXHIBIT G —
Estimated Project Budget and Reimbursable District Project Costs
THIS REDEVELOPMENT AGREEMENT (as from time to time modified, amended or
supplemented, this Agreement") is made and entered into as of May 1, 2026, by and among the CITY OF
CAPE GIRARDEAU, MISSOURI, a home rule city and political subdivision organized and existing
under the laws of the State of Missouri (the "City"), DRURY AT 2024, LLC, a Missouri limited liability
company (together with its successors and assigns, `"Drury AT"), DRURY LAND DEVELOPMENT,
INC., a Missouri corporation (together with its successors and assigns, "Drury Land" and, collectively
with Drury AT, the "Fee Owners"), DRURY DEVELOPMENT CORPORATION, a Missouri
corporation (the "Developer"), and CAPE WEST PLAZA REDEVELOPMENT CORPORATION, a
Missouri redevelopment corporation (together with its successors and assigns, the `Redevelopment
Corporation " and, collectively with the City, the Fee Owners and the Developer, the Parties ").
RECITALS
A. The Corporation has submitted the "Cape West Plaza Development Plan" (as from time to
time modified, amended or supplemented, the `Development Plan ") concerning an approximately 20.25 -
acre area located at 242 and 330 Siemers Drive (as more particularly described on Exhibit A attached
hereto and incorporated herein by reference, the "Redevelopment Area"). The Development Plan was
prepared in accordance with (1) Chapter 353 of the Revised Statutes of Missouri ( "Chapter 353 ") and (2)
Chapter 28 of the City Code of Ordinances ( "Chapter 28 ").
B. The Redevelopment Corporation has proposed, and the Development Plan contemplates,
that the Redevelopment Area will be redeveloped by the Developer for retail and other commercial uses
(collectively and as further described herein and in the Development Plan, the `Redevelopment Project").
C. On February 13, 2026, the Fee Owners filed a petition with the City to establish the Cape
West Plaza Community Improvement District (the "CID ") encompassing the Redevelopment Area to assist
in financing and implementing the Redevelopment Project. On February 25, 2026, the Fee Owners filed
an Amended and Restated Petition to establish the Cape West Plaza CID.
D. On March 2, 2026, the City Council held duly -noticed public hearings concerning (1) the
establishment of the CID in accordance with the requirements of the CID Act (as hereafter defined) and
(2) the approval of the Development Plan in accordance with the requirements of Chapter 353 and Chapter
28.
E. On March 16, 2026, the City Council adopted (1) Ordinance No. 5891 approving the
Development Plan and authorizing the execution of this Agreement and (2) Ordinance No. 5890
establishing the CID.
F. The Parties desire to enter into this Agreement to set forth the terms upon which the
Redevelopment Project will be completed, including the provision of certain economic development
incentives in connection therewith.
AGREEMENT
NOW, THEREFORE, in consideration of the premises and mutual promises contained herein and
other good and valuable consideration, the adequacy and sufficiency of which are hereby acknowledged,
the Parties hereto agree as follows:
IVIfWa Il �l
DEFINITIONS
I.I. Definitions. In addition to any words and terms defined elsewhere in this Agreement, the
following words and terms as used in this Agreement shall have the following meanings, unless some other
meaning is plainly intended:
"Abatement Initiation Year" means the calendar year in which the Redevelopment Corporation
obtains fee title to a Lot, unless the Developer sends a written request to the City and the Assessor stating
the Developer's desire for the Abatement Initiation Year to begin in the year following the calendar year in
which the Redevelopment Corporation obtains fee title to such Lot and the City and the Assessor agree to
such request.
"Actual Abatement Amount" means, with respect to any Lot in any calendar year, the difference
between (a) the ad valorem real property taxes that would have otherwise been due and payable on such
Lot during such year, but for the limited tax abatement provided by Section 5.1, and (b) the sum of all
Unabated Taxes and/or PILOTS paid during such year pursuant to Section 5.1.
"Annual Special Assessment Schedule" means, with respect to any Lot in any calendar year, the
basis for determining the maximum annual installment of the CID Special Assessment to be levied against
such Lot for such year, as set forth on Schedule I to Exhibit C to the petition to establish the CID, as such
petition may be amended from time to time if such annual installment set forth on Schedule I exceeds the
Actual Abatement Amount.
"Approved Site Plan " means the site development plan or plans reflecting one or more portions of
the Redevelopment Project approved by all entities required to approve a site plan pursuant to the City
Code, as such site plan or site plans may be submitted, approved and amended from time to time in
accordance with the City Code.
"Assessor" means the Assessor of Cape Girardeau County.
"Base Taxes" means (1) with respect to Parcel Number 20-309-00-02-004.00-0000 (330 Siemers
Drive), $92,036.31, (2) with respect to Parcel Number 20-309-00-02-004.00-2000 (242 Sieiners Drive),
$94,1.51.05 and (3) with respect to Parcel Number 20-309-00-02-004.00-2001 (262 Siemers Drive),
$9,084.02.
Bond Counsel" means Gilmore & Bell, P.C., St. Louis, Missouri, or another attorney at law or a
firm of attorneys selected by the City of nationally recognized standing in matters pertaining to the tax-
exempt nature of interest on obligations issued by states and their political subdivisions, duly admitted to
the practice of law in the State of Missouri.
"Bond Proceeds " means the net cash proceeds from the sale of Project Bonds available for deposit
in the Project Fund (after deposit of funds for Issuance Costs, capitalized interest and any debt service
reserve), together with any interest earned thereon.
"Certificate of Reimbursable District Project Costs" means a document, substantially in the form
of Exhibit D, attached hereto and incorporated herein by reference, delivered by the Developer to the City
and the CID, which, upon the written acceptance by the CID and the written acceptance by the City pursuant
to Section 3.1(d), will evidence the Reimbursable District Project Costs incurred by and payable to the
Developer.
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"CID Act" means the Community Improvement District Act, Sections 67.1401 to 67.1.571 of the
Revised Statutes of Missouri.
"CID Sales Tax" means the community improvement district sales and use tax to be levied by the
CID at a rate of not more than 1% in accordance with the CID Act.
"CID Sales Tax Revenues " means the revenues generated by the CID Sales Tax, excluding (a) any
amount paid under protest until the protest is withdrawn or resolved against the taxpayer and (b) any sum
received by the CID that is the subject of a suit or other claim communicated to the CID, which suit or
claim challenges the collection of such sum, until such suit or other claim is withdrawn or resolved against
the claimant.
"CID Special Assessment" means, with respect to any Lot in any calendar year, the special
assessment to be levied by the CID (or imposed by contract) for such year at a rate not to exceed the greater
of (a) the Actual Abatement Amount or (b) the amount shown on the Annual Special Assessment Schedule.
"CID Special Assessment Revenues" means the revenues generated by the CID Special
Assessment, excluding (a) any amount paid under protest until the protest is withdrawn or resolved against
the taxpayer and (b) any sum received by the CID that is the subject of a suit or other claim communicated
to the CID, which suit or claim challenges the collection of such sum, until such suit or other claim is
withdrawn or resolved against the claimant.
"City Attorney" means the person duly appointed as the City Attorney pursuant to the City Code.
"City Code" means the Code of Ordinances of the City, as may be amended from time to time.
"City Manager" means the person duly appointed as City Manager pursuant to the City Code.
"Collector" means the Collector of Revenue of Cape Girardeau County.
"Completion Certificate" means a document, substantially in the form of Exhibit E, attached
hereto and incorporated herein by reference, delivered by the Developer to the City, which, upon the City's
written acceptance thereof pursuant to Section 3.7, will evidence the Developer's satisfaction of all
obligations and covenants to complete the In -Line Project or the Sears Project, as applicable, pursuant to
this Agreement. No Completion Certificate will constitute a final inspection certificate, final occupancy
certificate, or other documentation required by the City or any other governmental entity to occupy the
Redevelopment Project or any portion thereof.
"Concept Site Plan" means the site concept plan set forth as Exhibit B, attached hereto and
incorporated herein by reference, depicting the conceptual program for construction of the Redevelopment
Project.
"Cooperation Agreement" means an agreement, substantially in the form of Exhibit F, attached
hereto and incorporated herein by reference, to be entered into among the City, the CID, the Fee Owners
and the Developer, as may be amended from time to time.
"Fee Owners " means, collectively, Drury AT and Drury Land, and "applicable Fee Owner" means
Drury AT or Drury Land, as appropriate.
"Governmental Approvals " means all plat approvals, re -zoning or other zoning changes, planned
unit development approvals, site plan approvals, conditional use permits, variances, building permits,
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architectural review or other subdivision, zoning or similar approvals, or approvals required by the City
Code or this Agreement for the implementation of the Redevelopment Project.
"In -Line Project" means the portion of the Redevelopment Project to be carried out within Parel
Number 20-309-00-02-004.00-2000.
Incentives" means the incentives to be received by the Fee Owners and the Developer pursuant
to this Agreement, consisting of CID reimbursements and a Chapter 100 sales and use tax exemption on
the construction materials necessary to complete the Redevelopment Project.
"Issuance Costs" means all costs reasonably incurred by the City in connection with the issuance
of the Project Obligations, including, but not limited to, the fees and expenses of financial advisors and
consultants, the City's attorneys (including the City Attorney, Bond Counsel and disclosure counsel), the
Issuer's attorneys, the CID's attorneys (not to exceed $25,000), the underwriter and its counsel, the City's
administrative fees and expenses, the underwriter's discount and fees and the costs of printing any Project
Obligations and any official statements relating thereto.
"Issuer" means the issuer of any Project Obligations as mutually agreed by the City and the
Developer, which may be but is not limited to the CID, the Missouri Development Finance Board, or The
Industrial Development Authority of the County of Cape Girardeau, Missouri.
"Lender" means any entity (a) not affiliated with the Developer or a Related Party that has made
a loan to the Developer or a Related Party that is secured by all or a portion of the reimbursement to be
received by the Developer under this Agreement, and (b) for which the Developer has provided notice to
the City, including notice of the fact that such entity has provided such loan and the name, address and
contact person for such entity.
"Lot" means each parcel as to which a CID Special Assessment is imposed, as contemplated by
the Development Plan, which the Developer expects to be Parel Number 20-309-00-02-004.00-0000, Parcel
Number 20-309-00-02-004.00-2000 and Parcel Number 20-309-00-02-004.00-2001.
"Maximum Reimbursement Amount" means $11,500,0001�us (a) Issuance Costs and (b) amounts
paid by the Developer pursuant to Section 2.2(a) -(d). The Maximum Reimbursement Amount represents
the maximum reimbursement to the Developer under this Agreement.
"Parcel" means either of the separate parcels within the Redevelopment Area, being Parcel
Number 20-309-00-02-004.00-0000 and Parcel Number 20-309-00-02-004.00-2000, and all of the Property
associated therewith.
PILOTS " means the payments in lieu of taxes to be made by the Fee Owners pursuant to
Section 5.1.
Prime Rate " means the prime rate reported in the "Money Rates" column or any successor column
of The Wall Street Journal, currently defined therein as the base rate on corporate loans posted by at least
70% of the nation's 10 largest banks. If The Wall Street Journal ceases publication of the Prime Rate, then
"Prime Rate" shall mean the "prime rate" or "base rate" announced by Bank of America, N.A., or any
successor thereto.
Project Bonds " means any bonds authorized and issued by the Issuer for the purposes described
in this Agreement and subject to the terms hereof.
N
"Project Fund" means the project fund established in connection with the issuance of any Project
Obligations.
"Project Notes " means any notes authorized and issued by the Issuer to the Developer or a Related
Party for the purposes described in this Agreement and subject to the terms hereof.
"Project Obligations" means, collectively, the Project Notes and the Project Bonds.
"Property" means the real property (including without limitation all options held by third parties,
fee interests, leasehold interests, tenant-in-common interests and such other like or similar interests)
necessary to complete the Redevelopment Project, together with all improvements now existing or hereafter
located thereon.
"Redevelopment Project" means, collectively, (a) the Sears Project, including demolishing and
removing, renovating, reconstructing or rehabilitating all or a portion of the site infrastructure and
improvements located at 330 Siemers Drive to convert the property from a single commercial use to a multi -
tenant commercial use, including without limitation sitework/demolition, concrete work, thermal and
moisture protection, finishes, mechanical and electrical work, such that the building is retail -ready and
suitable for occupancy (e.g., water tight and "white box" for future tenant occupancy); and (b) the In -Line
Project, including demolishing and removing, renovating, reconstructing or rehabilitating all or a portion
of the site infrastructure and improvements located at 242-308 Siemers Drive to enhance the existing multi -
tenant commercial shopping center, including without limitation demolition, removal and replacement of
sidewalks, asphalt overlay and re -striping of parking lot, repair and paint building fagade, install brick
fagade to existing columns of the building, demolition and replacement of the roof of the building, retrofit
existing parking lot lights to LED and paint light poles, reimage existing exterior signage and enhance
landscaping.
"Reimbursable District Project Costs" means those costs of the Redevelopment Project listed in
Exhibit G (which shall not include costs of acquiring the Property or any interest therein).
"Related Party" means any party related to the Developer by one of the relationships described in
Section 267(b) of the United States Internal Revenue Code of 1986, as amended, or any party controlled by
or under common control with the Developer.
"Sears Project" means the portion of the Redevelopment Project to be carried out within Parel
Number 20-309-00-02-004.00-0000.
"Trustee" means the trustee for any Project Obligations.
"Unabated Taxes" means, with respect to the first 10 years of any Lot's tax abatement period, as
described in Section 5.1, the ad valorem real property taxes imposed on such Lot, as measured in
accordance with Section 353.110 of Chapter 353 by the amount of the assessed valuation of such Lot's
land, exclusive of improvements, as was determined by the Assessor in the calendar year preceding the
calendar year in which the Redevelopment Corporation acquired such Lot.
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[VI"Wy11W11
DEVELOPER DESIGNATION; DEVELOPER TO ADVANCE COSTS
2.1. Developer Designation. The Developer represents that Related Parties own all of the
Property within the Redevelopment Area. The City hereby selects the Developer to implement the
Redevelopment Project in accordance with the Development Plan, this Agreement and all Governmental
Approvals.
2.2. Developer to Advance Costs.
(a) Advances Under Fee Agreement. Pursuant to a fee agreement with Gilmore & Bell, P.C.,
the Developer has agreed to pay the fees and expenses of Gilmore & Bell, P.C. associated with the
consideration of the Redevelopment Plan, the creation of the CID and the negotiation of this Agreement.
(b) Advances Upon Execution of Agreement. The Developer agrees to pay the City's third -
party legal and other consultants' fees incurred in connection with the approval of the Redevelopment Plan,
the negotiation and administration of this Agreement (including, without limitation, the review of
Certificates of Reimbursable District Project Costs and the Completion Certificates), the defense of any
challenges to the validity of the ordinances relating to the Redevelopment Plan and this Agreement and the
creation of the CID. The City shall consult with the Developer before entering into any new engagements
with any third party and shall provide the Developer with a monthly statement showing each agreement
executed and amounts paid pursuant to each such agreement. The Developer shall pay each monthly
statement within 30 days of receipt. The Developer's obligation under this paragraph will terininate upon
the City's acceptance of Completion Certificates for the entirety of the Redevelopment Project.
(c) Advances Upon Issuance of Project Notes. Upon the initial issuance of the Project Notes,
the Developer agrees to pay to the City an amount not to exceed $50,000 for the payment or reimbursement
of reasonable Issuance Costs of the City (including the fees and expenses of the City Attorney and Bond
Counsel) relating to the Project Notes.
(d) No Waivers. Payment of any advance under this Section will not waive any application
fee or other cost to the Developer associated with any Governmental Approvals required by the City Code,
including but not limited to application fees for zoning changes and costs of traffic studies and landscape
review.
(e) Advances to be Reimbursable. To the extent permitted by law, all sums advanced or
deemed advanced by the Developer under this Section shall constitute Reimbursable District Project Costs
to be reimbursed to the Developer from the proceeds of Project Notes issued as provided herein.
ARTICLE III
MANNER OF REDEVELOPMENT
3.1. Project Development.
(a) The Developer shall proceed with construction of the Redevelopment Project within six
months after the effective date of this Agreement. The Developer shall submit to the City a Certificate of
Completion for (1) the In -Line Project within 24 months after the effective date of this Agreement and (2)
the Sears Project within 42 months after the effective date of this Agreement.
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(b) The Developer and its project teams shall (1) submit quarterly written reports to the City
regarding the status of the Redevelopment Project and leasing of the commercial space within the
Redevelopment Area (provided, the Developer does not have to disclose any tenants or prospective tenants
that the Developer, in its sole discretion, determines the disclosure of which will harm lease negotiations
or other business relationships) and (2) upon reasonable notice, meet with the City Manager and such other
City staff and consultants as designated by the City Manager to review and discuss the construction of the
Redevelopment Project to enable the City to monitor the status of construction and to determine that the
Redevelopment Project is being performed and completed in accordance with this Agreement and the City
Code.
(c) Upon the substantial completion of the Redevelopment Project on either Parcel, the
Developer may furnish to the City a Certificate of Reimbursable District Project Costs, which shall be
reviewed by the City and approved or disapproved in accordance with Section 31(d).
(d) Within 30 days following submission of the Certificate of Reimbursable District Project
Costs signed by the Developer and approved by the CID, the City shall notify the Developer in writing of
its approval or disapproval of such certificate. The certificate may be approved in part and disapproved in
part. If the City determines that any cost identified in such certificate does not qualify as a Reimbursable
District Project Cost pursuant to this Agreement, the City shall so notify the Developer in writing within
such 30 -day period, identifying the ineligible cost and the basis for determining the cost to be ineligible. If
the City fails to approve or disapprove the Certificate of Reimbursable District Project Costs in writing
within such 30 -day period, the Certificate of Reimbursable District Project Costs shall be deemed
disapproved by the City. Nothing herein shall prevent the Developer from resubmitting all or any portion
of the costs identified in a Certificate of Reimbursable District Project Costs that has been deemed
disapproved by virtue of the City's inaction.
(e) Following the substantial completion of the In -Line Project or the Sears Project, as
applicable, the applicable Fee Owner may transfer fee title to the applicable Parcel to the Redevelopment
Corporation for the purpose of initiating real property tax abatement as provided in Chapter 353 and Section
5.1. Immediately after acquiring fee title to a Parcel, the Redevelopment Corporation shall transfer fee title
to such Parcel back to the applicable Fee Owner. The Developer or the applicable Fee Owner shall provide
a copy of the recorded deed transferring fee title to such Parcel to the Redevelopment Corporation to the
City and the Assessor. The Developer or the applicable Fee Owner shall also provide the Assessor and/or
the Collector with any information relating to the Redevelopment Project that is necessary for the Assessor
and/or the Collector to effect the real property tax abatement contemplated by this Agreement and to
properly calculate the Unabated Taxes and PILOTS due hereunder.
3.2. Project Construction.
(a) Construction of the Redevelopment Project shall be pursued in a good and workmanlike
manner in accordance with the terms of this Agreement.
(b) The City and its duly authorized agents may, at reasonable times during normal business
hours and, except in the event of emergencies, upon not less than one business day's prior written notice,
subject to the Developer's usual business, proprietary, safety and security requirements, inspect any work
being performed in connection with the construction of the Redevelopment Project or any portion thereof.
Police work by the City's Police Department is not limited by this Agreement.
3.3. Construction Contracts. All construction contracts for the Redevelopment Project
entered into by or on behalf of the Developer shall state that the contractor has no recourse against the City
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in connection with the contractor's construction of the applicable portion of the Redevelopment Project
(but the absence of such a provision shall not result in any such recourse being available).
3.4. Competitive Bids; Prevailing Wage; Federal Work Authorization.
(a) The Developer shall comply with all federal, state and local laws relating to the
construction of the Redevelopment Project, including, but not limited to, Section 107.170 of the Revised
Statutes of Missouri and laws relating to the payment of prevailing wages and competitive bidding, to the
extent such laws are applicable to the Redevelopment Project.
(b) The Developer acknowledges that it must comply with Section 285.530 of the Revised
Statutes of Missouri regarding enrollment and participation in a federal work authorization program with
respect to its employees working in connection with the Redevelopment Project. The Developer represents
and warrants that it is in compliance with Section 285.530 of the Revised Statutes of Missouri at the time
of execution of this Agreement and has provided a sworn affidavit and supporting documentation affirming
participation by or on behalf of itself in a qualified work authorization program as evidence thereof. On or
before December 31 of each year during the term of this Agreement, beginning December 31, 2026, the
Developer shall provide an affidavit in substantially the form of Exhibit C, attached hereto and
incorporated herein by reference, and documentation to evidence the Developer's continued compliance
with Section 285.530 of the Revised Statutes of Missouri.
(c) It shall be a material breach of this Agreement if the Developer knowingly permits a
contractor to employ persons not authorized to work in the United States. If the Developer reasonably
believes a contractor working on the Redevelopment Project is employing persons not authorized to work
in the United States, the Developer shall promptly report the basis for that belief to the City.
3.5. Governmental Approvals. The Developer shall obtain or cause to be obtained all
necessary Governmental Approvals and shall be subject to all lawful inspections and perform such
necessary acts as are required under the ordinances of the City. The City agrees to cooperate with the
Developer to request that the City process and timely consider all complete applications for the
Governmental Approvals within the jurisdiction of the City as received, all in accordance with the City
Code and other applicable laws and regulations.
3.6. Excusable Delay. Notwithstanding anything to the contrary contained herein, the times
for performance under Section 3.1(a) shall be automatically extended by the number of days of delay
caused by actions or events beyond the control of the Developer, including acts of God, labor disputes,
strikes, lockouts, civil disorder or unrest, war, lack of issuance of any permits and/or legal authorizations
by a governmental entity necessary for the Developer to proceed with the construction or to cause the
construction of the applicable portion of the Redevelopment Project (provided that reasonable efforts have
been made to obtain said permits and/or authorizations and all conditions precedent to the issuance of said
permits and/or authorizations have been met), shortage or delay in the shipment of material or fuel, the
occurrence of an epidemic or pandemic that materially impacts the availability of labor, fire, unavoidable
casualties, unusually adverse weather conditions, unusually wet soil conditions, materially adverse
litigation relating to the Redevelopment Project, including, but not limited to, any litigation, court order or
judgment resulting from any litigation affecting the validity of the Development Plan, the Redevelopment
Project or this Agreement, or any other causes beyond the Developer's reasonable control (an `Excusable
Delay"). No Excusable Delay will be deemed to exist unless the Developer notifies the City in writing of
such Excusable Delay within 30 days after the commencement of the event causing such Excusable Delay
(or within 30 days after the date that the Developer should reasonably have detennined that such event
would cause such Excusable Delay). An Excusable Delay shall not include any condition or circumstance
caused or extended by the Developer or a Related Party or attributable to actions or inaction by the
Developer or a Related Party. The Parties agree that lender restrictions, financial conditions, economic
conditions, market conditions, lack of tenant interest and similar conditions or events do not constitute
Excusable Delays.
3.7. Completion Certificates.
(a) The Developer shall furnish a Completion Certificate to the City upon substantial
completion of the In -Line Project and the Sears Project.
(b) The City shall diligently process each Completion Certificate, including making such
inspections as it deems necessary to verify to its reasonable satisfaction the accuracy of the certifications
contained therein. The City shall accept or reject each Completion Certificate in writing within 30 days
following delivery to the City. If the City fails to accept or reject a Completion Certificate in writing within
such 30 -day period, then the Developer shall notify the City in writing of its failure to take action on the
Completion Certificate, and the City shall have 1.5 days from receipt of such notice to accept or reject the
Completion Certificate in writing. If the City has not accepted or rejected a Completion Certificate within
such 15 -day period, the Completion Certificate shall be deemed rejected by the City. If the City rejects the
Completion Certificate and/or the accompanying certifications, such rejection shall specify in reasonable
detail in what respects the Developer has failed to complete the In -Line Project or the Sears Project, as
applicable, in accordance with the provisions of this Agreement, or in what respects the Developer is
otherwise in default, and what specific measures or acts the Developer must take or perform, in the
reasonable opinion of the City, to obtain such acceptance. The Developer shall have such amount of time
as is reasonably necessary to address the failures. When addressed (or if deemed rejected), the Developer
shall re -submit the Completion Certificate to the City in accordance with this subsection and the 30 -day
period for the City's approval or rejection of the Completion Certificate shall begin again subject to the
foregoing provisions.
(c) Upon the City's acceptance of both Completion Certificates, the Developer may record the
Completion Certificates with the Cape Girardeau County Recorder of Deeds, and the same shall constitute
evidence of the satisfaction of the Developer's agreements and covenants to perform its obligations
hereunder with respect to the entirety of the Redevelopment Project.
(d) Notwithstanding subsection (c) above, if the City has accepted a Completion Certificate
with respect to the In -Line Project and Project Notes have been issued for the In -Line Project, then the
CID's obligation to repay such Project Notes shall survive subsequent termination of this Agreement by
the City, except that repayment of such Project Notes shall be limited to 40% of the original principal
amount thereof and shall be made solely from CID Sales Tax Revenues.
3.8. Property Maintenance; Compliance with Applicable Laws. Each Fee Owner shall
maintain or cause to be maintained all portions of the Redevelopment Project owned, leased or operated by
such Fee Owner or a Related Party in good repair and condition and in compliance with the Approved Site
Plan and all property maintenance provisions included in the City Code.
ARTICLE IV
REIMBURSEMENT OF REIMBURSABLE DISTRICT PROJECT COSTS;
PROJECT OBLIGATIONS
4.1. Reimbursement of Reimbursable District Project Costs. Subject to the restrictions
contained herein, the Developer may be reimbursed for verified Reimbursable District Project Costs, as
evidenced by Certificates of Reimbursable District Project Costs submitted pursuant to Sections 3.1(c) and
approved in accordance with Section 3.1(d), in an amount not to exceed the Maximum Reimbursement
Amount. Reimbursements to the Developer are limited to proceeds of the Project Obligations authorized
hereunder.
4.2. Project Notes.
(a) Subject to the limitations contained herein and so long as no default by the Developer has
occurred and is continuing hereunder, Project Notes may be issued to the Developer in an aggregate
principal amount not to exceed the Maximum Reimbursement Amount. Project Notes may be issued in
one or more taxable and/or tax-exempt series.
(b) Upon the initial issuance of Project Notes as provided herein, the Trustee shall endorse the
Project Notes in an amount equal to the Reimbursable District Project Costs set forth in the first Certificate
of Reimbursable District Project Costs submitted pursuant to Section 3.1(c) and approved in accordance
with Section 31(d). Within 15 business days after the City's acceptance of the second and final Certificate
of Reimbursable District Project Costs submitted pursuant to Section 3.1(c) and approved in accordance
with Section 3.1(d), the City and the Developer may request the Trustee to issue an endorsement to the
Project Notes in an amount equal to the Reimbursable District Project Costs set forth in such certificate.
Upon each endorsement to the Project Notes, the Developer shall be deemed to have advanced funds
necessary to purchase such Project Notes and the Issuer shall be deemed to have deposited such funds in
the Project Fund and shall be deemed to have reimbursed the Developer on behalf of the City in full from
the amounts deemed to be on deposit in the Project Fund from time to time.
(c) All Project Notes shall have the following terms:
(1) The Project Notes shall bear interest at a variable rate equal to (A) the Prime Rate
plus 2.50% (but not less than 8.00%), if the interest on the Project Notes (in the opinion of Bond
Counsel) is not excluded from gross income for federal income tax purposes, or (B) the Prime Rate
plus 1.00% (but not less than 6.50%) if the interest on the Project Notes (in the opinion of Bond
Counsel) is excluded from gross income for federal income tax purposes. Notwithstanding the
foregoing, in no event shall the interest rate on the Project Notes exceed 10.00%.
(2) Interest on the Project Notes shall accrue only on the amounts deemed advanced
under Section 4.2(b).
(3) Interest on the Project Notes shall be compounded semi-annually.
(d) Except as otherwise provided in Section 4.3(a), the Developer or a Related Party must hold
all Project Notes until substantial completion of the Redevelopment Project, as evidenced by the City's
acceptance of Completion Certificates for the entirety of the Redevelopment Project pursuant to
Section 3.7.
(e) Notwithstanding any other term or provision of this Agreement, Project Notes shall be
payable only from CID Special Assessment Revenues, CID Sales Tax Revenues and Bond Proceeds, and
not from any other source.
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4.3. Project Bonds.
(a) Project Bonds may be issued following the City's acceptance of Completion Certificates
for the entirety of the Redevelopment Project pursuant to Section 3.7. Proceeds of the Project Bonds may
be used to refund all or a portion of any outstanding Project Notes.
(b) Any Project Notes not refunded by Project Bonds shall be fully subordinated as to both
principal and interest to the Project Bonds.
(c) Notwithstanding any other term or provision of this Agreement, Project Bonds shall be
payable only from CID Special Assessment Revenues and CID Sales Tax Revenues, and not from any other
source.
4.4. Cooperation in the Issuance of Project Obligations. If Project Obligations are issued,
the Developer and the City covenant to cooperate, and to cause the CID to cooperate, and take all reasonable
actions necessary to assist the Issuer, Bond Counsel, underwriters and financial advisors in the preparation
of offering statements, private placement memorandums or other disclosure documents and all other
documents necessary to market and sell the Project Obligations, including (1) disclosing tenants of the
Redevelopment Project and the non-financial terms of the leases between the applicable Fee Owner and
such tenants, and (2) providing sufficiently detailed estimates of the Reimbursable District Project Costs to
be reimbursed so as to enable Bond Counsel to render its opinion as to the tax exemption of the Project
Obligations. The Developer shall, if requested by the City or the Issuer, execute a continuing disclosure
agreement or undertaking, whereby the Developer will be required to provide annual updates to certain
operating information, including the information regarding tenant leases described above. The Developer
will not be required to disclose to the general public or any investor the rent payable under any such lease
or any proprietary or confidential financial information pertaining to the Developer or the Fee Owners, their
respective tenants or the leases with their respective tenants, but upon the execution of a confidentiality
agreement acceptable to the Developer and the Fee Owners, the Developer and the Fee Owners will provide
such information to the City's and the Issuer's financial advisors, underwriters and their counsel to enable
such parties to satisfy their due diligence obligations. Such compliance obligation shall be a covenant
running with the Property, enforceable as if any subsequent transferee thereof were originally a party to and
bound by this Agreement.
4.5. City to Select Bond Counsel, Underwriter and Consultants; Term and Interest Rate.
Following consultation with the Developer and the Issuer, the City may select the Bond Counsel, disclosure
counsel, underwriters, financial advisors and consultants as the City deems necessary for the issuance of
the Project Obligations. The final maturity of the Project Obligations shall not exceed the maximum term
permissible under Missouri law. The Project Obligations shall bear interest at such rates, shall be subject
to redemption and shall have such terms as the City and the Issuer, following consultation with the
Developer, underwriters, financial advisors and consultants, shall reasonably determine in conformance
with the terms of this Agreement.
4.6. Project Bonds, CID Special Assessment and Chapter 353 Abatement. The Parties
expect that the CID Special Assessment will be imposed with respect to each Lot in an amount roughly
equal to the value of the real property tax abatement provided by Section 5.1. Notwithstanding the
foregoing, the Parties agree that it is desirable to reduce the term of the real property tax abatement and/or
the amount of the real property tax abatement, if doing so does not adversely affect the issuance of Project
Bonds to refund those Project Notes secured by the CID Special Assessment Revenues. Accordingly, if
(a) the underwriters, financial advisors and other consultants selected by the City for the issuance of the
Project Bonds determine that only a portion of the CID Special Assessment Revenues is needed to produce
sufficient revenues with which to repay the Project Bonds and (b) all of the then -outstanding Project Notes
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secured by the CID Special Assessment Revenues will be refunded with the Project Bonds, the Parties will,
subject to approval by the City Council, amend this Agreement to reduce the value of the real property tax
abatement to the amount recommended by the underwriters, financial advisors and other consultants. The
reduction may be effected (1) by increasing the PILOTs to be made on any Lot (provided, there may only
be an increase in the PILOTS to be made on any Lot to the extent that there is a corresponding reduction in
the CID Special Assessments to be levied on such Lot), (2) by reducing the term of the abatement on any
Lot, or (3) any combination of (1) and (2). Nothing in this Section shall require the Developer to seek an
amendment to the petition for the creation of the CID or an amendment to the petition of the owners of real
property authorizing the CID Special Assessment if, at the time of any recommendation by the underwriters,
financial advisors or other consultants pursuant to this Section, the Developer or a Related Party does not
own the requisite percentage of real property within the CID as set forth in Section 67.1421.2(1)-(2) of the
CID Act or Section 67.1521.1(1)-(2) of the CID Act, as applicable.
ARTICLE V
DEVELOPMENT INCENTIVES
5.1. Real Property Tax Abatement; Taxes and Payments in Lieu of Taxes.
(a) Subject to the continuing compliance with this Agreement, upon the acquisition of a Parcel
by the Redevelopment Corporation pursuant to Section 3.1(d), such. Parcel shall be subject to the limited
tax abatement permitted by Section 353.110 of Chapter 353 for 25 years, beginning with the Abatement
Initiation Year.
(b) Each Fee Owner covenants and agrees that in each year during the term of this Agreement,
unless this Agreement is amended pursuant to the provisions of Section 4.6, it will make or cause to be
made the following payments with respect to each Lot:
(1) In each year before the Abatement Initiation Year, the greater of:
(A) 100% of the real estate taxes actually due and payable on such Lot; or
(B) 100% of the Base Taxes with respect to such Lot.
(2) In the Abatement Initiation Year and in each of the nine years thereafter, the sum
of the following:
(A) the Unabated Taxes; plus
(B) if the Unabated Taxes are less than the Base Taxes, a PILOT equal to
100% of the difference.
(3) In each of the 15 years thereafter, a PILOT equal to 50% of the real estate taxes
otherwise due and payable upon such Lot, as measured by the assessed valuation thereof as
determined by the County Assessor.
(c) All PILOTS shall be paid to the Collector annually by December 31. The Parties expect
that the real property tax bills provided by the Collector will reflect the appropriate amount of the taxes and
PILOTS to be paid pursuant to this Agreement. However, the failure of the Collector to provide tax bills
reflectingthe he appropriate amount of the taxes and PILOTS to be paid with respect to any Lot pursuant to
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this Agreement will not excuse the Fee Owners or any subsequent owner of such Lot from paving the taxes
and PILOTs set forth above by December 31 of the applicable.
(d) Each payment received by the Collector shall be distributed among the taxing districts that
levy a real property tax on the Lots in proportion to their respective, then -current real property tax levies.
(e) In consideration of the limited tax abatement provided by this Section, each Fee Owner
agrees that neither it nor any successor in title or interest to any Lot will formally challenge or appeal the
assessed valuation of such Lot at any time while such Lot is receiving limited tax abatement under this
Agreement; provided, the foregoing shall not bind the Fee Owners or any successor if the assessed valuation
is greater than the projected assessed valuation of such Lot, as shown in the tax impact statement prepared
in connection with the Development Plan (the "Tax Impact Statement"). For purposes of this Section, if
any Lot shown in the Tax Impact Statement is subdivided into two or more lots, the projected assessed
valuation of such Lot, as shown in the Tax Impact Statement, shall be allocated among the subdivided lots
on a pro rata basis (by square footage).
(f) The Parties agree that the property tax abatement described in this Agreement will not
apply to special assessments (including the CID Special Assessments) or ad valorem personal property
taxes and will not reduce or eliminate any licenses or fees owing to the City or any other taxing jurisdiction
with respect to the Redevelopment Project.
(g) All deeds of trust and other security agreements secured by the Redevelopment Project or
any portion thereof shall recognize that the PILOTs due and owing hereunder are to be given the same
priority as real property taxes in the event of a foreclosure. To evidence such preference, all such deeds of
trust or other security agreements must contain the following language (or similar language approved by
the City Attorney or Bond Counsel):
Recognition of Lender to terms of Redevelopment Agreement. Lender agrees that for so long as
[the applicable portion of] the Property is subject to and receiving abatement of ad valorem real
property taxes pursuant to the Redevelopment Agreement dated as of May 1, 2026 among Drury
AT 2024, LLC, Drury Land Development, Inc., the City of Cape Girardeau, Missouri (the "City"),
Drury Development Corporation and Cape West Plaza Redevelopment Corporation, the lien of the
[Mortgage] shall be subject and inferior to the lien of the City thereto to the extent of any unpaid
PILOTS (as defined in the aforementioned Redevelopment Agreement). Lender agrees that any
proceeds received by Lender as a result of a foreclosure or deed in lieu of foreclosure related to
[the applicable portion of] the Property shall be applied to pay any due and owing PILOTs before
being applied to satisfy any or all amounts due and owing to the Lender.
Before executing any deed of trust or other security agreement secured by the Redevelopment Project or
any portion thereof, the applicable Fee Owner or a Related Party shall provide the City with a draft of such
deed of trust or other security agreement for the sole purpose of ensuring that the language required by this
Section 5.1(g) is included therein. Any deed of trust or other security agreement secured by the
Redevelopment Project or any portion thereof that does not contain the required language shall be deemed
to include such language, and the party whose obligations are secured by the deed of trust or other security
agreement shall be bound by such language as if it were fully set forth therein. To the extent that the
applicable Fee Owner or a Related Party has provided the City with a draft of any such deed of trust or
other security agreement as required by this paragraph, such Fee Owner or the Related Party, as applicable,
shall have complied with its obligations under this Agreement, and the City shall have no right to terminate
this Agreement with respect to such Parcel because the final deed of trust or other security agreement does
not contain the language required by this Section 5.1(g).
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(h) The Parties agree that the limited tax abatement provided by this Section will be offset by
the imposition of the CID Special Assessment. Therefore, if the CID Special Assessment is not imposed
on any Lot within six months of the Redevelopment Corporation's acquisition of such Lot pursuant to
Section 3.1(d), then the limited tax abatement provided by this Section shall immediately cease and shall
not be reinstated until the CID Special Assessment is imposed on such Lot. In each calendar year in which
the limited tax abatement has ceased, if even for a part of such year, the Developer shall make or cause to
be made a PILOT in an amount which, when added to the Unabated Taxes, equals the amount of ad valorem
real property taxes that would have been imposed on such Lot if the Lot were not subject to abatement.
Any PILOT made under this subsection shall be in lieu of the PILOTs set forth in Sections 5.1(b)(2)(B)
and (C).
(i) Notwithstanding any provision to the contrary contained herein, the limited tax abatement
provided by this Section shall expire upon the earlier of (1) the end of the 25 -year tax abatement period on
each Parcel or (2) the payment in full of all Project Obligations secured by the CID Special Assessment
Revenues. Upon the expiration of the limited tax abatement provided by this Section, (A) the Developer
shall promptly send written notice to the Assessor (with a copy to the City) that the limited tax abatement
on all Lots provided by this Section shall immediately cease and (B) from and after such date, the Developer
or its successor in interest shall pay or cause to be paid 100% of the real estate taxes that are due on each
individual Lot.
5.2. Sales Tax Exemption on Construction Materials. At the Developer's request, the City
will issue industrial revenue bonds pursuant to Chapter 100 to facilitate a sales and use tax exemption on
the construction materials necessary to complete the Redevelopment Project. The costs of the City in
connection with issuing any such industrial revenue bonds, including, without limitation, City Attorney
fees, Bond Counsel fees and trustee fees, shall be paid by the Developer upon delivery of the City's project
exemption certificate. Upon the substantial completion of the entirety of the Redevelopment Project (as
evidenced by the City's acceptance of Completion Certificates pursuant to Section 3.7), the Developer and
its contractors and subcontractors shall cease use of the project exemption certificate.
5.3. Community Improvement District.
(a) The CID shall be governed by a board of directors made up of five individuals appointed
by the Mayor with the consent of the City Council, three of whom shall be representatives of the owners of
real property or businesses operating within the CID and two of whom shall be residents of the City who
are qualified and registered to vote and who have no financial interest in any real property or business
operating within the CID. Successor directors of the CID shall be appointed as set forth in the petition for
the creation of the CID. The Parties, acting through their representatives on the board of directors, shall
cause the CID to (1) engage a qualified administrator and/or legal counsel to assist in managing the CID
and ensuring compliance with applicable laws, (2) authorize and enter into the Cooperation Agreement and
(3) take such steps as are necessary (including casting votes as qualified voters under the CID Act) to
impose the CID Sales Tax and the CID Special Assessments.
(b) The CID shall not impose any tax or assessment (other than the CID Sales Tax and the CID
Special Assessments) or issue any Project Obligations without the prior approval of the City in its sole and
absolute discretion.
(c) If any Project Obligations are issued by or on behalf of the CID, the CID is authorized to
apply the CID Sales Tax Revenues and the CID Special Assessment Revenues to the repayment of such
Project Obligations, as further described in Section 11(c) of the Cooperation Agreement.
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(d) Notwithstanding any provision hereof to the contrary, the authorization to levy the CID
Special Assessments shall terminate upon the earlier of (1) the expiration of the term of the CID or (2) the
payment in full of all Project Obligations secured by the CID Special Assessment Revenues.
5.4. Public Participation.
(a) Reasonable Rate of Return. The purpose of affording public assistance to the
Redevelopment Project is to accomplish the stated public purposes and not to subsidize an otherwise
economically -viable development project. While the City Council has determined that the Redevelopment
Project would not be undertaken but for the public assistance being provided, the parties recognize that the
ongoing profitability of the Redevelopment Project to the Developer or a Related Party is based upon
projections that may or may not be fulfilled. To ensure that the public assistance being provided does not
subsidize an unreasonable level of earnings for the Developer or a Related Party with respect to the
Redevelopment Project, the parties agree that a reasonable level of return for the Redevelopment Project is
a leveraged rate of return of 19.00% (the "Maximum Rate of Return").
(b) Rate ofReturn Calculation. Upon the sale of the Property, before December 31, 2036, on
which the In -Line Project or the Sears Project is located, the Developer shall provide a leveraged rate of
return calculation (prepared in accordance with industry standards as reasonably determined by the City's
Finance Director) (the "Leveraged Rate ofReturn") with respect to the In -Line Project or the Sears Project,
as applicable. If the Leveraged Rate of Return exceeds the Maximum Rate of Return, then the City and the
Developer (including any applicable Related Party) will equally divide the portion of sale proceeds that
cause the Leveraged Rate of Return to exceed the Maximum Rate of Return. Subject to appropriation by
the City Council, the City will divide its share of any revenues received pursuant to this paragraph among
the taxing districts whose boundaries encompass the Redevelopment Area in proportion to their then -
current real property tax levies. If the sale of the Property occurs on or after December 31, 2036, no public
participation shall be due and no payments from the sale shall be owed by the Developer to the City.
The Developer's calculation of the Leveraged Rate of Return shall include the Developer's signed
certification regarding the accuracy of the calculation. If the City elects, pursuant to subparagraph (c) of
this Section, to audit the Developer's submission, the Developer will provide, in a timely manner, detailed
financial and other information required for the selected firm or consultant to complete the audit.
(c) Audits. The City may, within 30 days after the Developer's submission of the Leveraged
Rate of Return calculation, request an audit of the calculation by an independent firm or consultant selected
by the City in its sole discretion. The Developer shall pay one-half of the costs of such firm or consultant.
The firm or consultant shall inform the City and the Developer of any discrepancy identified by the audit
in writing and provide a detailed explanation of the discrepancy. If the Developer does not provide a written
objection to the audit findings within 30 days, then the audit findings shall be deemed final and the results
of the audit shall be used in calculating or correcting the Leveraged Rate of Return and any payments owed
to the City. If the Developer provides a written objection to the audit findings within 30 days, the Developer
may request a new audit by a mutually -agreeable independent firm or consultant, the costs of which shall
be paid by the Developer. Absent manifest error, the findings of the additional audit shall be deemed final
and shall be relied upon in calculating or correcting the Leveraged Rate of Return and any payments owed
to the City.
-15-
1�.7L1i eT OM
GENERAL PROVISIONS
6.1. Developer's Right of Termination. At any time before the Sears Project is substantially
completed (as evidenced by the City's acceptance of a Completion Certificate for the Sears Project pursuant
to Section 3.7), the Developer may abandon the Redevelopment Project in its entirety and terminate this
Agreement in whole by giving written notice to the City.
6.2. City's Right of Termination. The City may terminate this Agreement in whole if:
(a) the Developer or either Fee Owner defaults in or breaches any material provision
of this Agreement and fails to cure such default or breach pursuant to Section 6.5; or
(b) the Developer or either Fee Owner materially breaches any representation or
warranty contained in Section 7.2, 7.3 or 7.4.
6.3. Results of Termination.
(a) If this Agreement is terminated pursuant to Section 6.1 or Section 6.2:
(1) no additional Certificates of Reimbursable District Project Costs will be approved
by the City; and
(2) except as may expressly survive the termination of this Agreement, including,
without limitation, the CID's obligation to repay any Project Notes as described in Section 3.7(d),
all other rights and obligations hereunder shall be deemed cancelled.
(b) If this Agreement is terminated, the Property shall not be eligible for limited tax abatement,
and the Fee Owners shall pay 100% of the real estate taxes actually due and payable on each Parcel from
and after the calendar year in which this Agreement terminates.
6.4. Successors and Assigns; Transfers of Property.
(a) All or any part of the Property or any interest therein may be sold, transferred, encumbered,
leased, or otherwise disposed of at any time, and the rights of the Fee Owners and the Developer named
herein or any successors in interest under this Agreement or any part hereof may be assigned at any time
before, during or after redevelopment of the Redevelopment Project, whereupon the party disposing of its
interest in the Property or assigning its interest under this Agreement shall be thereafter released from
further obligation under this Agreement (although any such Property so disposed of or to which such
interest pertains shall remain subject to the terms and conditions of this Agreement); provided, except as
otherwise set forth herein, prior to substantial completion of the Redevelopment Project, the Developer
shall not assign its interest in this Agreement to any person or entity without the City's prior written consent.
The City shall not withhold its consent if it is reasonably satisfied that the proposed assignee has significant
development experience and the financial ability to complete the Redevelopment Project (or portion thereof
to be undertaken by such assignee) in accordance with the terms of this Agreement. The Developer shall
be released from liability hereunder with respect to any Parcel upon an approved sale or assignment
pursuant to the preceding sentence.
(b) The City hereby approves, and no prior consent shall be required in connection with:
(1) subject to Section 5.1(g), the right of the Fee Owners and the Developer to encumber or collaterally
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assign their interest in the Property or any portion thereof or their rights, duties and obligations under this
Agreement to obtain the benefits of a tax credit investment or to secure loans, advances or extensions of
credit to finance or from time to time refinance all or any part of the Redevelopment Project, or the right of
the holder of any such encumbrance or transferee of any such collateral assignment (or trustee or agent on
its behalf) to transfer such interest by foreclosure or transfer in lieu of foreclosure under such encumbrance
or collateral assignment; and (2) the right of the Fee Owners to sell, lease or transfer a commercial unit in
the ordinary course of business; provided that in each such event (A) except as set forth herein, the
Developer named herein shall remain liable hereunder for the substantial completion of the Redevelopment
Project and shall be released from such liability hereunder only upon substantial completion, subject,
however, to the Developer's right of termination pursuant to Section 6.1, and (B) the Developer provides
to the City 15 days' advance written notice of the proposed assignment or transfer, other than for the sale
or lease of a commercial unit in the ordinary course of business or the transfer of any rights hereunder or in
the Property to a Related Party.
(c) The Developer shall, promptly upon the consummation of any assignment of its interests
in this Agreement, provide the City with a copy of the assignment and assumption agreement between the
Developer and the assignee.
6.5. Remedies. If any party defaults or breaches any material term or condition of this
Agreement, the defaulting or breaching party shall, upon written notice from the other party or parties
specifying such default or breach, cure or remedy such default or breach within 30 days after receipt of
such notice (or such longer period as is reasonably required to cure such default, provided that (a) the
breaching party has commenced such cure within said 30 -day period, and (b) the breaching party diligently
prosecutes such cure to completion). If such cure or remedy is not taken or not diligently pursued, or the
default or breach is not cured or remedied as provided above, the aggrieved party or parties may institute
such proceedings as may be necessary or desirable in its opinion to cure and remedy such default or breach,
including, but not limited to, proceedings to compel specific performance by the defaulting or breaching
party or to terminate this Agreement.
6.6. Notices. Any notice, demand or other communication required by this Agreement to be
given by one party hereto to another shall be in writing and shall be sufficiently given or delivered if
delivered personally or transmitted electronically (and receipt confirmed by telephone or electronic read
receipt):
(a) If to the City:
City of Cape Girardeau
44 N. Lorimier St.
Cape Girardeau, Missouri 63701
Attention: Assistant City Manager
tpulley@cityofcapegirardeau.org
with copies to:
City of Cape Girardeau
44 N. Lorimier St.
Cape Girardeau, Missouri 63701
Attention: City Attorney
gyoung@cityofcapegirardeau.org
and
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Gilmore & Bell, P.C.
One Metropolitan Square
211 N. Broadway, Suite 2000
St. Louis, Missouri 63102
Attention: Mark D. Grimm, Esq.
mgrimm@gilmorebell.com
(b) If to the Fee Owners, the Developer or the Redevelopment Corporation:
c/o Drury Development Corporation
13075 Manchester Road, Suite 200
St. Louis, Missouri 63131
Attention: Timothy M. Drury
Email: tim.drury@drurydevelopment.com
and:
Armstrong Teasdale LLP
7700 Forsyth Boulevard, Suite 1800
St. Louis, Missouri 63105
Attention: Robert Klahr, Esq.
Email: rklahr@atllp.com
or to such other address with respect to any party as such party may, from time to time, designate in writing
and forward to the others as provided in this Section. A duplicate copy of each notice or other
communication given hereunder shall be given to each other party.
6.7. Insurance Requirements.
(a) The Developer shall obtain, or shall require a Related Party or contractor to obtain,
insurance as hereinafter set forth and shall maintain such insurance from the commencement of construction
of the Redevelopment Project and continuing through the term of this Agreement. The Developer shall
require that any such insurance obtained by a Related Party or contractor be maintained by such Related
Party or contractor for the duration of the construction of the applicable portion of the Redevelopment
Project. The policies for such insurance shall be placed with financially sound and reputable insurers
licensed to transact business in the State of Missouri. The Developer or Related Party shall, from time to
time at the request of the City, furnish the City with copies of the following polices and endorsements (or,
at the City's option, certificates evidencing such policies and endorsements):
(1) property and casualty insurance to keep the applicable portions of the
Redevelopment Project constantly insured against loss or damage by fire, lightning and all other
risks covered by the extended coverage insurance endorsement then in use in the State of Missouri
in an amount equal to the Full Insurable Value thereof (subject to reasonable loss deductible
clauses). `Full Insurable value" means the actual replacement cost of the applicable portion of
the Redevelopment Project;
(2) commercial general liability insurance with coverages of not less than the current
absolute statutory waivers of sovereign immunity in Sections 537.600 and 537.610 of the Revised
Statutes of Missouri (which for calendar year 2026 is equal to $3,547,658 for all claims arising out
of a single accident or occurrence and $532,148 for any one person in a single accident or
occurrence). Further, the policy shall be adjusted upward annually, to remain at all times not less
than the inflation adjusted sovereign immunity limits as published in the Missouri Register on an
annual basis by the Department of Insurance pursuant to Section 537.610 of the Revised Statutes
of Missouri. Each liability policy obtained pursuant to this Section shall name the City as an
additional insured and shall contain an agreement by the insurer that, notwithstanding any right of
cancellation reserved to such insurer, such policy or contract shall continue in force for at least 10
days after written notice of cancellation is given to the City; and
(3) workers' compensation insurance, with statutorily required coverage.
(b) The Developer or Related Party shall maintain commercial general liability insurance
subject to the terms of the Insurance Services Office ( "ISO ") Commercial General Liability Coverage Form
CG 0001, or a substitute form providing coverage that is at least as broad as the ISO form specified,
including standard contractual liability coverage. Subject to such policy form's terms, conditions, and
exclusions, contractual liability coverage shall apply to the Developer's indemnification obligations under
Section 6.8. The required commercial general liability insurance shall be placed with such insurance
carriers and contain such terms and conditions as shall be reasonably acceptable to the City Attorney. The
Developer shall provide the City with a copy of such policy and any endorsements (or, at the City's option,
certificates evidencing such policy and endorsements) to evidence the current effectiveness of such
insurance coverage upon the execution of this Agreement and from time to time thereafter upon written
request of the City. The Developer shall name the City as an additional insured under the commercial
general liability insurance coverage required by this Section.
6.8. Release and Indemnification.
(a) The indemnification and covenants contained in this Section shall survive expiration or
earlier termination of this Agreement.
(b) The Developer hereby agrees that, anything to the contrary herein notwithstanding, it will
defend, hold harmless and indemnify the City and its governing body members, officials, employees,
attorneys and agents against any and all claims, demands, actions, causes of action, losses, damages,
injuries, liabilities and/or expenses (including reasonable attorneys' fees and court costs) resulting from,
arising out of, or in any way connected with:
(1) the Developer's failure to comply with any provision of this Agreement or the
activities or transactions contemplated herein;
(2) the negligence or intentional misconduct of the Developer or an affiliate thereof,
or their respective employees and agents;
(3) the presence of hazardous wastes, hazardous materials or other environmental
contaminants in the Redevelopment Area•,
(4) any loss of or damage to property or any injury to or death of any person occurring
in or about the Redevelopment Project in connection with any activities, acts or omissions of the
Developer, a Related Party, or any of their respective contractors, agents or employees; or
(5) otherwise arising out of the adoption or administration of this Agreement or the
construction or operation of the portions of the Redevelopment Project.
If the validity or construction of any state laws or local ordinances or resolutions in connection with
this Agreement or affecting the Redevelopment Project are contested in court, the Developer shall defend,
-19-
hold harmless and indemnify the City from and against all claims, demands and/or liabilities of any kind
whatsoever including, without limitation, any claim for reasonable attorneys' fees and court costs, and the
Developer shall pay any monetary judgment and all court costs rendered against the City, if any.
(c) Notwithstanding anything herein to the contrary, the City and its governing body members,
officials, employees, attorneys and agents shall not be liable to the Developer for damages or otherwise if
all or any part of Chapter 353 or any ordinance or resolution of the City adopted in connection with this
Agreement or the Redevelopment Project is declared invalid or unconstitutional in whole or in part by the
final (as to which all rights of appeal have expired or have been exhausted) judgment of any court of
competent jurisdiction.
(d) Notwithstanding the foregoing terms of this Section, the Developer shall have no obligation
to defend, hold harmless or indemnify the City with respect to any matter or expense resulting from or
arising out of the negligence or willful misconduct of the City.
(e) All covenants, stipulations, promises, agreements and obligations of the City contained
herein shall be deemed to be the covenants, stipulations, promises, agreements and obligations of the City
solely, and not of any of its governing body members, officials, employees, attorneys or agents in their
individual capacities.
6.9. Choice of Law; Conflicts. This Agreement shall be taken and deemed to have been fully
executed, made by the Parties in, and governed by the laws of the State of Missouri for all purposes and
intents. Any action arising out of, or concerning, this Agreement shall be brought only in the Cape
Girardeau County Circuit Court or the U.S. District Court for the Eastern District of Missouri.
6.10. Counterparts. This Agreement is executed in multiple counterparts, each of which shall
constitute one and the same instrument.
6.11. Severability. If any term or provision of this Agreement is held to be unenforceable by a
court of competent jurisdiction, the remainder shall continue in full force and effect, to the extent the
remainder can be given effect without the invalid term or provision.
6.12. No Waiver of Sovereign Immunity. Nothing in this Agreement shall be construed or
deemed to constitute a waiver of the City's sovereign immunity.
6.13. No Third -Party Beneficiaries. This Agreement constitutes a contract solely among the
City, Drury AT, Drury Land, the Developer and the Redevelopment Corporation. No third party has any
beneficial interest in, or derived from, this Agreement.
6.14. Conflict of Interest. The Developer represents and warrants that it has fully complied in
all material respects with the City's Charter regarding conflicting interests. In the acquisition, installation,
completion and operation of the portions of the Redevelopment Project being undertaken by the Developer,
no shareholder, member or officer of the Developer shall knowingly, after due inquiry, cause the Developer
to employ or contract with any person if a member of such person's immediate family is a member of the
City Council or is employed by the City in an administrative capacity (i.e., those having selection, hiring
or supervisory or operational responsibility for the work to be performed pursuant to this Agreement). For
the purposes of this Section "immediate family" includes wife, husband, son, daughter, mother, father,
brother, sister, brother-in-law, sister-in-law, father-in-law, mother-in-law, aunt, uncle, niece, nephew, step-
parent, and step -child.
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6.1.5. Further Authority. The City Manager is authorized to execute all documents on behalf
of the City (including documents pertaining to the transfer of property or the financing or refinancing of
the Redevelopment Project or any portion thereof) as may be required to carry out and comply with the
intent of this Agreement. The City Manager is also authorized, unless expressly prohibited herein, to grant
on behalf of the City such consents, estoppels and waivers relating to this Agreement as may be requested
during the term hereof; provided, such consents, estoppels and/or waivers shall not increase the Maximum
Reimbursement Amount set forth herein, waive an event of default or materially change the nature of the
transactions contemplated herein unless otherwise approved by the City Council.
6.16. Project Data. The Developer has engaged architects, engineers and various other
consultants to enable the Developer to provide certain estimates regarding the total cost of the
Redevelopment Project, for review by the City and its consultants, which estimates are set forth as Exhibit
G, attached hereto and incorporated herein by reference (the "Project Data"). In providing the Project
Data, the Developer has generally reviewed and relied upon certain information furnished by its architects,
engineers and various other consultants. The Project Data contains prospective information, opinions and
estimates regarding a Redevelopment Project that has not yet been constructed. The Project Data is not
provided as a prediction or assurance that a certain level of performance will be achieved or that certain
events will occur. The Parties agree that actual results will vary from the estimates provided in the Project
Data and that such variations may be material. Nevertheless, to the Developer's knowledge, the Project
Data is a good faith estimate of anticipated costs of the Redevelopment Project as of the date hereof.
6.17. Term of Agreement. This Agreement shall terminate on the earliest of the following:
(a) termination by the Developer pursuant to Section 6.1; (b) termination by the City pursuant to
Section 6.2; or (c) payment in full of all outstanding Project Obligations or, if such Project Obligations are
not paid in full at final maturity, then upon expiration of the last to expire of the CID Sales Tax and the CID
Special Assessments.
ARTICLE VII
REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PARTIES
7.1. Representations by the City. The City makes the following representations and
warranties, which are true and correct on the date hereof:
(a) No Violations. The execution and delivery of this Agreement, the consummation
of the transactions contemplated hereby, and the fulfillment of the terms and conditions hereof do
not and will not conflict with or result in a breach of any of the terms or conditions of any agreement
or instrument to which it is now a party, and do not and will not constitute a default under any of
the foregoing.
(b) No Litigation. To the City's knowledge, no litigation, proceedings or
investigations are pending against the City with respect to the Redevelopment Project or this
Agreement. In addition, no litigation, proceedings or investigations are pending against the City
that seek to restrain, enjoin or in any way limit the approval or execution, delivery or validity of
this Agreement or that would in any manner challenge or adversely affect the existence or powers
of the City to enter into and carry out the transactions described in or contemplated by this
Agreement or the performance by the City of the terms and provisions hereof.
(c) No Default. No default or event of default has occurred and is continuing, and no
event has occurred and is continuing that with the lapse of time or the giving of notice, or both,
-21-
would constitute a default or an event of default in any material respect on the part of the City under
this Agreement.
7.2. Representations by Drury AT. Drury AT makes the following representations and
warranties, which are true and correct on the date hereof:
(a) No Violations. The execution and delivery of this Agreement, the consummation
of the transactions contemplated hereby, and the fulfillment of the terms and conditions hereof do
not and will not conflict with or result in a breach of any of the terms or conditions of any corporate
or organizational restriction or of any agreement or instrument to which it is now a party, and do
not and will not constitute a default under any of the foregoing.
(b) No Litigation. To Drury AT's knowledge (including the knowledge of the
representative of Drury AT executing this Agreement), no litigation, proceedings or investigations
are pending against Drury AT (or any member of Drury AT) with respect to the Redevelopment
Project. In addition, to Drury AT's knowledge (including the knowledge of the representative of
Drury AT executing this Agreement), no litigation, proceedings or investigations are pending
against Drury AT (or any member of Drury AT) that seek to restrain, enjoin or in any way limit the
approval or execution, delivery or validity of this Agreement or that would in any manner challenge
or adversely affect the existence or powers of Drury AT to enter into and carry out the transactions
described in or contemplated by this Agreement or the performance by Drury AT of the terms and
provisions hereof.
(c) No Default. No default or event of default has occurred and is continuing, and no
event has occurred and is continuing that with the lapse of time or the giving of notice, or both,
would constitute a default or an event of default in any material respect on the part of Drury AT
under this Agreement or any other material agreement or material instrument related to Drury AT's
ability to perform pursuant to this Agreement and to which Drury AT is a party or by which Drury
AT is or may be bound.
(d) Compliance with Laws. With respect to its ability to perform pursuant to this
Agreement, Drury AT is, to its knowledge, in material compliance with all valid laws, ordinances,
orders, decrees, decisions, rules, regulations and requirements of every duly constituted
governmental authority, commission and court applicable to any of its affairs, business or
operations as contemplated by this Agreement.
(e) Anti -Discrimination Against Israel Act. Pursuant to Section 34.600 of the Revised
Statutes of Missouri, Drury AT certifies it is not currently engaged in and shall not, for the duration
of this Agreement, engage in a boycott of goods or services from the State of Israel; companies
doing business in or with Israel or authorized by, licensed by, or organized under the laws of the
State of Israel; or persons or entities doing business in the State of Israel.
7.3. Representations by Drury Land. Drury Land makes the following representations and
warranties, which are true and correct on the date hereof:
(a) No V olations. The execution and delivery of this Agreement, the consummation
of the transactions contemplated hereby, and the fulfillment of the terms and conditions hereof do
not and will not conflict with or result in a breach of any of the terms or conditions of any corporate
or organizational restriction or of any agreement or instrument to which it is now a party, and do
not and will not constitute a default under any of the foregoing.
-22-
(b) No Litigation. To Drury Land's knowledge (including the knowledge of the officer
of Drury Land executing this Agreement), no litigation, proceedings or investigations are pending
against Drury Land (or any shareholder or officer of Drury Land) with respect to the
Redevelopment Project. In addition, to Drury Land's knowledge (including the knowledge of the
officer of Drury Land executing this Agreement), no litigation, proceedings or investigations are
pending against Drury Land (or any shareholder or officer of Drury Land) that seek to restrain,
enjoin or in any way limit the approval or execution, delivery or validity of this Agreement or that
would in any manner challenge or adversely affect the existence or powers of Drury Land (or any
officer of Drury Land) to enter into and carry out the transactions described in or contemplated by
this Agreement or the performance by Drury Land (or any shareholder or officer of Drury Land)
of the terms and provisions hereof..
(c) No Default. No default or event of default has occurred and is continuing, and no
event has occurred and is continuing that with the lapse of time or the giving of notice, or both,
would constitute a default or an event of default in any material respect on the part of Drury Land
under this Agreement or any other material agreement or material instrument related to Drury
Land's ability to perforin pursuant to this Agreement and to which Drury Land is a party or by
which Drury Land is or may be bound.
(d) Compliance with Laws. With respect to its ability to perform pursuant to this
Agreement, Drury Land is, to its knowledge, in material compliance with all valid laws, ordinances,
orders, decrees, decisions, rules, regulations and requirements of every duly constituted
governmental authority, commission and court applicable to any of its affairs, business or
operations as contemplated by this Agreement.
(e) Anti -Discrimination Against Israel Act. Pursuant to Section 34.600 of the Revised
Statutes of Missouri, Drury Land certifies it is not currently engaged in and shall not, for the
duration of this Agreement, engage in a boycott of goods or services from the State of Israel;
companies doing business in or with Israel or authorized by, licensed by, or organized under the
laws of the State of Israel; or persons or entities doing business in the State of Israel.
7.4. Representations by the Developer. The Developer makes the following representations
and warranties, which are true and correct on the date hereof:
(a) No Violations. The execution and delivery of this Agreement, the consummation
of the transactions contemplated hereby, and the fulfillment of the terms and conditions hereof do
not and will not conflict with or result in a breach of any of the terms or conditions of any corporate
or organizational restriction or of any agreement or instrument to which it is now a party, and do
not and will not constitute a default under any of the foregoing.
(b) No Litigation. To the Developer's knowledge (including the knowledge of the
Developer's officer executing this Agreement), no litigation, proceedings or investigations are
pending against the Developer (or any shareholder or officer of the Developer) with respect to the
Redevelopment Project. In addition, to the Developer's knowledge (including the knowledge of
the Developer's officer executing this Agreement), no litigation, proceedings or investigations are
pending against the Developer (or any shareholder or officer of the Developer) that seek to restrain,
enjoin or in any way limit the approval or execution, delivery or validity of this Agreement or that
would in any manner challenge or adversely affect the existence or powers of the Developer (or
any officer of the Developer) to enter into and carry out the transactions described in or
contemplated by this Agreement or the performance by the Developer (or any shareholder or officer
of the Developer) of the terms and provisions hereof.
-23-
(c) No Default. No default or event of default has occurred and is continuing, and no
event has occurred and is continuing that with the lapse of time or the giving of notice, or both,
would constitute a default or an event of default in any material respect on the part of the Developer
under this Agreement or any other material agreement or material instrument related to the
Developer's ability to perform pursuant to this Agreement and to which the Developer is a party or
by which the Developer is or may be bound.
(d) Compliance with Laws. With respect to its ability to perform pursuant to this
Agreement, the Developer is, to its knowledge, in material compliance with all valid laws,
ordinances, orders, decrees, decisions, rules, regulations and requirements of every duly constituted
governmental authority, commission and court applicable to any of its affairs, business or
operations as contemplated by this Agreement.
(e) Anti -Discrimination Against Israel Act. Pursuant to Section 34.600 of the Revised
Statutes of Missouri, the Developer certifies it is not currently engaged in and shall not, for the
duration of this Agreement, engage in a boycott of goods or services from the State of Israel;
companies doing business in or with Israel or authorized by, licensed by, or organized under the
laws of the State of Israel; or persons or entities doing business in the State of Israel.
7.5. Representations by the Redevelopment Corporation. The Redevelopment Corporation
makes the following representations and warranties, which are true and correct on the date hereof:
(a) No Violations. The execution and delivery of this Agreement, the consummation
of the transactions contemplated hereby, and the fulfillment of the terms and conditions hereof do
not and will not conflict with or result in a breach of any of the terms or conditions of any corporate
or organizational restriction or of any agreement or instrument to which it is now a party, and do
not and will not constitute a default under any of the foregoing.
(b) No Litigation. To the Redevelopment Corporation's knowledge (including the
knowledge of the officer of the Redevelopment Corporation executing this Agreement), no
litigation, proceedings or investigations are pending against the Redevelopment Corporation (or
any shareholder or officer of the Redevelopment Corporation) with respect to the Redevelopment
Project. In addition, to the Redevelopment Corporation's knowledge (including the knowledge of
the officer of the Redevelopment Corporation executing this Agreement), no litigation, proceedings
or investigations are pending against the Redevelopment Corporation (or any shareholder or officer
of the Redevelopment Corporation) that seek to restrain, enjoin or in any way limit the approval or
execution, delivery or validity of this Agreement or that would in any manner challenge or
adversely affect the existence or powers of the Redevelopment Corporation (or any officer of the
Redevelopment Corporation) to enter into and carry out the transactions described in or
contemplated by this Agreement or the performance by the Redevelopment Corporation (or any
shareholder or officer of the Redevelopment Corporation) of the terms and provisions hereof.
(c) No Default. No default or event of default has occurred and is continuing, and no
event has occurred and is continuing that with the lapse of time or the giving of notice, or both,
would constitute a default or an event of default in any material respect on the part of the
Redevelopment Corporation under this Agreement or any other material agreement or material
instrument related to the Redevelopment Corporation's ability to perform pursuant to this
Agreement and to which the Redevelopment Corporation is a party or by which the Redevelopment
Corporation is or may be bound.
-24-
(d) Compliance with Laws. With respect to its ability to perform pursuant to this
Agreement, the Redevelopment Corporation is, to its knowledge, in material compliance with all
valid laws, ordinances, orders, decrees, decisions, rules, regulations and requirements of every duly
constituted governmental authority, commission and court applicable to any of its affairs, business
or operations as contemplated by this Agreement.
(e) Anti -Discrimination Against Israel Act. Pursuant to Section 34.600 of the Revised
Statutes of Missouri, the Redevelopment Corporation certifies it is not currently engaged in and
shall not, for the duration of this Agreement, engage in a boycott of goods or services from the
State of Israel; companies doing business in or with Israel or authorized by, licensed by, or
organized under the laws of the State of Israel; or persons or entities doing business in the State of
Israel.
[Remainder of Page Intentionally Left Blank]
-25-
IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed in their
Cit-04,2&-a2used Its se?] t* be affiy4Aieretoi?..,td ?xeste,�. as of the date first above
(SEAL)
By:
; - ;,kin; y Manager
1 net
F.,Vdmlw
Gayle 4irad, City Clerk
WZYNTITST0 Iffl-MOD"111-0
)SS.
COUNTY OF CAPE GM,. EAU
TC W
On this - day of AV _h, 1 '2026, before me appeared KENNETH HASKIN, to me
personally known, who, being by the duly sworn, did say that he is the City Manager of the CITY OF
CAPE GIRARDEAU, MISSOURI, a home rule city, and that he is authorized to sign the foregoing
instrument on behalf of said city, and acknowledged that he executed said instrument as said city's free act
and deed.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal in the
County and State aforesaid on the day and year last above written.
My Commission Expires: 'A
- 2) *1 �0631�
[Redevelopment Agreement]
W-
Notary Public State- o
NOTARY PUBLIC - NOTARY SEAL
STATE OF ►
MISSOURI
MY COMMISSION EXPIRES MARCH 3,2030
CAPE GIRARDEAU COUNTY
COMMISSION 04588193
By:
Name: Timothy M. Dry
Title:
STATE OF MISSOURI
&
) ss. QTY OF, ST. LOUIS
On this ay of 2026, before me appeared TIMOTHY M. DRU Y, to
me personally known, who, being'by me duly sworn, did say that he is an authorized signatory of DRURY
AT 2024, LLC, a Missouri limited liability company, and that he is authorized to sign the foregoing
instrument on behalf of said company, and acknowledged that he executed said instrument as said
company's free act and deed.
IFN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal in t
County and State aforesaid on the day and year last above written. i
My Commission Expires: 4, L619;t-Z-02-f
M-1
By:
Timothy M. Drury, President
STATE OF MISSOURI
)SS.
Z.1r.4. OF ST. LOUIS
On this I P�Vay of /U�4d& 2026, before rne appeared TIMOTHY M. DRURY, i
me personally known, who, being by me duly sworn, did say that he is the President of DRURY LAN I
DEVELOPMENT, INC., a Missouri corporation, and acknowledged that he executed said instrument
said corporation's free act and deed. I
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal in the
County and State aforesaid on the day and year last above written.
CHEPYL -ANNROR
Notary Public - Notary Neal
STATE OF MISSOURI
St. Louis City
My Commission Expires: Apr. 28, 2029
Commission # 13504650
My Commission Expires:
I JURV trail
By: V
Timothy M. Drury, President
STATE OF MISSOURI
)SS.
ekav OF ST. l,OUIS
On this h� day of A46gW 2026, before me appeared TIMOTHY M. DRURY,
Lme personally known, who, being by me duly sworn, did say that he is the President of DRUR
instrument as said corporation's free act and deed.
IN TESTIMONY WHEREOF, 1 have hereunto set my hand and affixed my official seat in the
County and State aforesaid on the day and year last above written.
L CHER N KERN
Notary Public - Notary Seat
YL j
STATE OF •MISSOURI
St. Louis City
I
My Commission Expires: Apr. 28,202M9
Commissio 1 0 0
ommissiolnO 1350-4065LO
My Commission Expires: -Z 97 Zo
AO -1- =(-- Z�
ME
N — c- '
—3 "
ame: -C
Notary Public -' tate of Missouri
Commissioned in 57-. byi,' t
STATE OF MISSOURI
A
01, )SS.
C - Aly OF ST. LOUIS
On this day of 2026, before me appeared -re #zAq M, -bruiV , to me
personally known, who, being by me duly sworn, did say that heAg-teo-is an authorized signatoryofCAPE
WEST PLAZA REDEVELOPMENT CORPORATION, a Missouri urban redevelopment corporation,
and acknowledged that heAshe executed said instrument as said corporation's free act and deed.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal in the
County and State aforesaid on the day and year last above written.
My Commission Expires:
M,
17• ■
y"1110
LEGAL DESCRIPTION OF REDEVELOPMENT AREA
THE 1,.ANDECF FIE' RREI)'['OFII ,-"R[,'IN 14-10W IS SITUATEDINTHE CITYANDCOUNTY OFCAK,
GIRARDEAU, STA'FE OF MISSOURI, AND DE'SCRIBED AS FOLI X)WS:
ALI, OF 1.(,YrTW0(2)0F`CAPF WE.s-r 121-14SUBDIVIS TON IN "f'lll�Ci'l"YANf,)COIJN"rYOFCAP.F-,
CHRARDF.AU, MISSOURI, AS SHOWN BY PLAT FILED IN ISI ATSTOOK 22 ATPAGE 68, LS ..E,
PARTOFLOTCSO, TO F. APf',,Wf., E`SFIVIINTIJ SUBDIVISION AS SIJOWN BY PLAT REVIORDIII)
IN PLAT HOOK NO, 19 ATPAGE,, NO, 65, DESCRIBI.`J) AS R)LLOWS:
BEGINNING AT THF, SOUTHWE91'CORNER OF LO"I'M,"), 2 OF('APF, WEISITI 2TH SUB DIV1,930IN'
AS SHOWN ON PLAT Fit.J."'D IN BOOK 22, I%OE 68; THENCE N2 1 *4' 5,00"W, 592,1 YALONO 11 IE
EASTERLY RIGHTOF WAY LINE., OF SIEMERS DRIVE TO THE BRANNNINO OFA CURVE,
CONCA VE'TOT H ESOUTHWEST I 1AVfNGABA EIE,FSOF703 � IS 11"i"FAND A CENTRALANGI-fi
OF 22"29'23" AND A LENGTH OF 276,00 A NORTIJAIR,'.`�TERLY DIRE,CTION' AL(YNC,
SA 11) CU ' , RV E, AND RI G Iff 0 FW A Y;T() AN,')] NTATll-IF NORTHWEST CORNER OF SAID LOT
TWO (2) ON T14 E, EAST RI (.3 ) FIT (),F W AY 1,1 N F O!' St EM ERS f,.)R.1 V LTI 1, ENC E CON TIN UF,%K;
ALONG Till,"" C1JRVtA,'0R 10,39'[i� IN(iARAI)IUSOI;703,151-'F�r�,,rANI)A('I.",,NI'RAI,ANtit,f,",
OF 00'50'48";
THENCE CONTINUING ALONO SAID R101-ITOF WAY LINET1 IE F011,0WING COURS!"S AND
D I'ST A N C I1S:
N45 `05'1 T'W, 15,661 FEETTOTI 1E BEGINNINO OF A CURVECONCAVE T(,,) THE NORTFILAST
I IAVIN"(3 A RADIUS OF 660,N) FLU'-,TAND A CENINSSI. ANGLE OF 23'20'12".- THENCE AU -)NG
SAID CIJRVE� IN A NOWIT(WfiSTERLY DIRECTION268,82 FET.331';,mENCE
N2 1'45'00"W, 97.69 FT`f-.T;'11JENCE
,%8"15"00"W, 10,00 f-1iJ,-,T,'I1iFN( , *E
N21'45'00"W,51.21 FEETTO THE SOUT1 1WES1CORN lik 0FL(Yr3 A OFCA PF WF,,STSEVIN ffi
AS SHOWN BY PLAT RECORDEDIN PLATBOOKNO, 18 PAOENO. 65;'1j1FNCF1' DEPARTINC
SAID RIGHT OF WAY LINF ALO NOTIff",SOUTH LINE OF SAID 1.(,)T 3A ITIE 14)1,1.OWIN(J
COURSES AND DIS`T ANCF;,'.S;
N69'15'00"E, 343,05 FEET;11 JUNCE,
N2 I * 45'00"W, 132,591"I"Er, 11 IFiNCE,
N68' 15' 00"I'l 210.00 1 EETT1 I ENCE,
S21 '45'001`1 124,59 'njENcE
N68*15'00"I'll, 170,501,"[:E,rTO'Fi-lll,aOUI'I,it�A'I'('ORNER(')F SAID LOT3A OF CAPE WEST
SEVENTH, SAID K)INT ALSO HFIIN(i ON THE WESTRICif-ITOF WAY LINE OF INTER STAT1.15 5,
THENCE
m
S -271-45'00"F, I
559,13'AIA)146, SAIF) WEST NORTHE-MTCORNER OF
-,AID LOTTWO (2) OFCAPF WF!�f 1 2-1.l1 SU BDI VISION; TH ENC',
1-42
S, 1 `45'00"fi, 54,33 FEET, THENCE
S68" 15'00" W, 40,00 FFE,,T,,rm.,N(,Tl
82 1 "' 45'00"E, 30.00 FEET;THENCE
N68" 15'00'U,, 40,00FEE'll"0A POINT T-OTHE AFORE',SAID WESTERLY Rl(rffroiz WAY LINE
OF R0UT1 55;TF1I-,NCE ALONG SAIDRIGHTOFWAY LINETHE FOLLOWING COLIRSESAND
IMS'b',kN(,'ftS-
S21"45'00"E, 375,99 FEUT;T[Jf,4,*,NCEl
Sl K" 53' 1 1 00 12 FEET;'I'll I.,.NCE
S21" 45' 00"E 313,36 FEET TO A POINT I'll"ING Till" SOUITHEAS"T CORNI"IR OF THE
AFOREMEN110NIED 1,(,)T,rwo ()I, CAPE WESTITI'll SUBDIVISION,1141"'NCE
S,681' 15' 00" W, 5 ' M00 FFE', I'ALON(i THE S(,)t.Fl"H LINE" OF SAID
CORNEA, OF LOT 2 OF CARE, WEss-r 1 n SU"BDIVISION TO THE" POINT" OF Bf,"I"'GINNIN(i,
CONTAINING 20,217 ACRES,
'111EAROVE ARE BASED ON -
TITLE REPORT NUMBER 24219435 P1 I13PARUDBY CAPl,,.1TlRAR,D1,-*,AU i1` 1. ABSTRACT &
TITLE CO, INC, KFIVII-AVE"D 141ROM1,11 N11"T6,2024,
TITLE REPORT AS 111AT DESCRIBED IN FIRST AMERICAN TITLI, INSURAM,71"
COMMNY COMMITMINT NUMBER FINT45011M1 WIT11 AN EFF"UCTIVE DATE OF
AUGUST 1, 2023,
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FORM OF FEDERAL WORK AUTHORIZATION PROGRAM AFFIDAVIT
STATE OF MISSOURI )
) SS
COUNTY OF ST. LOUIS )
I, the undersigned, am over the age of 18 years and have personal knowledge of the matters stated
herein.
I am a duly authorized officer of Drury AT 2024, LLC, a Missouri limited liability company
("Drury AT ), and am President of Drury Land Development, Inc., a Missouri corporation ("Drury Land"),
and Drury Development Corporation, a Missouri corporation ("DDC"). I am authorized to attest to the
matters set forth herein.
Neither Drury AT nor Drury Land has any employees, and neither entity is expected to have any
employees in the future. All employment matters related to projects undertaken by Drury AT and Drury
Land in the City of Cape Girardeau, Missouri, will be administered by their affiliate, DDC. I hereby affirm
DDC's enrollment and participation in a "federal work authorization program" as defined in Section
285.525 of the Revised Statutes of Missouri, as amended.
DDC does not knowingly employ any person who is an "unauthorized alien" as defined in Section
285.525 of the Revised Statutes of Missouri, as amended.
Further Affiant Sayeth Not.
DRURY AT 2024, LLC
By:
Name:
Title:
Timothy M. Drury
DRURY LAND DEVELOPMENT, INC.
By:
Name:
Title:
Timothy M. Drury
President
By:
Name: Timothy M. Drury
Title: President
C-1
Subscribed and sworn to before me this day of , 20
My Commission Expires:
C-2
Notary Public
I D • ■4A1042-11
FORM OF CERTIFICATE OF REIMBURSABLE DISTRICT PROJECT COSTS
Certificate of Reimbursable District Project Costs
TO: Cape West Plaza Community Improvement District
Cape Girardeau, Missouri
City of Cape Girardeau, Missouri
Cape Girardeau, Missouri
Re: Cape West Plaza Redevelopment Project
Terms not otherwise defined herein shall have the meanings ascribed to such terms in the
Redevelopment Agreement dated as of May 1, 2026 (the "Agreement") among the City of Cape Girardeau,
Missouri (the "City "), Drury AT 2024, LLC, Drury Land Development, Inc., Drury Development
Corporation (the "Developer "), and Cape West Plaza Redevelopment Corporation. In connection with said
Agreement, the undersigned hereby states and certifies that:
1. A total of $ in Reimbursable District Project Costs was incurred in connection
with the acquisition and construction of the Redevelopment Project, as shown on Schedule 1, attached
hereto and incorporated herein by reference. Attached are itemized invoices, receipts or other
documentation evidencing that all such costs have been paid or incurred and qualify as Reimbursable
District Project Costs under the Agreement.
2. The Reimbursable District Project Costs have been paid by the Developer, are reimbursable
under the Agreement and shall be reimbursed by the CID. A copy of this Certificate is being delivered
simultaneously to the CID.
3. No Reimbursable District Project Cost listed on Schedule I has been included in any other
certificate previously filed with the City.
4. There has not been filed with or served upon the Developer any notice of any lien, right of
lien or attachment upon or claim affecting the right of any person, firm or corporation to receive payment
of the amounts stated in this request, except to the extent any such lien is being contested in good faith.
5. The Redevelopment Project has been performed in a good and workmanlike manner and
in accordance with the Approved Site Plan and the Agreement.
Agreement.
The Developer is not in material default or breach of any term or condition of the
FON
Dated this day of , 20
DRURY DEVELOPMENT CORPORATION
LE
Approved this day of , 20_
[Name], [Title]
CAPE WEST PLAZA COMMUNITY IMPROVEMENT DISTRICT
in
[Name], [Title]
Approved this day of , 20
CITY OF CAPE GIRARDEAU, MISSOURI
in
[Name], [Title]
FORM OF COMPLETION CERTIFICATE
Completion Certificate
The undersigned, pursuant to that certain Redevelopment Agreement dated as of May 1, 2026 (the
"Agreement") among the City of Cape Girardeau, Missouri (the "City"), Drury AT 2024, LLC, Drury Land
Development, Inc., Drury Development Corporation (the `Developer"), and Cape West Plaza
Redevelopment Corporation, hereby certifies to the City as follows:
1. As of , 20 , the [In -Line Project] [Sears Project] has been
substantially completed in accordance with the Agreement.
2. The [In -Line Project] [Sears Project] has been completed in a good and workmanlike
manner and in accordance with the Agreement, the Approved Site Plan and all Governmental Approvals
applicable thereto.
Lien waivers for the [In -Line Project] [Sears Project] have been obtained.
4. This Completion Certificate is accompanied by one or more architect's certificate(s) of
substantial completion on AIA Form G-704 (or the substantial equivalent thereof), which, when taken
together, certify that the [In -Line Project] [Sears Project] has been substantially completed in accordance
with the Agreement.
5. This Completion Certificate is being issued by the Developer to the City in accordance
with the Agreement to evidence the Developer's satisfaction of all obligations and covenants in the
Agreement to complete the [In -Line Project] [Sears Project].
6. The Developer, simultaneous with the submission of this Completion Certificate, provided
the City with a Certificate of Reimbursable District Project Costs for the [In -Line Project] [Sears Project].
This Completion Certificate is given without prejudice to any rights against third parties that exist
as of the date hereof or that may subsequently come into being.
Following the City's acceptance of Completion Certificates for both the In -Line Project and the
Sears Project, the Developer may record the Completion Certificates in the office of the Cape Girardeau
County Recorder of Deeds. Such recording shall evidence the satisfaction of the Developer's agreements
and covenants to complete the Redevelopment Project pursuant to the Agreement.
Terms not otherwise defined herein shall have the meanings ascribed to such terms in the
Agreement.
E-1
IN WITNESS WHEREOF, the undersigned has hereunto set his/her hand this day of
20
DRURY DEVELOPMENT CORPORATION
ACCEPTED this day of , 20_
CITY OF CAPE GIRARDEAU, MISSOURI
By:
Name:
Title:
Lo
[Name], [Title]
(Insert Notary Form(s) and Legal Description)
E-2
FORM OF COOPERATION AGREEMENT
THIS COOPERATION AGREEMENT (this "Agreement") is made and entered into as of
, 2026, by and among the CITY OF CAPE GIRARDEAU, MISSOURI, a home rule
city and political subdivision of the State of Missouri (the "City"), the CAPE WEST PLAZA
COMMUNITY IMPROVEMENT DISTRICT, a community improvement district and political
subdivision of the State of Missouri (the "CID"), DRURY AT 2024, LLC, a Missouri limited liability
company ("Drury AT"), DRURY LAND DEVELOPMENT, INC., a Missouri corporation ( "Drury
Land" and, collectively with Drury AT, the "Fee Owners"), and DRURY DEVELOPMENT
CORPORATION, a Missouri corporation (the "Developer" and, together with the City, the Fee Owners
and the CID, the "Parties"). All capitalized terms not otherwise defined herein shall have the meanings
ascribed to such terms in the hereinafter -defined Redevelopment Agreement.
RECITALS:
1. The City, the Fee Owners, the Developer and Cape West Plaza Redevelopment
Corporation entered into a Redevelopment Agreement dated as of May 1, 2026 (the "Redevelopment
Agreement').
2. The Parties desire to enter into this Agreement, as contemplated by the Redevelopment
Agreement, to set forth their respective rights and responsibilities regarding the construction and financing
of projects to be funded by the CID (the "CID Project').
AGREEMENT:
NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements
contained in this Agreement, the Parties agree as follows:
Section 1. Authority of the City. The City has full constitutional and lawful right, power,
and authority, under current applicable law, to execute and deliver and perform the terms and obligations
of this Agreement, and this Agreement has been duly and validly authorized and approved by all necessary
City proceedings, findings, and actions. Accordingly, this Agreement constitutes the legal, valid, and
binding obligation of the City, enforceable in accordance with its terms.
Section 2. Authority of the CID. The CID has full constitutional and lawful right, power,
and authority, under current applicable law, to execute and deliver and perform the terms and obligations
of this Agreement, and this Agreement has been duly and validly authorized and approved by all necessary
CID proceedings, findings, and actions. Accordingly, this Agreement constitutes the legal, valid, and
binding obligation of the CID, enforceable in accordance with its terms.
Section 3. Authority of Drury AT. Drury AT has full corporate and lawful right, power,
and authority, under current applicable law, to execute and deliver and perform the terms and obligations
of this Agreement, and this Agreement has been duly and validly authorized and approved by all necessary
corporate proceedings, findings, and actions. Accordingly, this Agreement constitutes the legal, valid, and
binding obligation of Drury AT, enforceable in accordance with its terms.
Section 4. Authority of Drury Land. Drury Land has full corporate and lawful right, power,
and authority, under current applicable law, to execute and deliver and perform the terms and obligations
F-1
of this Agreement, and this Agreement has been duly and validly authorized and approved by all necessary
corporate proceedings, findings, and actions. Accordingly, this Agreement constitutes the legal, valid, and
binding obligation of Drury Land, enforceable in accordance with its terms.
Section 5. Authority of the Developer. The Developer has full corporate and lawful right,
power, and authority, under current applicable law, to execute and deliver and perform the terms and
obligations of this Agreement, and this Agreement has been duly and validly authorized and approved by
all necessary corporate proceedings, findings, and actions. Accordingly, this Agreement constitutes the
legal, valid, and binding obligation of the Developer, enforceable in accordance with its terms.
Section 6. CID Sales Tax. Promptly following the approval of this Agreement by the CID's
Board of Directors (the "CID Board"), the CID shall adopt a resolution to impose a community improvement
district sales and use tax (the "CID Sales Tax"). The Fee Owners and the City will promptly cause, through
their respective representatives appointed to the CID Board and, with respect to the Fee Owners, in their
capacity as qualified voters, the CID Sales Tax to be levied by the CID and approved by the qualified voters at
the rate of not to exceed one percent (1.0%). The CID Sales Tax shall be imposed as soon as possible pursuant
to the terms of the CID Act and any other applicable laws and shall not be terminated so long as any Project
Obligations issued by or on behalf of the CID and secured thereby remain outstanding and unless otherwise in
conformance with Section 67.1.545.9 of the CID Act.
Section 7. CID Special Assessment. Promptly following the approval of this Agreement by
the CID Board, the CID Board shall adopt a resolution to impose a community improvement district special
assessment (the "CID Special Assessment"). The Fee Owners and the City will promptly cause, through
their respective representatives appointed to the CID Board, the CID Special Assessment to be levied by
the CID Board, as approved by petition of the owners of more than 50% of the assessed value of the real
property within the CID and the owners of more than 50% per capita of all of the real property within the
CID. In each calendar year that a Lot is subject to the limited tax abatement provided by Section 5.1 of the
Redevelopment Agreement, the CID Special Assessment shall be levied on such Lot at a rate not to exceed
the greater of (1) the Actual Abatement Amount or (2) the amount shown on the Annual Special Assessment
Schedule. The CID Special Assessment shall be imposed as soon as possible pursuant to the terms of the
CID Act and any other applicable laws and shall not be terminated so long as any Project Obligations issued
by or on behalf of the CID and secured thereby remain outstanding and unless otherwise in conformance
with the CID Act.
Section 8. Continuing Existence of the CID. None of the CID, the City, the Fee Owners or
the Developer will take any action to dissolve the CID or reduce the rate of the CID Sales Tax or the CID
Special Assessment until (1) the funding and construction of the CID Project are completed, including the
payment in full or cancellation of all Project Obligations issued by or on behalf of the CID and secured by
the CID Sales Tax Revenues or the CID Special Assessment Revenues, as applicable, or (2) 27 years from
the effective date of the ordinance approving the CID, unless the term of the CID is extended pursuant to
Section 67.1481.6 of the CID Act. Upon the earlier to occur of (1) or (2) pursuant to the preceding sentence,
the CID will immediately take such steps as may be required to terminate the CID Sales Tax and the CID
Special Assessment. After all Project Obligations issued by or on behalf of the CID are paid in full or
cancelled, the CID will immediately take such steps as may be required to dissolve the CID.
Section 9. Governance of the CID.
(a) The Parties acknowledge that the CID will be governed by a board of directors made up of
five individuals appointed by the Mayor with the consent of the City Council, three of whom shall be
representatives of the owners of real property or businesses operating within the CID and two of whom
shall be residents of the City who are qualified and registered to vote and who have no financial interest in
F-2
any real property or business operating within the CID. Successor directors of the CID shall be appointed
as set forth in the petition for the creation of the CID.
(b) The CID shall employ or engage an administrator or legal counsel with experience
managing special taxing districts to ensure that the CID complies with this Agreement and all applicable
laws and regulations. If the CID (1) fails to comply with any reporting requirement contained in the CID
Act or other applicable law for two consecutive years, including, without limitation, timely submittal of
annual reports, financial statements and budgets, (2) admits to or is found by a court to have committed two
or more violations of Chapter 610 of the Revised Statutes of Missouri, as amended, or (3) is unresponsive
to any inquiry or audit initiated by the Missouri State Auditor's office, then the City may designate an
administrator or legal counsel for the CID to engage, at the CID's cost, to ensure that the CID complies
with this Agreement and all applicable laws and regulations.
(c) Except as expressly provided in Sections 10 and 11 of this Agreement, unless otherwise
approved by the City in its sole and absolute discretion, the CID shall have no authorization to pay any
costs, impose any tax, license, fee or assessment (other than the CID Sales Tax and the CID Special
Assessment), or incur any obligations.
(d) The Developer, the Fee Owners and the CID shall allow the City and its employees, agents,
and representatives to inspect, within three business days after request therefor, all contracts, documents
and records pertaining to the CID Project and the CID, including but not limited to the CID Sales Tax, the
CID Special Assessment, and the CID's financial statements. In addition, the CID agrees that, before the
effective date of the CID Sales Tax, the CID will file Form 4379 with the Missouri Department of Revenue
to designate the City's Director of Finance as an authorized person to access all information regarding the
CID Sales Tax under Sections 32.057 and 144.121 of the Revised Statutes of Missouri, as amended, so long
as permitted under the Revised Statutes of Missouri, as amended.
Section 10. Construction of the CID Project. The Developer shall construct, or cause the
construction of, the CID Project and shall cause all funds to be advanced therefor. The Developer may be
reimbursed for the costs thereof from the proceeds of Project Obligations, as further described in Section
11 of this Agreement.
Section 11. Reimbursable CID Project Costs and Project Obligations.
(a) The CID shall establish the "CID Trust Fund," which shall include a "Sales Tax Account"
and a "Special Assessment Account." The CID Sales Tax Revenues and the CID Special Assessment
Revenues shall be deposited in the Sales Tax Account and the Special Assessment Account, respectively,
and disbursed as follows:
(1) first, to pay the CID's operating costs (legal, administrative, insurance, audit, etc.),
which amount shall be paid equally from the Sales Tax Account and the Special Assessment
Account and shall not exceed $20,000 for calendar year 2026, plus a year -over -year increase of 3%
for any subsequent year, or such greater amount as unanimously approved by the members of the
CID Board present at the meeting at which a quorum, including the City's two representatives, is
present and the increase in the CID's annual operating costs is considered; and
(2) second, to pay Project Obligations, as further described below.
(b) The Developer agrees, upon written request of the CID, to promptly pay any operating
costs in excess of the moneys available under (a)(1) above if the CID's revenues are insufficient for that
F-3
purpose. Any such moneys paid by the Developer may be reimbursed by the CID when sufficient funding
is available.
(c) If any Project Obligations have been issued by or on behalf of the CID in accordance with
Article IV of the Redevelopment Agreement, the CID (1) may use the proceeds thereof to reimburse the
Developer for the Reimbursable District Project Costs identified in all approved Certificates of
Redevelopment Project Costs and (2) shall use the money available under (a)(2) to pay such Project
Obligations; provided, however, that money in the Special Assessment Account shall only be used to pay
those Project Obligations secured by the CID Special Assessment Revenues.
(d) If the CID Special Assessment Revenues collected and received by the CID exceed the
amount necessary to pay in full Project Obligations payable from the CID Special Assessment Revenues,
any excess funds shall be refunded to the owners of such tracts, lots or parcels that paid the final year of
CID Special Assessments, pro rata relative to the amounts paid by such owners. Such refunds shall be made
by December 31 of the year following the final year of the CID Special Assessments.
Section 12. Federal Work Authorization Program. Simultaneously with the execution of
this Agreement, the Developer shall provide the CID and the City with an affidavit, in substantially the
form of Exhibit C to the Redevelopment Agreement, and documentation to evidence the Developer's
compliance with Section 285.530 of the Revised Statutes of Missouri, as amended.
Section 13. Insurance.
(a) The CID will maintain reasonable levels of insurance throughout its existence. Without
limiting the generality of the foregoing, the CID shall, simultaneously with the execution of this Agreement
and annually thereafter through the term of this Agreement, provide evidence of a directors and officers
liability or similar policy (in form and substance reasonably acceptable to the City Attorney) that includes
coverage for all suits, claims, costs of defense, damages, injuries, liabilities, costs and/or expenses,
including court costs and attorneys' fees and expenses, resulting from, arising out of, or in any way
connected with the proceedings of the CID Board pursuant to the CID Act and Chapter 610 of the Revised
Statutes of Missouri.
(b) The policies of insurance required pursuant to clause (a) above shall be placed with
MOPERM or financially sound and reputable insurers licensed to transact business in the State of Missouri
with a financial strength rating of not less than A- and a financial size category of not less than VIII as
designated in the most currently available "A.M. Best's" insurance reports. The CID shall deliver or cause
to be delivered to the City copies of all insurance policies maintained hereunder.
Section 14. Hold Harmless. Notwithstanding anything herein to the contrary, the City shall
not be liable to the Developer, the Fee Owners or the CID for damages or otherwise if all or any part of the
CID, the CID Project or any ordinance or resolution of the City adopted in connection therewith is declared
invalid or unconstitutional in whole or in part by any court of competent jurisdiction.
Section 15. Successors and Assigns. This Agreement may be assigned by the Fee Owners
and/or the Developer in the same manner as allowed for the assignment of the Redevelopment Agreement
in Section 6.4 of the Redevelopment Agreement.
Section 16. Severability. If any term or provision of this Agreement is held to be
unenforceable by a court of competent jurisdiction, the remainder shall continue in frill force and effect, to
the extent the remainder can be given effect without the invalid term or provision.
FMI
Section 1.7. Waiver. The City's failure at any time hereafter to require strict performance by
the CID, the Fee Owners or the Developer of any provision of this Agreement shall not waive, affect, or
diminish any right of the City thereafter to demand strict compliance and performance therewith.
Section 18. Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be deemed an original, but all of which shall constitute one and the same agreement.
Section 19. Anti -Discrimination Against Israel Act. Pursuant to Section 34.600 of the
Revised Statutes of Missouri, as amended, the Developer and each Fee Owner certifies that it is not
currently engaged in and shall not, for the duration of this Agreement, engage in a boycott of goods or
services from the State of Israel; companies doing business in or with Israel or authorized by, licensed by,
or organized under the laws of the State of Israel; or persons or entities doing business in the State of Israel.
[Remainder of Page Intentionally Left Blank]
NN
IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed in
their respective names and attested as of the date first above written.
[SEAL]
ATTEST:
Gayle Conrad, City Clerk
[Cooperation Agreement]
r i
CITY OF CAPE GIRARDEAU, MISSOURI
IC
Kenneth Haskin, City Manager
CAPE WEST PLAZA COMMUNITY
IMPROVEMENT DISTRICT
Title: Chair
[SEAL]
ATTEST:
By:
Name:
Title:
Secretary
[Cooperation Agreement]
DRURY AT 2024, LLC
By:
Name: Timothy M. Drury
Title:
DRURY LAND DEVELOPMENT, INC.
By:
Name
Title:
Timothy M. Drury
President
DRURY DEVELOPMENT CORPORATION
By:
Name
Title:
[Cooperation Agreement]
Timothy M. Drury
President
ESTIMATED PROJECT BUDGET AND REIMBURSABLE DISTRICT PROJECT COSTS
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with t1w C11) pKil"a (WhOt, in the Awqw, 4AU wA exteed, S200,000), Costs of' bluamm (SS dcflfttd in the Petition), if MIN', thc
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G-1
REDEVELOPMENT AGREEMENT
among the
CITY OF CAPE GIRARDEAU, MISSOURI,
DRURY AT 2024, LLC,
DRURY LAND DEVELOPMENT, INC.,
DRURY DEVELOPMENT CORPORATION
and
CAPE WEST PLAZA REDEVELOPMENT CORPORATION
dated as of
[*Document Date*]
TABLE OF CONTENTS
Page
Recitals...............................................................................................................................1
ARTICLE I
DEFINITIONS
1.1. Definitions.......................................................................................................................................2
ARTICLE II
DEVELOPER DESIGNATION; DEVELOPER TO ADVANCE COSTS
2.1. Developer Designation..................................................................................................................... 6
2.2. Developer to Advance Costs............................................................................................................ 6
ARTICLE III
MANNER OF REDEVELOPMENT
3.1.
Project Development........................................................................................................................ 6
3.2.
Project Construction.........................................................................................................................7
3.3.
Construction Contracts.....................................................................................................................7
3.4.
Competitive Bids; Prevailing Wage; Federal Work Authorization................................................. 8
3.5.
Governmental Approvals................................................................................................................. 8
3.6.
Excusable Delay.............................................................................................................................. 8
3.7.
Completion Certificates................................................................................................................... 9
3.8.
Property Maintenance; Compliance with Applicable Laws............................................................. 9
ARTICLE IV
REIMBURSEMENT OF REIMBURSABLE DISTRICT PROJECT COSTS; PROJECT OBLIGATIONS
4.1. Reimbursement of Reimbursable District Project Costs.................................................................. 9
4.2. Project Notes..................................................................................................................................10
4.3. Project Bonds.................................................................................................................................11
4.4. Cooperation in the Issuance of Project Obligations.......................................................................11
4.5. City to Select Bond Counsel, Underwriter and Consultants; Term and Interest Rate ...................11
4.6. Project Bonds, CID Special Assessment and Chapter 353 Abatement..........................................11
ARTICLE V
DEVELOPMENT INCENTIVES
5.1. Real Property Tax Abatement; Taxes and Payments in Lieu of Taxes..........................................12
5.2. Sales Tax Exemption on Construction Materials...........................................................................14
5.3. Community Improvement District.................................................................................................14
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5.4. Public Participation........................................................................................................................15
ARTICLE VI
GENERAL PROVISIONS
6.1.
Developer's Right of Termination.................................................................................................16
EXHIBIT B —
6.2.
City's Right of Termination...........................................................................................................16
Form of Federal Work Authorization Program Affidavit
6.3.
Results of Termination...................................................................................................................16
EXHIBIT E —
6.4.
Successors and Assigns; Transfers of Property.............................................................................16
Form of Cooperation Agreement
6.5.
Remedies........................................................................................................................................17
6.6.
Notices...........................................................................................................................................17
6.7.
Insurance Requirements.................................................................................................................18
6.8.
Release and Indemnification..........................................................................................................19
6.9.
Choice of Law; Conflicts...............................................................................................................
20
6.10.
Counterparts...................................................................................................................................20
6.11.
Severability ....................................................................................................................................
20
6.12.
No Waiver of Sovereign Immunity ................................................................................................
20
6.13.
No Third -Party Beneficiaries.........................................................................................................20
6.14.
Conflict of Interest.........................................................................................................................
20
6.15.
Further Authority ...........................................................................................................................
21
6.16.
Project Data....................................................................................................................................
21
6.17.
Term of Agreement........................................................................................................................
21
ARTICLE VII
REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PARTIES
7.1. Representations by the City........................................................................................................... 21
7.2. Representations by Drury AT........................................................................................................ 22
7.3. Representations by Drury Land..................................................................................................... 22
7.4. Representations by the Developer................................................................................................. 23
7.5. Representations by the Redevelopment Corporation..................................................................... 24
Signatures........................................................................................................................ S-1
EXHIBIT A —
Legal Description of Redevelopment Area
EXHIBIT B —
Depiction of Redevelopment Project/Concept Site Plan
EXHIBIT C —
Form of Federal Work Authorization Program Affidavit
EXHIBIT D —
Form of Certificate of Reimbursable District Project Costs
EXHIBIT E —
Form of Completion Certificate
EXHIBIT F —
Form of Cooperation Agreement
EXHIBIT G —
Estimated Project Budget and Reimbursable District Project Costs
REDEVELOPMENT AGREEMENT
THIS REDEVELOPMENT AGREEMENT (as from time to time modified, amended or
supplemented, this Agreement") is made and entered into as of [*Document Date*], by and among the
CITY OF CAPE GIRARDEAU, MISSOURI, a home rule city and political subdivision organized and
existing under the laws of the State of Missouri (the "City"), DRURY AT 2024, LLC, a Missouri limited
liability company (together with its successors and assigns, "Drury AT"), DRURY LAND
DEVELOPMENT, INC., a Missouri corporation (together with its successors and assigns, "Drury Land"
and, collectively with Drury AT, the "Fee Owners"), DRURY DEVELOPMENT CORPORATION, a
Missouri corporation (the `Developer"), and CAPE WEST PLAZA REDEVELOPMENT
CORPORATION, a Missouri redevelopment corporation (together with its successors and assigns, the
"Redevelopment Corporation " and, collectively with the City, the Fee Owners and the Developer, the
"Parties ") -
1.7 �TO NVA rly
A. The Corporation has submitted the "Cape West Plaza Development Plan" (as from time to
time modified, amended or supplemented, the `Development Plan ") concerning an approximately 20.25 -
acre area located at 242 and 330 Siemers Drive (as more particularly described on Exhibit A attached
hereto and incorporated herein by reference, the "Redevelopment Area"). The Development Plan was
prepared in accordance with (1) Chapter 353 of the Revised Statutes of Missouri ( "Chapter 353 ") and (2)
Chapter 28 of the City Code of Ordinances ( "Chapter 28
B. The Redevelopment Corporation has proposed, and the Development Plan contemplates,
that the Redevelopment Area will be redeveloped by the Developer for retail and other commercial uses
(collectively and as further described herein and in the Development Plan, the "Redevelopment Project").
C. On February 13, 2026, the Fee Owners filed a petition with the City to establish the Cape
West Plaza Community Improvement District -(the "CID ") encompassing the Redevelopment Area to assist
in financing and implementing the Redevelopment Project. On February 25, 2026, the Fee Owners filed
an Amended and Restated Petition to establish the Cape West Plaza CID.
D. On March 2, 2026, the City Council held duly -noticed public hearings concerning (1) the
establishment of the CID in accordance with the requirements of the CID Act (as hereafter defined) and
(2) the approval of the Development Plan in accordance with the requirements of Chapter 353 and Chapter
28.
E. On March 16, 2026, the City Council adopted (1) Ordinance No. approving the
Development Plan and authorizing the execution of this Agreement and (2) Ordinance No.
establishing the CID.
F. The Parties desire to enter into this Agreement to set forth the terms upon which the
Redevelopment Project will be completed, including the provision of certain economic development
incentives in connection therewith.
AGREEMENT
NOW, THEREFORE, in consideration of the premises and mutual promises contained herein and
other good and valuable consideration, the adequacy and sufficiency of which are hereby acknowledged,
the Parties hereto agree as follows:
ARTICLE I
DEFINITIONS
1.1. Definitions. In addition to any words and terms defined elsewhere in this Agreement, the
following words and terms as used in this Agreement shall have the following meanings, unless some other
meaning is plainly intended:
"Abatement Initiation Year" means the calendar year in which the Redevelopment Corporation
obtains fee title to a Lot, unless the Developer sends a written request to the City and the Assessor stating
the Developer's desire for the Abatement Initiation Year to begin in the year following the calendar year in
which the Redevelopment Corporation obtains fee title to such Lot and the City and the Assessor agree to
such request.
"Actual Abatement Amount" means, with respect to any Lot in any calendar year, the difference
between (a) the ad valorem real property taxes that would have otherwise been due and payable on such
Lot during such year, but for the limited tax abatement provided by Section 5.1, and (b) the sum of all
Unabated Taxes and/or PILOTS paid during such year pursuant to Section 5.1.
"Annual Special Assessment Schedule" means, with respect to any Lot in any calendar year, the
basis for determining the maximum annual installment of the CID Special Assessment to be levied against
such Lot for such year, as set forth on Schedule I to Exhibit C to the petition to establish the CID, as such
petition may be amended from time to time if such annual installment set forth on Schedule I exceeds the
Actual Abatement Amount.
"Approved Site Plan " means the site development plan or plans reflecting one or more portions of
the Redevelopment Project approved by all entities required to approve a site plan pursuant to the City
Code, as such site plan or site plans may be submitted, approved and amended from time to time in
accordance with the City Code.
"Assessor" means the Assessor of Cape Girardeau County.
"Base Taxes" means (1) with respect to Parcel Number 20-309-00-02-004.00-0000 (330 Siemers
Drive), $92,036.31, (2) with respect to Parcel Number 20-309-00-02-004.00-2000 (242 Siemers Drive),
$94,151.05 and (3) with respect to Parcel Number 20-309-00-02-004.00-2001 (262 Siemers Drive),
$9,084.02.
"Bond Counsel" means Gilmore & Bell, P.C., St. Louis, Missouri, or another attorney at law or a
firm of attorneys selected by the City of nationally recognized standing in matters pertaining to the tax-
exempt nature of interest on obligations issued by states and their political subdivisions, duly admitted to
the practice of law in the State of Missouri.
"Bond Proceeds" means the net cash proceeds from the sale of Project Bonds available for deposit
in the Project Fund (after deposit of funds for Issuance Costs, capitalized interest and any debt service
reserve), together with any interest earned thereon.
"Certificate of Reimbursable District Project Costs " means a document, substantially in the form
of Exhibit D, attached hereto and incorporated herein by reference, delivered by the Developer to the City
and the CID, which, upon the written acceptance by the CID and the written acceptance by the City pursuant
to Section 3.1(d), will evidence the Reimbursable District Project Costs incurred by and payable to the
Developer.
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"CID Act" means the Community Improvement District Act, Sections 67.1401 to 67.1571 of the
Revised Statutes of Missouri.
"CID Sales Tax" means the community improvement district sales and use tax to be levied by the
CID at a rate of not more than 1 % in accordance with the CID Act.
"CID Sales Tax Revenues " means the revenues generated by the CID Sales Tax, excluding (a) any
amount paid under protest until the protest is withdrawn or resolved against the taxpayer and (b) any sum
received by the CID that is the subject of a suit or other claim communicated to the CID, which suit or
claim challenges the collection of such sum, until such suit or other claim is withdrawn or resolved against
the claimant.
"CID Special Assessment" means, with respect to any Lot in any calendar year, the special
assessment to be levied by the CID (or imposed by contract) for such year at a rate not to exceed the greater
of (a) the Actual Abatement Amount or (b) the amount shown on the Annual Special Assessment Schedule.
"CID Special Assessment Revenues" means the revenues generated by the CID Special
Assessment, excluding (a) any amount paid under protest until the protest is withdrawn or resolved against
the taxpayer and (b) any sum received by the CID that is the subject of a suit or other claim communicated
to the CID, which suit or claim challenges the collection of such sum, until such suit or other claim is
withdrawn or resolved against the claimant.
"City Attorney" means the person duly appointed as the City Attorney pursuant to the City Code.
"City Code" means the Code of Ordinances of the City, as may be amended from time to time.
"City Manager" means the person duly appointed as City Manager pursuant to the City Code.
"Collector" means the Collector of Revenue of Cape Girardeau County.
"Completion Certificate" means a document, substantially in the form of Exhibit E, attached
hereto and incorporated herein by reference, delivered by the Developer to the City, which, upon the City's
written acceptance thereof pursuant to Section 3.7, will evidence the Developer's satisfaction of all
obligations and covenants to complete the In -Line Project or the Sears Project, as applicable, pursuant to
this Agreement. No Completion Certificate will constitute a final inspection certificate, final occupancy
certificate, or other documentation required by the City or any other governmental entity to occupy the
Redevelopment Project or any portion thereof.
"Concept Site Plan" means the site concept plan set forth as Exhibit B, attached hereto and
incorporated herein by reference, depicting the conceptual program for construction of the Redevelopment
Project.
"Cooperation Agreement" means an agreement, substantially in the form of Exhibit F, attached
hereto and incorporated herein by reference, to be entered into among the City, the CID, the Fee Owners
and the Developer, as may be amended from time to time.
"Fee Owners " means, collectively, Drury AT and Drury Land, and "applicable Fee Owner" means
Drury AT or Drury Land, as appropriate.
"Governmental Approvals" means all plat approvals, re -zoning or other zoning changes, planned
unit development approvals, site plan approvals, conditional use permits, variances, building permits,
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architectural review or other subdivision, zoning or similar approvals, or approvals required by the City
Code or this Agreement for the implementation of the Redevelopment Project.
"In -Line Project" means the portion of the Redevelopment Project to be carried out within Parel
Number 20-309-00-02-004.00-2000.
"Incentives" means the incentives to be received by the Fee Owners and the Developer pursuant
to this Agreement, consisting of CID reimbursements and a Chapter 100 sales and use tax exemption on
the construction materials necessary to complete the Redevelopment Project.
"Issuance Costs " means all costs reasonably incurred by the City in connection with the issuance
of the Project Obligations, including, but not limited to, the fees and expenses of financial advisors and
consultants, the City's attorneys (including the City Attorney, Bond Counsel and disclosure counsel), the
Issuer's attorneys, the CID's attorneys (not to exceed $25,000), the underwriter and its counsel, the City's
administrative fees and expenses, the underwriter's discount and fees and the costs of printing any Project
Obligations and any official statements relating thereto.
"Issuer" means the issuer of any Project Obligations as mutually agreed by the City and the
Developer, which may be but is not limited to the CID, the Missouri Development Finance Board, or The
Industrial Development Authority of the County of Cape Girardeau, Missouri.
"Lender" means any entity (a) not affiliated with the Developer or a Related Party that has made
a loan to the Developer or a Related Party that is secured by all or a portion of the reimbursement to be
received by the Developer under this Agreement, and (b) for which the Developer has provided notice to
the City, including notice of the fact that such entity has provided such loan and the name, address and
contact person for such entity.
"Lot" means each parcel as to which a CID Special Assessment is imposed, as contemplated by
the Development Plan, which the Developer expects to be Parel Number 20-309-00-02-004.00-0000, Parcel
Number 20-309-00-02-004.00-2000 and Parcel Number 20-309-00-02-004.00-2001.
"Maximum Reimbursement Amount" means $11,500,000l�us (a) Issuance Costs and (b) amounts
paid by the Developer pursuant to Section 2.2(a) -(d). The Maximum Reimbursement Amount represents
the maximum reimbursement to the Developer under this Agreement.
"Parcel" means either of the separate parcels within the Redevelopment Area, being Parcel
Number 20-309-00-02-004.00-0000 and Parcel Number 20-309-00-02-004.00-2000, and all of the Property
associated therewith.
"PILOTS " means the payments in lieu of taxes to be made by the Fee Owners pursuant to
Section 5.1.
"Prime Rate " means the prime rate reported in the "Money Rates" column or any successor column
of The Wall Street Journal, currently defined therein as the base rate on corporate loans posted by at least
70% of the nation's 10 largest banks. If The Wall Street Journal ceases publication of the Prime Rate, then
"Prime Rate" shall mean the "prime rate" or "base rate" announced by Bank of America, N.A., or any
successor thereto.
"Project Bonds" means any bonds authorized and issued by the Issuer for the purposes described
in this Agreement and subject to the terms hereof.
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"Project Fund" means the project fund established in connection with the issuance of any Project
Obligations.
"Project Notes " means any notes authorized and issued by the Issuer to the Developer or a Related
Party for the purposes described in this Agreement and subject to the terms hereof.
"Project Obligations " means, collectively, the Project Notes and the Project Bonds.
"Property" means the real property (including without limitation all options held by third parties,
fee interests, leasehold interests, tenant-in-common interests and such other like or similar interests)
necessary to complete the Redevelopment Project, together with all improvements now existing or hereafter
located thereon.
"Redevelopment Project" means, collectively, (a) the Sears Project, including demolishing and
removing, renovating, reconstructing or rehabilitating all or a portion of the site infrastructure and
improvements located at 330 Siemers Drive to convert the property from a single commercial use to a multi -
tenant commercial use, including without limitation sitework/demolition, concrete work, thermal and
moisture protection, finishes, mechanical and electrical work, such that the building is retail -ready and
suitable for occupancy (e.g., water tight and "white box" for future tenant occupancy); and (b) the In -Line
Project, including demolishing and removing, renovating, reconstructing or rehabilitating all or a portion
of the site infrastructure and improvements located at 242-308 Siemers Drive to enhance the existing multi -
tenant commercial shopping center, including without limitation demolition, removal and replacement of
sidewalks, asphalt overlay and re -striping of parking lot, repair and paint building fagade, install brick
fagade to existing columns of the building, demolition and replacement of the roof of the building, retrofit
existing parking lot lights to LED and paint light poles, reimage existing exterior signage and enhance
landscaping.
"Reimbursable District Project Costs" means those costs of the Redevelopment Project listed in
Exhibit G (which shall not include costs of acquiring the Property or any interest therein).
"Related Party " means any party related to the Developer by one of the relationships described in
Section 267(b) of the United States Internal Revenue Code of 1986, as amended, or any party controlled by
or under common control with the Developer.
"Sears Project" means the portion of the Redevelopment Project to be carried out within Parel
Number 20-309-00-02-004.00-0000.
"Trustee" means the trustee for any Project Obligations.
"Unabated Taxes" means, with respect to the first 10 years of any Lot's tax abatement period, as
described in Section 5.1, the ad valorem real property taxes imposed on such Lot, as measured in
accordance with Section 353.110 of Chapter 353 by the amount of the assessed valuation of such Lot's
land, exclusive of improvements, as was determined by the Assessor in the calendar year preceding the
calendar year in which the Redevelopment Corporation acquired such Lot.
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ARTICLE II
DEVELOPER DESIGNATION; DEVELOPER TO ADVANCE COSTS
2.1. Developer Designation. The Developer represents that Related Parties own all of the
Property within the Redevelopment Area. The City hereby selects the Developer to implement the
Redevelopment Project in accordance with the Development Plan, this Agreement and all Governmental
Approvals.
2.2. Developer to Advance Costs.
(a) Advances Under Fee Agreement. Pursuant to a fee agreement with Gilmore & Bell, P.C.,
the Developer has agreed to pay the fees and expenses of Gilmore & Bell, P.C. associated with the
consideration of the Redevelopment Plan, the creation of the CID and the negotiation of this Agreement.
(b) Advances Upon Execution of Agreement. The Developer agrees to pay the City's third -
party legal and other consultants' fees incurred in connection with the approval of the Redevelopment Plan,
the negotiation and administration of this Agreement (including, without limitation, the review of
Certificates of Reimbursable District Project Costs and the Completion Certificates), the defense of any
challenges to the validity of the ordinances relating to the Redevelopment Plan and this Agreement and the
creation of the CID. The City shall consult with the Developer before entering into any new engagements
with any third party and shall provide the Developer with a monthly statement showing each agreement
executed and amounts paid pursuant to each such agreement. The Developer shall pay each monthly
statement within 30 days of receipt. The Developer's obligation under this paragraph will terminate upon
the City's acceptance of Completion Certificates for the entirety of the Redevelopment Project.
(c) Advances Upon Issuance of Project Notes. Upon the initial issuance of the Project Notes,
the Developer agrees to pay to the City an amount not to exceed $50,000 for the payment or reimbursement
of reasonable Issuance Costs of the City (including the fees and expenses of the City Attorney and Bond
Counsel) relating to the Project Notes.
(d) No Waivers. Payment of any advance under this Section will not waive any application
fee or other cost to the Developer associated with any Governmental Approvals required by the City Code,
including but not limited to application fees for zoning changes and costs of traffic studies and landscape
review.
(e) Advances to be Reimbursable. To the extent permitted by law, all sums advanced or
deemed advanced by the Developer under this Section shall constitute Reimbursable District Project Costs
to be reimbursed to the Developer from the proceeds of Project Notes issued as provided herein.
ARTICLE III
MANNER OF REDEVELOPMENT
3.1. Project Development.
(a) The Developer shall proceed with construction of the Redevelopment Project within six
months after the effective date of this Agreement. The Developer shall submit to the City a Certificate of
Completion for (1) the In -Line Project within 24 months after the effective date of this Agreement and (2)
the Sears Project within 42 months after the effective date of this Agreement.
(b) The Developer and its project teams shall (1) submit quarterly written reports to the City
regarding the status of the Redevelopment Project and leasing of the commercial space within the
Redevelopment Area (provided, the Developer does not have to disclose any tenants or prospective tenants
that the Developer, in its sole discretion, determines the disclosure of which will harm lease negotiations
or other business relationships) and (2) upon reasonable notice, meet with the City Manager and such other
City staff and consultants as designated by the City Manager to review and discuss the construction of the
Redevelopment Project to enable the City to monitor the status of construction and to determine that the
Redevelopment Project is being performed and completed in accordance with this Agreement and the City
Code.
(c) Upon the substantial completion of the Redevelopment Project on either Parcel, the
Developer may furnish to the City a Certificate of Reimbursable District Project Costs, which shall be
reviewed by the City and approved or disapproved in accordance with Section 3.1(d).
(d) Within 30 days following submission of the Certificate of Reimbursable District Project
Costs signed by the Developer and approved by the CID, the City shall notify the Developer in writing of
its approval or disapproval of such certificate. The certificate may be approved in part and disapproved in
part. If the City determines that any cost identified in such certificate does not qualify as a Reimbursable
District Project Cost pursuant to this Agreement, the City shall so notify the Developer in writing within
such 30 -day period, identifying the ineligible cost and the basis for determining the cost to be ineligible. If
the City fails to approve or disapprove the Certificate of Reimbursable District Project Costs in writing
within such 30 -day period, the Certificate of Reimbursable District Project Costs shall be deemed
disapproved by the City. Nothing herein shall prevent the Developer from resubmitting all or any portion
of the costs identified in a Certificate of Reimbursable District Project Costs that has been deemed
disapproved by virtue of the City's inaction.
(e) Following the substantial completion of the In -Line Project or the Sears Project, as
applicable, the applicable Fee Owner may transfer fee title to the applicable Parcel to the Redevelopment
Corporation for the purpose of initiating real property tax abatement as provided in Chapter 353 and Section
5.1. Immediately after acquiring fee title to a Parcel, the Redevelopment Corporation shall transfer fee title
to such Parcel back to the applicable Fee Owner. The Developer or the applicable Fee Owner shall provide
a copy of the recorded deed transferring fee title to such Parcel to the Redevelopment Corporation to the
City and the Assessor. The Developer or the applicable Fee Owner shall also provide the Assessor and/or
the Collector with any information relating to the Redevelopment Project that is necessary for the Assessor
and/or the Collector to effect the real property tax abatement contemplated by this Agreement and to
properly calculate the Unabated Taxes and PILOTs due hereunder.
3.2. Project Construction.
(a) Construction of the Redevelopment Project shall be pursued in a good and workmanlike
manner in accordance with the terms of this Agreement.
(b) The City and its duly authorized agents may, at reasonable times during normal business
hours and, except in the event of emergencies, upon not less than one business day's prior written notice,
subject to the Developer's usual business, proprietary, safety and security requirements, inspect any work
being performed in connection with the construction of the Redevelopment Project or any portion thereof.
Police work by the City's Police Department is not limited by this Agreement.
3.3. Construction Contracts. All construction contracts for the Redevelopment Project
entered into by or on behalf of the Developer shall state that the contractor has no recourse against the City
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in connection with the contractor's construction of the applicable portion of the Redevelopment Project
(but the absence of such a provision shall not result in any such recourse being available).
3.4. Competitive Bids; Prevailing Wage; Federal Work Authorization.
(a) The Developer shall comply with all federal, state and local laws relating to the
construction of the Redevelopment Project, including, but not limited to, Section 107.170 of the Revised
Statutes of Missouri and laws relating to the payment of prevailing wages and competitive bidding, to the
extent such laws are applicable to the Redevelopment Project.
(b) The Developer acknowledges that it must comply with Section 285.530 of the Revised
Statutes of Missouri regarding enrollment and participation in a federal work authorization program with
respect to its employees working in connection with the Redevelopment Project. The Developer represents
and warrants that it is in compliance with Section 285.530 of the Revised Statutes of Missouri at the time
of execution of this Agreement and has provided a sworn affidavit and supporting documentation affirming
participation by or on behalf of itself in a qualified work authorization program as evidence thereof. On or
before December 31 of each year during the term of this Agreement, beginning December 31, 2026, the
Developer shall provide an affidavit in substantially the form of Exhibit C, attached hereto and
incorporated herein by reference, and documentation to evidence the Developer's continued compliance
with Section 285.530 of the Revised Statutes of Missouri.
(c) It shall be a material breach of this Agreement if the Developer knowingly permits a
contractor to employ persons not authorized to work in the United States. If the Developer reasonably
believes a contractor working on the Redevelopment Project is employing persons not authorized to work
in the United States, the Developer shall promptly report the basis for that belief to the City.
3.5. Governmental Approvals. The Developer shall obtain or cause to be obtained all
necessary Governmental Approvals and shall be subject to all lawful inspections and perform such
necessary acts as are required under the ordinances of the City. The City agrees to cooperate with the
Developer to request that the City process and timely consider all complete applications for the
Governmental Approvals within the jurisdiction of the City as received, all in accordance with the City
Code and other applicable laws and regulations.
3.6. Excusable Delay. Notwithstanding anything to the contrary contained herein, the times
for performance under Section 3.1(a) shall be automatically extended by the number of days of delay
caused by actions or events beyond the control of the Developer, including acts of God, labor disputes,
strikes, lockouts, civil disorder or unrest, war, lack of issuance of any permits and/or legal authorizations
by a governmental entity necessary for the Developer to proceed with the construction or to cause the
construction of the applicable portion of the Redevelopment Project (provided that reasonable efforts have
been made to obtain said permits and/or authorizations and all conditions precedent to the issuance of said
permits and/or authorizations have been met), shortage or delay in the shipment of material or fuel, the
occurrence of an epidemic or pandemic that materially impacts the availability of labor, fire, unavoidable
casualties, unusually adverse weather conditions, unusually wet soil conditions, materially adverse
litigation relating to the Redevelopment Project, including, but not limited to, any litigation, court order or
judgment resulting from any litigation affecting the validity of the Development Plan, the Redevelopment
Project or this Agreement, or any other causes beyond the Developer's reasonable control (an "Excusable
Delay "). No Excusable Delay will be deemed to exist unless the Developer notifies the City in writing of
such Excusable Delay within 30 days after the commencement of the event causing such Excusable Delay
(or within 30 days after the date that the Developer should reasonably have determined that such event
would cause such Excusable Delay). An Excusable Delay shall not include any condition or circumstance
caused or extended by the Developer or a Related Party or attributable to actions or inaction by the
in
Developer or a Related Party. The Parties agree that lender restrictions, financial conditions, economic
conditions, market conditions, lack of tenant interest and similar conditions or events do not constitute
Excusable Delays.
3.7. Completion Certificates.
(a) The Developer shall furnish a Completion Certificate to the City upon substantial
completion of the In -Line Project and the Sears Project.
(b) The City shall diligently process each Completion Certificate, including making such
inspections as it deems necessary to verify to its reasonable satisfaction the accuracy of the certifications
contained therein. The City shall accept or reject each Completion Certificate in writing within 30 days
following delivery to the City. If the City fails to accept or reject a Completion Certificate in writing within
such 30 -day period, then the Developer shall notify the City in writing of its failure to take action on the
Completion Certificate, and the City shall have 15 days from receipt of such notice to accept or reject the
Completion Certificate in writing. If the City has not accepted or rejected a Completion Certificate within
such 15 -day period, the Completion Certificate shall be deemed rejected by the City. If the City rejects the
Completion Certificate and/or the accompanying certifications, such rejection shall specify in reasonable
detail in what respects the Developer has failed to complete the In -Line Project or the Sears Project, as
applicable, in accordance with the provisions of this Agreement, or in what respects the Developer is
otherwise in default, and what specific measures or acts the Developer must take or perform, in the
reasonable opinion of the City, to obtain such acceptance. The Developer shall have such amount of time
as is reasonably necessary to address the failures. When addressed (or if deemed rejected), the Developer
shall re -submit the Completion Certificate to the City in accordance with this subsection and the 30 -day
period for the City's approval or rejection of the Completion Certificate shall begin again subject to the
foregoing provisions.
(c) Upon the City's acceptance of both Completion Certificates, the Developer may record the
Completion Certificates with the Cape Girardeau County Recorder of Deeds, and the same shall constitute
evidence of the satisfaction of the Developer's agreements and covenants to perform its obligations
hereunder with respect to the entirety of the Redevelopment Project.
(d) Notwithstanding subsection (c) above, if the City has accepted a Completion Certificate
with respect to the In -Line Project and Project Notes have been issued for the In -Line Project, then the
CID's obligation to repay such Project Notes shall survive subsequent termination of this Agreement by
the City, except that repayment of such Project Notes shall be limited to 40% of the original principal
amount thereof and shall be made solely from CID Sales Tax Revenues.
3.8. Property Maintenance; Compliance with Applicable Laws. Each Fee Owner shall
maintain or cause to be maintained all portions of the Redevelopment Project owned, leased or operated by
such Fee Owner or a Related Party in good repair and condition and in compliance with the Approved Site
Plan and all property maintenance provisions included in the City Code.
ARTICLE IV
REIMBURSEMENT OF REIMBURSABLE DISTRICT PROJECT COSTS;
PROJECT OBLIGATIONS
4.1. Reimbursement of Reimbursable District Project Costs. Subject to the restrictions
contained herein, the Developer may be reimbursed for verified Reimbursable District Project Costs, as
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evidenced by Certificates of Reimbursable District Project Costs submitted pursuant to Sections 3.1(c) and
approved in accordance with Section 3.1(d), in an amount not to exceed the Maximum Reimbursement
Amount. Reimbursements to the Developer are limited to proceeds of the Project Obligations authorized
hereunder.
4.2. Project Notes.
(a) Subject to the limitations contained herein and so long as no default by the Developer has
occurred and is continuing hereunder, Project Notes may be issued to the Developer in an aggregate
principal amount not to exceed the Maximum Reimbursement Amount. Project Notes may be issued in
one or more taxable and/or tax-exempt series.
(b) Upon the initial issuance of Project,Notes as provided herein, the Trustee shall endorse the
Project Notes in an amount equal to the Reimbursable District Project Costs set forth in the first Certificate
of Reimbursable District Project Costs submitted pursuant to Section 3.1(c) and approved in accordance
with Section 3.1(d). Within 15 business days after the City's acceptance of the second and final Certificate
of Reimbursable District Project Costs submitted pursuant to Section 3.1(c) and approved in accordance
with Section 3.1(d), the City and the Developer may request the Trustee to issue an endorsement to the
Project Notes in an amount equal to the Reimbursable District Project Costs set forth in such certificate.
Upon each endorsement to the Project Notes, the Developer shall be deemed to have advanced funds
necessary to purchase such Project Notes and the Issuer shall be deemed to have deposited such funds in
the Project Fund and shall be deemed to have reimbursed the Developer on behalf of the City in full from
the amounts deemed to be on deposit in the Project Fund from time to time.
(c) All Project Notes shall have the following terms:
(1) The Project Notes shall bear interest at a variable rate equal to (A) the Prime Rate
plus 2.50% (but not less than 8.00%), if the interest on the Project Notes (in the opinion of Bond
Counsel) is not excluded from gross income for federal income tax purposes, or (B) the Prime Rate
plus 1.00% (but not less than 6.50%) if the interest on the Project Notes (in the opinion of Bond
Counsel) is excluded from gross income for federal income tax purposes. Notwithstanding the
foregoing, in no event shall the interest rate on the Project Notes exceed 10.00%.
(2) Interest on the Project Notes shall accrue only on the amounts deemed advanced
under Section 4.2(b).
(3) Interest on the Project Notes shall be compounded semi-annually.
(d) Except as otherwise provided in Section 4.3(a), the Developer or a Related Party must hold
all Project Notes until substantial completion of the Redevelopment Project, as evidenced by the City's
acceptance of Completion Certificates for the entirety of the Redevelopment Project pursuant to
Section 3.7.
(e) Notwithstanding any other term or provision of this Agreement, Project Notes shall be
payable only from CID Special Assessment Revenues, CID Sales Tax Revenues and Bond Proceeds, and
not from any other.source.
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4.3. Project Bonds.
(a) Project Bonds may be issued following the City's acceptance of Completion Certificates
for the entirety of the Redevelopment Project pursuant to Section 3.7. Proceeds of the Project Bonds may
be used to refund all or a portion of any outstanding Project Notes.
(b) Any Project Notes not refunded by Project Bonds shall be fully subordinated as to both
principal and interest to the Project Bonds.
(c) Notwithstanding any other term or provision of this Agreement, Project Bonds shall be
payable only from CID Special Assessment Revenues and CID Sales Tax Revenues, and not from any other
source.
4.4. Cooperation in the Issuance of Project Obligations. If Project Obligations are issued,
the Developer and the City covenant to cooperate, and to cause the CID to cooperate, and take all reasonable
actions necessary to assist the Issuer, Bond Counsel, underwriters and financial advisors in the preparation
of offering statements, private placement memorandums or other disclosure documents and all other
documents necessary to market and sell the Project Obligations, including (1) disclosing tenants of the
Redevelopment Project and the non-financial terms of the leases between the applicable Fee Owner and
such tenants, and (2) providing sufficiently detailed estimates of the Reimbursable District Project Costs to
be reimbursed so as to enable Bond Counsel to render its opinion as to the tax exemption of the Project
Obligations. The Developer shall, if requested by the City or the Issuer, execute a continuing disclosure
agreement or undertaking, whereby the Developer will be required to provide annual updates to certain
operating information, including the information regarding tenant leases described above. The Developer
will not be required to disclose to the general public or any investor the rent payable under any such lease
or any proprietary or confidential financial information pertaining to the Developer or the Fee Owners, their
respective tenants or the leases with their respective tenants, but upon the execution of a confidentiality
agreement acceptable to the Developer and the Fee Owners, the Developer and the Fee Owners will provide
such information to the City's and the Issuer's financial advisors, underwriters and their counsel to enable
such parties to satisfy their due diligence obligations. Such compliance obligation shall be a covenant
running with the Property, enforceable as if any subsequent transferee thereof were originally a party to and
bound by this Agreement.
4.5. City to Select Bond Counsel, Underwriter and Consultants; Term and Interest Rate.
Following consultation with the Developer and the Issuer, the City may select the Bond Counsel, disclosure
counsel, underwriters, financial advisors and consultants as the City deems necessary for the issuance of
the Project Obligations. The final maturity of the Project Obligations shall not exceed the maximum term
permissible under Missouri law. The Project Obligations shall bear interest at such rates, shall be subject
to redemption and shall have such terms as the City and the Issuer, following consultation with the
Developer, underwriters, financial advisors and consultants, shall reasonably determine in conformance
with the terms of this Agreement.
4.6. Project Bonds, CID Special Assessment and Chapter 353 Abatement. The Parties
expect that the CID Special Assessment will be imposed with respect to each Lot in an amount roughly
equal to the value of the real property tax abatement provided by Section 5.1. Notwithstanding the
foregoing, the Parties agree that it is desirable to reduce the term of the real property tax abatement and/or
the amount of the real property tax abatement, if doing so does not adversely affect the issuance of Project
Bonds to refund those Project Notes secured by the CID Special Assessment Revenues. Accordingly, if
(a) the underwriters, financial advisors and other consultants selected by the City for the issuance of the
Project Bonds determine that only a portion of the CID Special Assessment Revenues is needed to produce
sufficient revenues with which to repay the Project Bonds and (b) all of the then -outstanding Project Notes
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secured by the CID Special Assessment Revenues will be refunded with the Project Bonds, the Parties will,
subject to approval by the City Council, amend this Agreement to reduce the value of the real property tax
abatement to the amount recommended by the underwriters, financial advisors and other consultants. The
reduction may be effected (1) by increasing the PILOTS to be made on any Lot (provided, there may only
be an increase in the PILOTS to be made on any Lot to the extent that there is a corresponding reduction in
the CID Special Assessments to be levied on such Lot), (2) by reducing the term of the abatement on any
Lot, or (3) any combination of (1) and (2). Nothing in this Section shall require the Developer to seek an
amendment to the petition for the creation of the CID or an amendment to the petition of the owners of real
property authorizing the CID Special Assessment if, at the time of any recommendation by the underwriters,
financial advisors or other consultants pursuant to this Section, the Developer or a Related Party does not
own the requisite percentage of real property within the CID as set forth in Section 67.1421.2(l)-(2) of the
CID Act or Section 67.1521.1(1)-(2) of the CID Act, as applicable.
ARTICLE V
DEVELOPMENT INCENTIVES
5.1. Real Property Tax Abatement; Taxes and Payments in Lieu of Taxes.
(a) Subject to the continuing compliance with this Agreement, upon the acquisition of a Parcel
by the Redevelopment Corporation pursuant to Section 3.1(d), such Parcel shall be subject to the limited
tax abatement permitted by Section 353.110 of Chapter 353 for 25 years, beginning with the Abatement
Initiation Year.
'(b) Each Fee Owner covenants and agrees that in each year during the term of this Agreement,
unless this Agreement is amended pursuant to the provisions of Section 4.6, it will make or cause to be
made the following payments with respect to each Lot:
(1) In each year before the Abatement Initiation Year, the greater of:
(A) 100% of the real estate taxes actually due and payable on such Lot; or
(B) 100% of the Base Taxes with respect to such Lot.
(2) In the Abatement Initiation Year and in each of the nine years thereafter, the sum
of the following:
(A) the Unabated Taxes; plus
(B) if the Unabated Taxes are less than the Base Taxes, a PILOT equal to
100% of the difference.
(3) In each of the 15 years thereafter, a PILOT equal to 50% of the real estate taxes
otherwise due and payable upon such Lot, as measured by the assessed valuation thereof as
determined by the County Assessor.
(c) All PILOTs shall be paid to the Collector annually by December 31. The Parties expect
that the real property tax bills provided by the Collector will reflect the appropriate amount of the taxes and
PILOTs to be paid pursuant to this Agreement. However, the failure of the Collector to provide tax bills
reflectingthe he appropriate amount of the taxes and PILOTs to be paid with respect to any Lot pursuant to
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this Agreement will not excuse the Fee Owners or any subsequent owner of such Lot from paying the taxes
and PILOTS set forth above by December 31 of the applicable year.
(d) Each payment received by the Collector shall be distributed among the taxing districts that
levy a real property tax on the Lots in proportion to their respective, then -current real property tax levies.
(e) In consideration of the limited tax abatement provided by this Section, each Fee Owner
agrees that neither it nor any successor in title or interest to any Lot will formally challenge or appeal the
assessed valuation of such Lot at any time while such Lot is receiving limited tax abatement under this
Agreement; provided, the foregoing shall not bind the Fee Owners or any successor if the assessed valuation
is greater than the projected assessed valuation of such Lot, as shown in the tax impact statement prepared
in connection with the Development Plan (the "Tax Impact Statement"). For purposes of this Section, if
any Lot shown in the Tax Impact Statement is subdivided into two or more lots, the projected assessed
valuation of such Lot, as shown in the Tax Impact Statement, shall be allocated among the subdivided lots
on a pro rata basis (by square footage).
(f) The Parties agree that the property tax abatement described in this Agreement will not
apply to special assessments (including the CID Special Assessments) or ad valorem personal property
taxes and will not reduce or eliminate any licenses or fees owing to the City or any other taxing jurisdiction
with respect to the Redevelopment Project.
(g) All deeds of trust and other security agreements secured by the Redevelopment Project or
any portion thereof shall recognize that the PILOTS due and owing hereunder are to be given the same
priority as real property taxes in the event of a foreclosure. To evidence such preference, all such deeds of
trust or other security agreements must contain the following language (or similar language approved by
the City Attorney or Bond Counsel):
Recognition of Lender to terms of Redevelopment Agreement. Lender agrees that for so long as
[the applicable portion of] the Property is subject to and receiving abatement of ad valorem real
property taxes pursuant to the Redevelopment Agreement dated as of [*Document Date*] among
Drury AT 2024, LLC, Drury Land Development, Inc., the City of Cape Girardeau, Missouri (the
"City"), Drury Development Corporation and Cape West Plaza Redevelopment Corporation, the
lien of the [Mortgage] shall be subject and inferior to the lien of the City thereto to the extent of
any unpaid PILOTS (as defined in the aforementioned Redevelopment Agreement). Lender agrees
that any proceeds received by Lender as a result of a foreclosure or deed in lieu of foreclosure
related to [the applicable portion of] the Property shall be applied to pay any due and owing PILOTS
before being applied to satisfy any or all amounts due and owing to the Lender.
Before executing any deed of trust or other security agreement secured by the Redevelopment Project or
any portion thereof, the applicable Fee Owner or a Related Party shall provide the City with a draft of such
deed of trust or other security agreement for the sole purpose of ensuring that the language required by this
Section 5.1(g) is included therein. Any deed of trust or other security agreement secured by the
Redevelopment Project or any portion thereof that does not contain the required language shall be deemed
to include such language, and the party whose obligations are secured by the deed of trust or other security
agreement shall be bound by such language as if it were fully set forth therein. To the extent that the
applicable Fee Owner or a Related Party has provided the City with a draft of any such deed of trust or
other security agreement as required by this paragraph, such Fee Owner or the Related Party, as applicable,
shall have complied with its obligations under this Agreement, and the City shall have no right to terminate
this Agreement with respect to such Parcel because the final deed of trust or other security agreement does
not contain the language required by this Section 5.1(g).
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(h) The Parties agree that the limited tax abatement provided by this Section will be offset by
the imposition of the CID Special Assessment. Therefore, if the CID Special Assessment is not imposed
on any Lot within six months of the Redevelopment Corporation's acquisition of such Lot pursuant to
Section 3.1(d), then the limited tax abatement provided by this Section shall immediately cease and shall
not be reinstated until the CID Special Assessment is imposed on such Lot. In each calendar year in which
the limited tax abatement has ceased, if even for a part of such year, the Developer shall make or cause to
be made a PILOT in an amount which, when added to the Unabated Taxes, equals the amount of ad valorem
real property taxes that would have been imposed on such Lot if the Lot were not subject to abatement.
Any PILOT made under this subsection shall be in lieu of the PILOTS set forth in Sections 5.1(b)(2)(B)
and (C).
(i) Notwithstanding any provision to the contrary contained herein, the limited tax abatement
provided by this Section shall expire upon the earlier of (1) the end of the 25 -year tax abatement period on
each Parcel or (2) the payment in full of all Project Obligations secured by the CID Special Assessment
Revenues. Upon the expiration of the limited tax abatement provided by this Section, (A) the Developer
shall promptly send written notice to the Assessor (with a copy to the City) that the limited tax abatement
on all Lots provided by this Section shall immediately cease and (B) from and after such date, the Developer
or its successor in interest shall pay or cause to be paid 100% of the real estate taxes that are due on each
individual Lot.
5.2. Sales Tax Exemption on Construction Materials. At the Developer's request, the City
will issue industrial revenue bonds pursuant to Chapter 100 to facilitate a sales and use tax exemption on
the construction materials necessary to complete the Redevelopment Project. The costs of the City in
connection with issuing any such industrial revenue bonds, including, without limitation, City Attorney
fees, Bond Counsel fees and trustee fees, shall be paid by the Developer upon delivery of the City's project
exemption certificate. Upon the substantial completion of the entirety of the Redevelopment Project (as
evidenced by the City's acceptance of Completion Certificates pursuant to Section 3.7), the Developer and
its contractors and subcontractors shall cease use of the project exemption certificate.
5.3. Community Improvement District.
(a) The CID shall be governed by a board of directors made up of five individuals appointed
by the Mayor with the consent of the City Council, three of whom shall be representatives of the owners of
real property or businesses operating within the CID and two of whom shall be residents of the City who
are qualified and registered to vote and who have no financial interest in any real property or business
operating within the CID. Successor directors of the CID shall be appointed as set forth in the petition for
the creation of the CID. The Parties, acting through their representatives on the board of directors, shall
cause the CID to (1) engage a qualified administrator and/or legal counsel to assist in managing the CID
and ensuring compliance with applicable laws, (2) authorize and enter into the Cooperation Agreement and
(3) take such steps as are necessary (including casting votes as qualified voters under the CID Act) to
impose the CID Sales Tax and the CID Special Assessments.
(b) The CID shall not impose any tax or assessment (other than the CID Sales Tax and the CID
Special Assessments) or issue any Project Obligations without the prior approval of the City in its sole and
absolute discretion.
(c) If any Project Obligations are issued by or on behalf of the CID, the CID is authorized to
apply the CID Sales Tax Revenues and the CID Special Assessment Revenues to the repayment of such
Project Obligations, as further described in Section 11(c) of the Cooperation Agreement.
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(d) Notwithstanding any provision hereof to the contrary, the authorization to levy the CID
Special Assessments shall terminate upon the earlier of (1) the expiration of the term of the CID or (2) the
payment in full of all Project Obligations secured by the CID Special Assessment Revenues.
5.4. Public Participation.
(a) Reasonable Rate of Return. The purpose of affording public assistance to the
Redevelopment Project is to accomplish the stated public purposes and not to subsidize an otherwise
economically -viable development project. While the City Council has determined that the Redevelopment
Project would not be undertaken but for the public assistance being provided, the parties recognize that the
ongoing profitability of the Redevelopment Project to the Developer or a Related Party is based upon
projections that may or may not be fulfilled. To ensure that the public assistance being provided does not
subsidize an unreasonable level of earnings for the Developer or a Related Party with respect to the
Redevelopment Project, the parties agree that a reasonable level of return for the Redevelopment Project is
a leveraged rate of return of 19.00% (the "Maximum Rate of Return").
(b) Rate of Return Calculation. Upon the sale of the Property, before December 31, 2036, on
which the In -Line Project or the Sears Project is located, the Developer shall provide a leveraged rate of
return calculation (prepared in accordance with industry standards as reasonably determined by the City's
Finance Director) (the "Leveraged Rate ofReturn") with respect to the In -Line Project or the Sears Project,
as applicable. If the Leveraged Rate of Return exceeds the Maximum Rate of Return, then the City and the
Developer (including any applicable Related Party) will equally divide the portion of sale proceeds that
cause the Leveraged Rate of Return to exceed the Maximum Rate of Return. Subject to appropriation by
the City Council, the City will divide its share of any revenues received pursuant to this paragraph among
the taxing districts whose boundaries encompass the Redevelopment Area in proportion to their then -
current real property tax levies. If the sale of the Property occurs on or after December 31, 2036, no public
participation shall be due and no payments from the sale shall be owed by the Developer to the City.
The Developer's calculation of the Leveraged Rate of Return shall include the Developer's signed
certification regarding the accuracy of the calculation. If the City elects, pursuant to subparagraph (c) of
this Section, to audit the Developer's submission, the Developer will provide, in a timely manner, detailed
financial and other information required for the selected firm or consultant to complete the audit.
(c) Audits. The City may, within 30 days after the Developer's submission of the Leveraged
Rate of Return calculation, request an audit of the calculation by an independent firm or consultant selected
by the City in its sole discretion. The Developer shall pay one-half of the costs of such firm or consultant.
The firm or consultant shall inform the City and the Developer of any discrepancy identified by the audit
in writing and provide a detailed explanation of the discrepancy. If the Developer does not provide a written
objection to the audit findings within 30 days, then the audit findings shall be deemed final and the results
of the audit shall be used in calculating or correcting the Leveraged Rate of Return and any payments owed
to the City. If the Developer provides a written objection to the audit findings within 30 days, the Developer
may request a new audit by a mutually -agreeable independent firm or consultant, the costs of which shall
be paid by the Developer. Absent manifest error, the findings of the additional audit shall be deemed final
and shall be relied upon in calculating or correcting the Leveraged Rate of Return and any payments owed
to the City.
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ARTICLE VI
GENERAL PROVISIONS
6.1. Developer's Right of Termination. At any time before the Sears Project is substantially
completed (as evidenced by the City's acceptance of a Completion Certificate for the Sears Project pursuant
to Section 3.7), the Developer may abandon the Redevelopment Project in its entirety and terminate this
Agreement in whole by giving written notice to the City.
6.2. City's Right of Termination. The City may terminate this Agreement in whole if:
(a) the Developer or either Fee Owner defaults in or breaches any material provision
of this Agreement and fails to cure such default or breach pursuant to Section 6.5; or
(b) the Developer or either Fee Owner materially breaches any representation or
warranty contained in Section 7.2, 7.3 or 7.4.
6.3. Results of Termination.
(a) If this Agreement is terminated pursuant to Section 6.1 or Section 6.2:
(1) no additional Certificates of Reimbursable District Project Costs will be approved
by the City; and
(2) except as may expressly survive the termination of this Agreement, including,
without limitation, the CID's obligation to repay any Project Notes as described in Section 3.7(d),
all other rights and obligations hereunder shall be deemed cancelled.
(b) If this Agreement is terminated, the Property shall not be eligible for limited tax abatement,
and the Fee Owners shall pay 100% of the real estate taxes actually due and payable on each Parcel from
and after the calendar year in which this Agreement terminates.
6.4. Successors and Assigns; Transfers of Property.
(a) All or any part of the Property or any interest therein may be sold, transferred, encumbered,
leased, or otherwise disposed of at any time, and the rights of the Fee Owners and the Developer named
herein or any successors in interest under this Agreement or any part hereof may be assigned at any time
before, during or after redevelopment of the Redevelopment Project, whereupon the party disposing of its
interest in the Property or assigning its interest under this Agreement shall be thereafter released from
fiirther obligation under this Agreement (although any such Property so disposed of or to which such
interest pertains shall remain subject to the terms and conditions of this Agreement); provided, except as
otherwise set forth herein, prior to substantial completion of the Redevelopment Project, the Developer
shall not assign its interest in this Agreement to any person or entity without the City's prior written consent.
The City shall not withhold its consent if it is reasonably satisfied that the proposed assignee has significant
development experience and the financial ability to complete the Redevelopment Project (or portion thereof
to be undertaken by such assignee) in accordance with the terms of this Agreement. The Developer shall
be released from liability hereunder with respect to any Parcel upon an approved sale or assignment
pursuant to the preceding sentence.
(b) The City hereby approves, and no prior consent shall be required in connection with:
(1) subject to Section 5.1(g), the right of the Fee Owners and the Developer to encumber or collaterally
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assign their interest in the Property or any portion thereof or their rights, duties and obligations under this
Agreement to obtain the benefits of a tax credit investment or to secure loans, advances or extensions of
credit to finance or from time to time refinance all or any part of the Redevelopment Project, or the right of
the holder of any such encumbrance or transferee of any such collateral assignment (or trustee or agent on
its behalf) to transfer such interest by foreclosure or transfer in lieu of foreclosure under such encumbrance
or collateral assignment; and (2) the right of the Fee Owners to sell, lease or transfer a commercial unit in
the ordinary course of business; provided that in each such event (A) except as set forth herein, the
Developer named herein shall remain liable hereunder for the substantial completion of the Redevelopment
Project and shall be released from such liability hereunder only upon substantial completion, subject,
however, to the Developer's right of termination pursuant to Section 6.1, and (B) the Developer provides
to the City 15 days' advance written notice of the proposed assignment or transfer, other than for the sale
or lease of a commercial unit in the ordinary course of business or the transfer of any rights hereunder or in
the Property to a Related Party.
(c) The Developer shall, promptly upon the consummation of any assignment of its interests
in this Agreement, provide the City with a copy of the assignment and assumption agreement between the
Developer and the assignee.
6.5. Remedies. If any party defaults or breaches any material term or condition of this
Agreement, the defaulting or breaching party shall, upon written notice from the other party or parties
specifying such default or breach, cure or remedy such default or breach within 30 days after receipt of
such notice (or such longer period as is reasonably required to cure such default, provided that (a) the
breaching party has commenced such cure within said 30 -day period, and (b) the breaching party diligently
prosecutes such cure to completion). If such cure or remedy is not taken or not diligently pursued, or the
default or breach is not cured or remedied as provided above, the aggrieved party or parties may institute
such proceedings as may be necessary or desirable in its opinion to cure and remedy such default or breach,
including, but not limited to, proceedings to compel specific performance by the defaulting or breaching
party or to terminate this Agreement.
6.6. Notices. Any notice, demand or other communication required by this Agreement to be
given by one party hereto to another shall be in writing and shall be sufficiently given or delivered if
delivered personally or transmitted electronically (and receipt confirmed by telephone or electronic read
receipt):
(a) If to the City:
City of Cape Girardeau
44 N. Lorimier St.
Cape Girardeau, Missouri 63701
Attention: Assistant City Manager
tpulley@cityofcapegirardeau.org
with copies to:
City of Cape Girardeau
44 N. Lorimier St.
Cape Girardeau, Missouri 63701
Attention: City Attorney
gyoung@cityofcapegirardeau.org
and
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Gilmore & Bell, P.C.
One Metropolitan Square
211 N. Broadway, Suite 2000
St. Louis, Missouri 63102
Attention: Mark D. Grimm, Esq.
mgrimm@gilmorebell.com
(b) If to the Fee Owners, the Developer or the Redevelopment Corporation:
c/o Drury Development Corporation
13075 Manchester Road, Suite 200
St. Louis, Missouri 63131
Attention: Timothy M. Drury
Email: tim.drury@drurydevelopment.com
and:
Armstrong Teasdale LLP
7700 Forsyth Boulevard, Suite 1800
St. Louis, Missouri 63105
Attention: Robert Klahr, Esq.
Email: rklahr@atllp.com
or to such other address with respect to any party as such party may, from time to time, designate in writing
and forward to the others as provided in this Section. A duplicate copy of each notice or other
communication given hereunder shall be given to each other party.
6.7. Insurance Requirements.
(a) The Developer shall obtain, or shall require a Related Party or contractor to obtain,
insurance as hereinafter set forth and shall maintain such insurance from the commencement of constriction
of the Redevelopment Project and continuing through the term of this Agreement. The Developer shall
require that any such insurance obtained by a Related Party or contractor be maintained by such Related
Party or contractor for the duration of the construction of the applicable portion of the Redevelopment
Project. The policies for such insurance shall be placed with financially sound and reputable insurers
licensed to transact business in the State of Missouri. The Developer or Related Party shall, from time to
time at the request of the City, furnish the City with copies of the following polices and endorsements (or,
at the City's option, certificates evidencing such policies and endorsements):
(1) property and casualty insurance to keep the applicable portions of the
Redevelopment Project constantly insured against loss or damage by fire, lightning and all other
risks covered by the extended coverage insurance endorsement then in use in the State of Missouri
in an amount equal to the Full Insurable Value thereof (subject to reasonable loss deductible
clauses). "Full Insurable Valzae" means the actual replacement cost of the applicable portion of
the Redevelopment Project;
(2) commercial general liability insurance with coverages of not less than the current
absolute statutory waivers of sovereign immunity in Sections 537.600 and 537.610 of the Revised
Statutes of Missouri (which for calendar year 2026 is equal to $3,547,658 for all claims arising out
of a single accident or occurrence and $532,148 for any one person in a single accident or
occurrence). Further, the policy shall be adjusted upward annually, to remain at all times not less
an
than the inflation adjusted sovereign immunity limits as published in the Missouri Register on an
annual basis by the Department of Insurance pursuant to Section 537.610 of the Revised Statutes
of Missouri. Each liability policy obtained pursuant to this Section shall name the City as an
additional insured and shall contain an agreement by the insurer that, notwithstanding any right of
cancellation reserved to such insurer, such policy or contract shall continue in force for at least 10
days after written notice of cancellation is given to the City; and
(3) workers' compensation insurance, with statutorily required coverage.
(b) The Developer or Related Party shall maintain commercial general liability insurance
subject to the terms of the Insurance Services Office ("ISO ") Commercial General Liability Coverage Form
CG 0001, or a substitute form providing coverage that is at least as broad as the ISO form specified,
including standard contractual liability coverage. Subject to such policy form's terms, conditions, and
exclusions, contractual liability coverage shall apply to the Developer's indemnification obligations under
Section 6.8. The required commercial general liability insurance shall be placed with such insurance
carriers and contain such terms and conditions as shall be reasonably acceptable to the City Attorney. The
Developer shall provide the City with a copy of such policy and any endorsements (or, at the City's option,
certificates evidencing such policy and endorsements) to evidence the current effectiveness of such
insurance coverage upon the execution of this Agreement and from time to time thereafter upon written
request of the City. The Developer shall name the City as an additional insured under the commercial
general liability insurance coverage required by this Section.
6.8. Release and Indemnification.
(a) The indemnification and covenants contained in this Section shall survive expiration or
earlier termination of this Agreement.
(b) The Developer hereby agrees that, anything to the contrary herein notwithstanding, it will
defend, hold harmless and indemnify the City and its governing body members, officials, employees,
attorneys and agents against any and all claims, demands, actions, causes of action, losses, damages,
injuries, liabilities and/or expenses (including reasonable attorneys' fees and court costs) resulting from,
arising out of, or in any way connected with:
(1) the Developer's failure to comply with any provision of this Agreement or the
activities or transactions contemplated herein;
(2) the negligence or intentional misconduct of the Developer or an affiliate thereof,
or their respective employees and agents;
(3) the presence of hazardous wastes, hazardous materials or other environmental
contaminants in the Redevelopment Area;
(4) any loss of or damage to property or any injury to or death of any person occurring
in or about the Redevelopment Project in connection with any activities, acts or omissions of the
Developer, a Related Party, or any of their respective contractors, agents or employees; or
(5) otherwise arising out of the adoption or administration of this Agreement or the
construction or operation of the portions of the Redevelopment Project.
If the validity or construction of any state laws or local ordinances or resolutions in connection with
this Agreement or affecting the Redevelopment Project are contested in court, the Developer shall defend,
-19-
hold harmless and indemnify the City from and against all claims, demands and/or liabilities of any kind
whatsoever including, without limitation, any claim for reasonable attorneys' fees and court costs, and the
Developer shall pay any monetary judgment and all court costs rendered against the City, if any.
(c) Notwithstanding anything herein to the contrary, the City and its governing body members,
officials, employees, attorneys and agents shall not be liable to the Developer for damages or otherwise if
all or any part of Chapter 353 or any ordinance or resolution of the City adopted in connection with this
Agreement or the Redevelopment Project is declared invalid or unconstitutional in whole or in part by the
final (as to which all rights of appeal have expired or have been exhausted) judgment of any court of
competent jurisdiction.
(d) Notwithstanding the foregoing terms of this Section, the Developer shall have no obligation
to defend, hold harmless or indemnify the City with respect to any matter or expense resulting from or
arising out of the negligence or willful misconduct of the City.
(e) All covenants, stipulations, promises, agreements and obligations of the City contained
herein shall be deemed to be the covenants, stipulations, promises, agreements and obligations of the City
solely, and not of any of its governing body members, officials, employees, attorneys or agents in their
individual capacities.
6.9. Choice of Law; Conflicts. This Agreement shall be taken and deemed to have been fully
executed, made by the Parties in, and governed by the laws of the State of Missouri for all purposes and
intents. Any action arising out of, or concerning, this Agreement shall be brought only in the Cape
Girardeau County Circuit Court or the U.S. District Court for the Eastern District of Missouri.
6.10. Counterparts. This Agreement is executed in multiple counterparts, each of which shall
constitute one and the same instrument.
6.11. Severability. If any term or provision of this Agreement is held to be unenforceable by a
court of competent jurisdiction, the remainder shall continue in full force and effect, to the extent the
remainder can be given effect without the invalid term or provision.
6.12. No Waiver of Sovereign Immunity. Nothing in this Agreement shall be construed or
deemed to constitute a waiver of the City's sovereign immunity.
6.13. No Third -Party Beneficiaries. This Agreement constitutes a contract solely among the
City, Drury AT, Drury Land, the Developer and the Redevelopment Corporation. No third party has any
beneficial interest in, or derived from, this Agreement.
6.14. Conflict of Interest. The Developer represents and warrants that it has fully complied in
all material respects with the City's Charter regarding conflicting interests. In the acquisition, installation,
completion and operation of the portions of the Redevelopment Project being undertaken by the Developer,
no shareholder, member or officer of the Developer shall knowingly, after due inquiry, cause the Developer
to employ or contract with any person if a member of such person's immediate family is a member of the
City Council or is employed by the City in an administrative capacity (i.e., those having selection, hiring
or supervisory or operational responsibility for the work to be performed pursuant to this Agreement). For
the purposes of this Section "immediate family" includes wife, husband, son, daughter, mother, father,
brother, sister, brother-in-law, sister-in-law, father-in-law, mother-in-law, aunt, uncle, niece, nephew, step-
parent, and step -child.
-20-
6.15. Further Authority. The City Manager is authorized to execute all documents on behalf
of the City (including documents pertaining to the transfer of property or the financing or refinancing of
the Redevelopment Project or any portion thereof) as may be required to carry out and comply with the
intent of this Agreement. The City Manager is also authorized, unless expressly prohibited herein, to grant
on behalf of the City such consents, estoppels and waivers relating to this Agreement as may be requested
during the term hereof, provided, such consents, estoppels and/or waivers shall not increase the Maximum
Reimbursement Amount set forth herein, waive an event of default or materially change the nature of the
transactions contemplated herein unless otherwise approved by the City Council.
6.16. Project Data. The Developer has engaged architects, engineers and various other
consultants to enable the Developer to provide certain estimates regarding the total cost of the
Redevelopment Project, for review by the City and its consultants, which estimates are set forth as Exhibit
G, attached hereto and incorporated herein by reference (the `Project Data "). In providing the Project
Data, the Developer has generally reviewed and relied upon certain information furnished by its architects,
engineers and various other consultants. The Project Data contains prospective information, opinions and
estimates regarding a Redevelopment Project that has not yet been constructed. The Project Data is not
provided as a prediction or assurance that a certain level of performance will be achieved or that certain
events will occur. The Parties agree that actual results will vary from the estimates provided in the Project
Data and that such variations may be material. Nevertheless, to the Developer's knowledge, the Project
Data is a good faith estimate of anticipated costs of the Redevelopment Project as of the date hereof.
6.17. Term of Agreement. This Agreement shall terminate on the earliest of the following:
(a) termination by the Developer pursuant to Section 6.1; (b) termination by the City pursuant to
Section 6.2; or (c) payment in full of all outstanding Project Obligations or, if such Project Obligations are
not paid in full at final maturity, then upon expiration of the last to expire of the CID Sales Tax and the CID
Special Assessments.
ARTICLE VII
REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PARTIES
7.1. Representations by the City. The City makes the following representations and
warranties, which are true and correct on the date hereof.-
(a)
ereof:
(a) No Violations. The execution and delivery of this Agreement, the consummation
of the transactions contemplated hereby, and the fulfillment of the terms and conditions hereof do
not and will not conflict with or result in a breach of any of the terms or conditions of any agreement
or instrument to which it is now a party, and do not and will not constitute a default under any of
the foregoing.
(b) No Litigation. To the City's knowledge, no litigation, proceedings or
investigations are pending against the City with respect to the Redevelopment Project or this
Agreement. In addition, no litigation, proceedings or investigations are pending against the City
that seek to restrain, enjoin or in any way limit the approval or execution, delivery or validity of
this Agreement or that would in any manner challenge or adversely affect the existence or powers
of the City to enter into and carry out the transactions described in or contemplated by this
Agreement or the performance by the City of the terms and provisions hereof.
(c) No Default. No default or event of default has occurred and is continuing, and no
event has occurred and is continuing that with the lapse of time or the giving of notice, or both,
&he
would constitute a default or an event of default in any material respect on the part of the City under
this Agreement.
7.2. Representations by Drury AT. Drury AT makes the following representations and
warranties, which are true and correct on the date hereof:
(a) No Violations. The execution and delivery of this Agreement, the consummation
of the transactions contemplated hereby, and the fulfillment of the terms and conditions hereof do
not and will not conflict with or result in a breach of any of the terms or conditions of any corporate
or organizational restriction or of any agreement or instrument to which it is now a party, and do
not and will not constitute a default under any of the foregoing.
(b) No Litigation. To Drury AT's knowledge (including the knowledge of the
representative of Drury AT executing this Agreement), no litigation, proceedings or investigations
are pending against Drury AT (or any member of Drury AT) with respect to the Redevelopment
Project. In addition, to Drury AT's knowledge (including the knowledge of the representative of
Drury AT executing this Agreement), no litigation, proceedings or investigations are pending
against Drury AT (or any member of Drury AT) that seek to restrain, enjoin or in any way limit the
approval or execution, delivery or validity of this Agreement or that would in any manner challenge
or adversely affect the existence or powers of Drury AT to enter into and carry out the transactions
described in or contemplated by this Agreement or the performance by Drury AT of the terms and
provisions hereof.
(c) No Default. No default or event of default has occurred and is continuing, and no
event has occurred and is continuing that with the lapse of time or the giving of notice, or both,
would constitute a default or an event of default in any material respect on the part of Drury AT
under this Agreement or any other material agreement or material instrument related to Drury AT's
ability to perform pursuant to this Agreement and to which Drury AT is a party or by which Drury
AT is or may be bound.
(d) Compliance with Laws. With respect to its ability to perform pursuant to this
Agreement, Drury AT is, to its knowledge, in material compliance with all valid laws, ordinances,
orders, decrees, decisions, rules, regulations and requirements of every duly constituted
governmental authority, commission and court applicable to any of its affairs, business or
operations as contemplated by this Agreement.
(e) Anti -Discrimination Against Israel Act. Pursuant to Section 34.600 of the Revised
Statutes of Missouri, Drury AT certifies it is not currently engaged in and shall not, for the duration
of this Agreement, engage in a boycott of goods or services from the State of Israel; companies
doing business in or with Israel or authorized by, licensed by, or organized under the laws of the
State of Israel; or persons or entities doing business in the State of Israel.
7.3. Representations by Drury Land. Drury Land makes the following representations and
warranties, which are true and correct on the date hereof:
(a) No Violations. The execution and delivery of this Agreement, the consummation
of the transactions contemplated hereby, and the fulfillment of the terms and conditions hereof do
not and will not conflict with or result in a breach of any of the terms or conditions of any corporate
or organizational restriction or of any agreement or instrument to which it is now a party, and do
not and will not constitute a default under any of the foregoing.
W#A
(b) No Litigation. To Drury Land's knowledge (including the knowledge of the officer
of Drury Land executing this Agreement), no litigation, proceedings or investigations are pending
against Drury Land (or any shareholder or officer of Drury Land) with respect to the
Redevelopment Project. In addition, to Drury Land's knowledge (including the knowledge of the
officer of Drury Land executing this Agreement), no litigation, proceedings or investigations are
pending against Drury Land (or any shareholder or officer of Drury Land) that seek to restrain,
enjoin or in any way limit the approval or execution, delivery or validity of this Agreement or that
would in any manner challenge or adversely affect the existence or powers of Drury Land (or any
officer of Drury Land) to enter into and carry out the transactions described in or contemplated by
this Agreement or the performance by Drury Land (or any shareholder or officer of Drury Land)
of the terms and provisions hereof.
(c) No Default. No default or event of default has occurred and is continuing, and no
event has occurred and is continuing that with the lapse of time or the giving of notice, or both,
would constitute a default or an event of default in any material respect on the part of Drury Land
under this Agreement or any other material agreement or material instrument related to Drury
Land's ability to perform pursuant to this Agreement and to which Drury Land is a party or by
which Drury Land is or may be bound.
(d) Compliance with Laws. With respect to its ability to perform pursuant to this
Agreement, Drury Land is, to its knowledge, in material compliance with all valid laws, ordinances,
orders, decrees, decisions, rules, regulations and requirements of every duly constituted
governmental authority, commission and court applicable to any of its affairs, business or
operations as contemplated by this Agreement.
(e) Anti -Discrimination Against Israel Act. Pursuant to Section 34.600 of the Revised
Statutes of Missouri, Drury Land certifies it is not currently engaged in and shall not, for the
duration of this Agreement, engage in a boycott of goods or services from the State of Israel;
companies doing business in or with Israel or authorized by, licensed by, or organized under the
laws of the State of Israel; or persons or entities doing business in the State of Israel.
7.4. Representations by the Developer. The Developer makes the following representations
and warranties, which are true and correct on the date hereof.
(a) No Violations. The execution and delivery of this Agreement, the consummation
of the transactions contemplated hereby, and the fulfillment of the terms and conditions hereof do
not and will not conflict with or result in a breach of any of the terms or conditions of any corporate
or organizational restriction or of any agreement or instrument to which it is now a party, and do
not and will not constitute a default under any of the foregoing.
(b) No Litigation. To the Developer's knowledge (including the knowledge of the
Developer's officer executing this Agreement), no litigation, proceedings or investigations are
pending against the Developer (or any shareholder or officer of the Developer) with respect to the
Redevelopment Project. In addition, to the Developer's knowledge (including the knowledge of
the Developer's officer executing this Agreement), no litigation, proceedings or investigations are
pending against the Developer (or any shareholder or officer of the Developer) that seek to restrain,
enjoin or in any way limit the approval or execution, delivery or validity of this Agreement or that
would in any manner challenge or adversely affect the existence or powers of the Developer (or
any officer of the Developer) to enter into and carry out the transactions described in or
contemplated by this Agreement or the performance by the Developer (or any shareholder or officer
of the Developer) of the terms and provisions hereof.
-23-
(c) No Default. No default or event of default has occurred and is continuing, and no
event has occurred and is continuing that with the lapse of time or the giving of notice, or both,
would constitute a default or an event of default in any material respect on the part of the Developer
under this Agreement or any other material agreement or material instrument related to the
Developer's ability to perform pursuant to this Agreement and to which the Developer is a party or
by which the Developer is or may be bound.
(d) Compliance with Laws. With respect to its ability to perform pursuant to this
Agreement, the Developer is, to its knowledge, in material compliance with all valid laws,
ordinances, orders, decrees, decisions, rules, regulations and requirements of every duly constituted
governmental authority, commission and court applicable to any of its affairs, business or
operations as contemplated by this Agreement.
(e) Anti -Discrimination Against Israel Act. Pursuant to Section 34.600 of the Revised
Statutes of Missouri, the Developer certifies it is not currently engaged in and shall not, for the
duration of this Agreement, engage in a boycott of goods or services from the State of Israel;
companies doing business in or with Israel or authorized by, licensed by, or organized under the
laws of the State of Israel; or persons or entities doing business in the State of Israel.
7.5. Representations by the Redevelopment Corporation. The Redevelopment Corporation
makes the following representations and warranties, which are true and correct on the date hereof:
(a) No Violations. The execution and delivery of this Agreement, the consummation
of the transactions contemplated hereby, and the fulfillment of the terms and conditions hereof do
not and will not conflict with or result in a breach of any of the terms or conditions of any corporate
or organizational restriction or of any agreement or instrument to which it is now a party, and do
not and will not constitute a default under any of the foregoing.
(b) No Litigation. To the Redevelopment Corporation's knowledge (including the
knowledge of the officer of the Redevelopment Corporation executing this Agreement), no
litigation, proceedings or investigations are pending against the Redevelopment Corporation (or
any shareholder or officer of the Redevelopment Corporation) with respect to the Redevelopment
Project. In addition, to the Redevelopment Corporation's knowledge (including the knowledge of
the officer of the Redevelopment Corporation executing this Agreement), no litigation, proceedings
or investigations are pending against the Redevelopment Corporation (or any shareholder or officer
of the Redevelopment Corporation) that seek to restrain, enjoin or in any way limit the approval or
execution, delivery or validity of this Agreement or that would in any manner challenge or
adversely affect the existence or powers of the Redevelopment Corporation (or any officer of the
Redevelopment Corporation) to enter into and carry out the transactions described in or
contemplated by this Agreement or the performance by the Redevelopment Corporation (or any
shareholder or officer of the Redevelopment Corporation) of the terms and provisions hereof.
(c) No Default. No default or event of default has occurred and is continuing, and no
event has occurred and is continuing that with the lapse of time or the giving of notice, or both,
would constitute a default or an event of default in any material respect on the part of the
Redevelopment Corporation under this Agreement or any other material agreement or material
instrument related to the Redevelopment Corporation's ability to perform pursuant to this
Agreement and to which the Redevelopment Corporation is a party or by which the Redevelopment
Corporation is or may be bound.
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(d) Compliance with Laws. With respect to its ability to perform pursuant to this
Agreement, the Redevelopment Corporation is, to its knowledge, in material compliance with all
valid laws, ordinances, orders, decrees, decisions, rules, regulations and requirements of every duly
constituted governmental authority, commission and court applicable to any of its affairs, business
or operations as contemplated by this Agreement.
(e) Anti -Discrimination Against Israel Act. Pursuant to Section 34.600 of the Revised
Statutes of Missouri, the Redevelopment Corporation certifies it is not currently engaged in and
shall not, for the duration of this Agreement, engage in a boycott of goods or services from the
State of Israel; companies doing business in or with Israel or authorized by, licensed by, or
organized under the laws of the State of Israel; or persons or entities doing business in the State of
Israel.
[Remainder of Page Intentionally Left Blank]
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IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed in their
respective names, and the City has caused its seal to be affixed hereto and attested, as of the date first above
written
(SEAL)
ATTEST:
Gayle Conrad, City Clerk
CITY OF CAPE GIRARDEAU, MISSOURI
Kenneth Haskin, City Manager
ACKNOWLEDGMENT
STATE OF MISSOURI )
) SS.
COUNTY OF CAPE GIRARDEAU )
On this day of , 2026, before me appeared KENNETH HASKIN, to me
personally known, who, being by me duly sworn, did say that he is the City Manager of the CITY OF
CAPE GIRARDEAU, MISSOURI, a home rule city, and that he is authorized to sign the foregoing
instrument on behalf of said city, and acknowledged that he executed said instrument as said city's free act
and deed.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal in the
County and State aforesaid on the day and year last above written.
My Commission Expires:
S-1
Name:
Notary Public - State of Missouri
Commissioned in
DRURY AT 2024, LLC
By:
Name: Timothy M. Drury
Title:
ACKNOWLEDGMENT
STATE OF MISSOURI. )
) SS.
COUNTY OF ST. LOUIS )
On this day of , 2026, before me appeared TIMOTHY M. DRURY, to
me personally known, who, being by me duly sworn, did say that he is an authorized signatory of DRURY
AT 2024, LLC, a Missouri limited liability company, and that he is authorized to sign the foregoing
instrument on behalf of said company, and acknowledged that he executed said instrument as said
company's free act and deed.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal in the
County and State aforesaid on the day and year last above written.
My Commission Expires:
S-2
Name:
Notary Public - State of Missouri
Commissioned in St. Louis County
DRURY LAND DEVELOPMENT, INC.
En
Timothy M. Drury, President
ACKNOWLEDGMENT
STATE OF MISSOURI )
) SS.
COUNTY OF ST. LOUIS )
On this day of , 2026, before me appeared TIMOTHY M. DRURY, to
me personally known, who, being by me duly sworn, did say that he is the President of DRURY LAND
DEVELOPMENT, INC., a Missouri corporation, and acknowledged that he executed said instrument as
said corporation's free act and deed.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal in the
County and State aforesaid on the day and year last above written.
My Commission Expires:
S-3
Name:
Notary Public - State of Missouri
Commissioned in
DRURY DEVELOPMENT CORPORATION
Timothy M. Drury, President
ACKNOWLEDGMENT
STATE OF MISSOURI )
) SS.
COUNTY OF ST. LOUIS )
On this day of , 2026, before me appeared TIMOTHY M. DRURY, to
me personally known, who, being by me duly sworn, did say that he is the President of DRURY
DEVELOPMENT CORPORATION, a Missouri corporation, and acknowledged that he executed said
instrument as said corporation's free act and deed.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal in the
County and State aforesaid on the day and year last above written.
My Commission Expires:
S-4
Name:
Notary Public - State of Missouri
Commissioned in
CAPE WEST PLAZA REDEVELOPMENT
CORPORATION
By:
Name:
Title:
ACKNOWLEDGMENT
STATE OF MISSOURI )
) SS.
COUNTY OF ST. LOUIS )
On this day of , 2026, before me appeared, to me
personally known, who, being by me duly sworn, did say that he/she is an authorized signatory of CAPE
WEST PLAZA REDEVELOPMENT CORPORATION, a Missouri urban redevelopment corporation,
and acknowledged that he/she executed said instrument as said corporation's free act and deed.
IN TESTIMONY WHEREOF, I have hereunto set my hand and affixed my official seal in the
County and State aforesaid on the day and year last above written.
My Commission Expires:
S-5
Name:
Notary Public - State of Missouri
Commissioned in
EXHIBIT A
LEGAL DESCRIPTION OF REDEVELOPMENT AREA
THE LAND REFERRED T0148REIN BELOW IS SITUATED IN THE CITY AND COUNTY OF CAPE
GIRARDEAU, STATE OF MISSOURI, AND DESCRIBED AS FOLLOWS:
ALL OF LOTTWO (2) OF CAPE WEST 12TH SUBDIVISION IN THE CITY AND COUNTYOF CAPE
GIRARDEAU, MISSOURI, AS SHOWN BY PLAT FILED IN PLAT BOOK 22 AT PAGE 68. ALSO,
PART OF LOTNO. 3 OF CAPE WEST SEVENTH SUBDIVISION AS SHOWN BYPLATRECORDED
IN PLAT BOOK NO, 18 AT PAGE NO. 65, DESCRIBED AS FOLLOWS:
BEGIINNINTO AT THE SOUTHWEST CORNER OF LOT NO. 2 OF CAPE WEST 12TH SUBDIVISION
AS SHOWN ON PLAT FILED IN BOOK 22, PAGE 68; THENCE N2 I'45'00"W, 592,13'ALC0.0 THE,
EASTERLY RIGHT OF WAY LINE OF SIEMERS DRIVE TO THE BEGINNING Or, A CURVE
CONCAVE TO THE SOUTHWEST HAVING A RADIUS OF703.15 FEETAND A CENTRALANGLE
OF 22"29'23" AND A LENGTH OF 276.00 FEET IN A NORTHWESTERLY DIRECTION ALONG
SAID CURVE, AND RIGHT OF WAY; TO A POINT AT THE NORTH-WEST CORNER OF SAID LOT
TWO (2) ON THE EAST RIGHT OF WAY LINE OF SIEMERS DRIVE, THENCE CONTINUING
ALONG THE CURVE FOR 10.39' HAVING A RADIUS OF 703.15 FEET AND A CENTRAL ANGLE
OF 00' 50'48";
THENCE CONTINUING ALONG SAID RIGHT OF WAY LINETHE FOLLOWING COURSES AND
DISTANCES:
N45'05'112"W, 15-6.61 FEET TO THE BEGINNING OFA CURVE CONCAVE TO THE NORTHEAST
HAVING A RADIUS OF 660.00 FEET AND A CENTRAL ANGLE OF 23'20'12", THENCE ALONG
SAID CURVE IN A NORTHWESTERLY DIRECTION 268.82 FEET; THENCE
N21' 45- 00"W, 97,69 FEET; THENCE
S68 -15'00"W, 10.00 FEET; THENCE
N21-45-00-W,S 1.21 FEETTO THE SOUTHWEST CORNER OF, LOT 3 AOF CAPE WEST SEVENTH
AS SHOWN BY PLAT RECORDED IN PLAT BOOK NO. 19 PAGENO. 65; THENCE DEPARTING
SAID RIGHT OF WAY LINE ALONG THE SOUTH LINE OF SAID LOT 3A THE FOLLOWING
COURSES AND DISTANCES;
N68 '15- 00"E, 343.05 FEET; THENCE
N21' 45'00-W, 132.59'FEET; THENCE
N68` 15' 001 210.00 FEET; THENCE
S21 '45- 00"8, 124.59 FEET, THENCE
N68- 15'00" E, 170.50FEET TO THE SOUTHEAST CORNER OF SAID LOT 3A OF CAPE WEST
SEVENTH, SAID POINT ALSO RUING ON THE WEST RIGHT OF WAY LINE OF INTERSTATE 55,
THENCE
A-1
521.45' 00"E, 559.13' ALONG SAID WEST R1011T Or WAY TO THE NORTHEAST CORNER OF
SAID LOT TWO (2) OF CAPE NVEST 12TH SUBDIVISION; THENCE
S21045' 00 "E, 54.3 3 FEET; THENCE
S68- 15' 00" W, 40.00 FEET; THENCE
$2.10 45'00"E, 30.00 FEET; THENCE
N69015'00"E, 40,00FEETT-0 A POINT TO THE AFORESAID WESTERLY RIGHT OF WAY LINE
OF ROUTE 55; THENCE ALONG SAID RIGHT OF WAY LINE THE FOLLOWING COURSES AND
DISTANCES:
S21 -45'00"E, 375.99 FEET; TIM -NCE
Sl 8a 53' 1 5"E, 100,12 FEET; THENCE
5210 45' 00"E 313.36 FEET TO A POINT BEING THE SOUTHEAST CORNER OF THE
AFOREMENTIONED LOT TWO OF CAPE WEST 12TIl SUBDIVISION; THENCE
S680 15' 00"W, 535,00FEET ALONG THE SOUTH LINE OF SAID LOTTWO TO THE SOUTHNVESF
CORNER OF LOT 2 OF CAPE WEST 12TH SUBDIVISION TO THE POINT OF BEGINNING,
CONTAINING 20.217 ACRES.
THE ABOVE DESCRIPTIONS ARE BASED ON:
TITLE REPORTNUN013R 24219435 PREPARED BY CAPE GIRARDEAU COUNTY ABSTRACT &
-nTLE CO. INC., REVIEWED THROUGH NOVEMBER 6, 2024.
THE TITLE RE -PORT AS THAT DESCRIBED IN FIRST AMERICAN TITLE INSURANCE
COMPANY COMSIITNIENT NUMBER PNT4501 IMO WITH AN EFFECTIVE DATE OF
AUGUST 1, 2023.
A-2
EXHIBIT B
DEPICTION OF REDEVELOPMENT PROJECT/CONCEPT SITE PLAN
TRACT
PREARELIMINARY BUILDING
A
B-1
CONCEPTUAL REDEVELOPMENT OF FORMER SEARS GRAND
uft rMST-foF^MFING
RI
CONCEPTUAL REDEVELOPMENT OF FORMER SEARS GRAND
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EXHIBIT C
FORM OF FEDERAL WORK AUTHORIZATION PROGRAM AFFIDAVIT
STATE OF MISSOURI )
) SS
COUNTY OF ST. LOUIS )
I, the undersigned, am over the age of 18 years and have personal knowledge of the matters stated
herein.
I am a duly authorized officer of Drury AT 2024, LLC, a Missouri limited liability company
("Drury A7"), and am President of Drury Land Development, Inc., a Missouri corporation ( "Drury Land"),
and Drury Development Corporation, a Missouri corporation ("DDC"). I am authorized to attest to the
matters set forth herein.
Neither Drury AT nor Drury Land has any employees, and neither entity is expected to have any
employees in the future. All employment matters related to projects undertaken by Drury AT and Drury
Land in the City of Cape Girardeau, Missouri, will be administered by their affiliate, DDC. I hereby affirm
DDC's enrollment and participation in a "federal work authorization program" as defined in Section
285.525 of the Revised Statutes of Missouri, as amended.
DDC does not knowingly employ any person who is an "unauthorized alien" as defined in Section
285.525 of the Revised Statutes of Missouri, as amended.
Further Affiant Sayeth Not.
DRURY AT 2024, LLC
By:
Name: Timothy M. Drury
Title:
DRURY LAND DEVELOPMENT, INC.
By:
Name: Timothy M. Drury
Title: President
DRURY DEVELOPMENT CORPORATION
By:
Name
Title:
C-1
Timothy M. Drury
President
Subscribed and sworn to before me this day of , 20_
My Commission Expires:
C-2
Notary Public
EXHIBIT D
FORM OF CERTIFICATE OF REIMBURSABLE DISTRICT PROJECT COSTS
Certificate of Reimbursable District Project Costs
TO: Cape West Plaza Community Improvement District
Cape Girardeau, Missouri
City of Cape Girardeau, Missouri
Cape Girardeau, Missouri
Re: Cape West Plaza Redevelopment Project
Terms not otherwise defined herein shall have the meanings ascribed to such terms in the
Redevelopment Agreement dated as of [*Document Date*] (the "Agreement") among the City of Cape
Girardeau, Missouri (the "City"), Drury AT 2024, LLC, Drury Land Development, Inc., Drury
Development Corporation (the "Developer"), and Cape West Plaza Redevelopment Corporation. In
connection with said Agreement, the undersigned hereby states and certifies that:
1. A total of $ in Reimbursable District Project Costs was incurred in connection
with the acquisition and construction of the Redevelopment Project, as shown on Schedule 1, attached
hereto and incorporated herein by reference. Attached are itemized invoices, receipts or other
documentation evidencing that all such costs have been paid or incurred and qualify as Reimbursable
District Project Costs under the Agreement.
2. The Reimbursable District Project Costs have been paid by the Developer, are reimbursable
under the Agreement and shall be reimbursed by the CID. A copy of this Certificate is being delivered
simultaneously to the CID.
3. No Reimbursable District Project Cost listed on Schedule 1 has been included in any other
certificate previously filed with the City.
4. There has not been filed with or served upon the Developer any notice of any lien, right of
lien or attachment upon or claim affecting the right of any person, firm or corporation to receive payment
of the amounts stated in this request, except to the extent any such lien is being contested in good faith.
5. The Redevelopment Project has been performed in a good and workmanlike manner and
in accordance with the Approved Site Plan and the Agreement.
6. The Developer is not in material default or breach of any term or condition of the
Agreement.
D-1
Dated this day of , 20_
DRURY DEVELOPMENT CORPORATION
[Name], [Title]
Approved this day of , 20
CAPE WEST PLAZA COMMUNITY IMPROVEMENT DISTRICT
an
[Name], [Title]
Approved this day of , 20_
CITY OF CAPE GIRARDEAU, MISSOURI
[Name], [Title]
EXHIBIT E
FORM OF COMPLETION CERTIFICATE
Completion Certificate
The undersigned, pursuant to that certain Redevelopment Agreement dated as of [*Document
Date*] (the "Agreement") among the City of Cape Girardeau, Missouri (the "City"), Drury AT 2024, LLC,
Drury Land Development, Inc., Drury Development Corporation (the "Developer"), and Cape West Plaza
Redevelopment Corporation, hereby certifies to the City as follows:
1. As of , 20_, the [In -Line Project] [Sears Project] has been
substantially completed in accordance with the Agreement.
2. The [In -Line Project] [Sears Project] has been completed in a good and workmanlike
manner and in accordance with the Agreement, the Approved Site Plan and all Governmental Approvals
applicable thereto.
Lien waivers for the [In -Line Project] [Sears Project] have been obtained.
4. This Completion Certificate is accompanied by one or more architect's certificate(s) of
substantial completion on AIA Form G-704 (or the substantial equivalent thereof), which, when taken
together, certify that the [In -Line Project] [Sears Project] has been substantially completed in accordance
with the Agreement.
5. This Completion Certificate is being issued by the Developer to the City in accordance
with the Agreement to evidence the Developer's satisfaction of all obligations and covenants in the
Agreement to complete the [In -Line Project] [Sears Project].
6. The Developer, simultaneous with the submission of this Completion Certificate, provided
the City with a Certificate of Reimbursable District Project Costs for the [In -Line Project] [Sears Project].
This Completion Certificate is given without prejudice to any rights against third parties that exist
as of the date hereof or that may subsequently come into being.
Following the City's acceptance of Completion Certificates for both the In -Line Project and the
Sears Project, the Developer may record the Completion Certificates in the office of the Cape Girardeau
County Recorder of Deeds. Such recording shall evidence the satisfaction of the Developer's agreements
and covenants to complete the Redevelopment Project pursuant to the Agreement.
Terms not otherwise defined herein shall have the meanings ascribed to such terms in the
Agreement.
E-1
IN WITNESS WHEREOF, the undersigned has hereunto set his/her hand this day of
,20
ACCEPTED this day of , 20
CITY OF CAPE GIRARDEAU, MISSOURI
By:
Name:
Title:
DRURY DEVELOPMENT CORPORATION
[Name], [Title]
(Insert Notary Forms) and Legal Description)
E-2
EXHIBIT F
FORM OF COOPERATION AGREEMENT
THIS COOPERATION AGREEMENT (this "Agreement") is made and entered into as of
, 2026, by and among the CITY OF CAPE GIRARDEAU, MISSOURI, a home rule
city and political subdivision of the State of Missouri (the "City"), the CAPE WEST PLAZA
COMMUNITY IMPROVEMENT DISTRICT, a community improvement district and political
subdivision of the State of Missouri (the "CID"), DRURY AT 2024, LLC, a Missouri limited liability
company ("Drury AT"), DRURY LAND DEVELOPMENT, INC., a Missouri corporation ( "Drury
Land" and, collectively with Drury AT, the "Fee Owners"), and DRURY DEVELOPMENT
CORPORATION, a Missouri corporation (the "Developer" and, together with the City, the Fee Owners
and the CID, the "Parties"). All capitalized terms not otherwise defined herein shall have the meanings
ascribed to such terms in the hereinafter -defined Redevelopment Agreement.
RECITALS:
1. The City, the Fee Owners, the Developer and Cape West Plaza Redevelopment
Corporation entered into a Redevelopment Agreement dated as of [*Document Date*] (the
"Redevelopment Agreement").
2. The Parties desire to enter into this Agreement, as contemplated by the Redevelopment
Agreement, to set forth their respective rights and responsibilities regarding the construction and financing
of projects to be funded by the CID (the "CID Project").
AGREEMENT:
NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements
contained in this Agreement, the Parties agree as follows:
Section 1. Authority of the City. The City has full constitutional and lawful right, power,
and authority, under current applicable law, to execute and deliver and perform the terms and obligations
of this Agreement, and this Agreement has been duly and validly authorized and approved by all necessary
City proceedings, findings, and actions. Accordingly, this Agreement constitutes the legal, valid, and
binding obligation of the City, enforceable in accordance with its terms.
Section 2. Authority of the CID. The CID has full constitutional and lawful right, power,
and authority, under current applicable law, to execute and deliver and perform the terms and obligations
of this Agreement, and this Agreement has been duly and validly authorized and approved by all necessary
CID proceedings, findings, and actions. Accordingly, this Agreement constitutes the legal, valid, and
binding obligation of the CID, enforceable in accordance with its terms.
Section 3. Authority of Drury AT. Drury AT has full corporate and lawful right, power,
and authority, under current applicable law, to execute and deliver and perform the terms and obligations
of this Agreement, and this Agreement has been duly and validly authorized and approved by all necessary
corporate proceedings, findings, and actions. Accordingly, this Agreement constitutes the legal, valid, and
binding obligation of Drury AT, enforceable in accordance with its terms.
Section 4. Authority of Drury Land. Drury Land has full corporate and lawful right, power,
and authority, under current applicable law, to execute and deliver and perform the terms and obligations
F-1
of this Agreement, and this Agreement has been duly and validly authorized and approved by all necessary
corporate proceedings, findings, and actions. Accordingly, this Agreement constitutes the legal, valid, and
binding obligation of Drury Land, enforceable in accordance with its terms.
Section 5. Authority of the Developer. The Developer has full corporate and lawful right,
power, and authority, under current applicable law, to execute and deliver and perform the terms and
obligations of this Agreement, and this Agreement has been duly and validly authorized and approved by
all necessary corporate proceedings, findings, and actions. Accordingly, this Agreement constitutes the
legal, valid, and binding obligation of the Developer, enforceable in accordance with its terms.
Section 6. CID Sales Tax. Promptly following the approval of this Agreement by the CID's
Board of Directors (the "CID Board"), the CID shall adopt a resolution to impose a community improvement
district sales and use tax (the "CID Sales Tax"). The Fee Owners and the City will promptly cause, through
their respective representatives appointed to the CID Board and, with respect to the Fee Owners, in their
capacity as qualified voters, the CID Sales Tax to be levied by the CID and approved by the qualified voters at
the rate of not to exceed one percent (1.0%). The CID Sales Tax shall be imposed as soon as possible pursuant
to the terms of the CID Act and any other applicable laws and shall not be terminated so long as any Project
Obligations issued by or on behalf of the CID and secured thereby remain outstanding and unless otherwise in
conformance with Section 67.1545.9 of the CID Act.
Section 7. CID Special Assessment. Promptly following the approval of this Agreement by
the CID Board, the CID Board shall adopt a resolution to impose a community improvement district special
assessment (the "CID Special Assessment"). The Fee Owners and the City will promptly cause, through
their respective representatives appointed to the CID Board, the CID Special Assessment to be levied by
the CID Board, as approved by petition of the owners of more than 50% of the assessed value of the real
property within the CID and the owners of more than 50% per capita of all of the real property within the
CID. In each calendar year that a Lot is subject to the limited tax abatement provided by Section 5.1 of the
Redevelopment Agreement, the CID Special Assessment shall be levied on such Lot at a rate not to exceed
the greater of (1) the Actual Abatement Amount or (2) the amount shown on the Annual Special Assessment
Schedule. The CID Special Assessment shall be imposed as soon as possible pursuant to the terms of the
CID Act and any other applicable laws and shall not be terminated so long as any Project Obligations issued
by or on behalf of the CID and secured thereby remain outstanding and unless otherwise in conformance
with the CID Act.
Section 8. Continuing Existence of the CID. None of the CID, the City, the Fee Owners or
the Developer will take any action to dissolve the CID or reduce the rate of the CID Sales Tax or the CID
Special Assessment until (1) the funding and construction of the CID Project are completed, including the
payment in full or cancellation of all Project Obligations issued by or on behalf of the CID and secured by
the CID Sales Tax Revenues or the CID Special Assessment Revenues, as applicable, or (2) 27 years from
the effective date of the ordinance approving the CID, unless the term of the CID is extended pursuant to
Section 67.1481.6 of the CID Act. Upon the earlier to occur of (1) or (2) pursuant to the preceding sentence,
the CID will immediately take such steps as may be required to terminate the CID Sales Tax and the CID
Special Assessment. After all Project Obligations issued by or on behalf of the CID are paid in full or
cancelled, the CID will immediately take such steps as may be required to dissolve the CID.
Section 9. Governance of the CID.
(a) The Parties acknowledge that the CID will be governed by a board of directors made up of
five individuals appointed by the Mayor with the consent of the City Council, three of whom shall be
representatives of the owners of real property or businesses operating within the CID and two of whom
shall be residents of the City who are qualified and registered to vote and who have no financial interest in
F-2
any real property or business operating within the CID. Successor directors of the CID shall be appointed
as set forth in the petition for the creation of the CID.
(b) The CID shall employ or engage an administrator or legal counsel with experience
managing special taxing districts to ensure that the CID complies with this Agreement and all applicable
laws and regulations. If the CID (1) fails to comply with any reporting requirement contained in the CID
Act or other applicable law for two consecutive years, including, without limitation, timely submittal of
annual reports, financial statements and budgets, (2) admits to or is found by a court to have committed two
or more violations of Chapter 610 of the Revised Statutes of Missouri, as amended, or (3) is unresponsive
to any inquiry or audit initiated by the Missouri State Auditor's office, then the City may designate an
administrator or legal counsel for the CID to engage, at the CID's cost, to ensure that the CID complies
with this Agreement and all applicable laws and regulations.
(c) Except as expressly provided in Sections 10 and 11 of this Agreement, unless otherwise
approved by the City in its sole and absolute discretion, the CID shall have no authorization to pay any
costs, impose any tax, license, fee or assessment (other than the CID Sales Tax and the CID Special
Assessment), or incur any obligations.
(d) The Developer, the Fee Owners and the CID shall allow the City and its employees, agents,
and representatives to inspect, within three business days after request therefor, all contracts, documents
and records pertaining to the CID Project and the CID, including but not limited to the CID Sales Tax, the
CID Special Assessment, and the CID's financial statements. In addition, the CID agrees that, before the
effective date of the CID Sales Tax, the CID will file Form 4379 with the Missouri Department of Revenue
to designate the City's Director of Finance as an authorized person to access all information regarding the
CID Sales Tax under Sections 32.057 and 144.121 of the Revised Statutes of Missouri, as amended, so long
as permitted under the Revised Statutes of Missouri, as amended.
Section 10. Construction of the CID Project. The Developer shall construct, or cause the
construction of, the CID Project and shall cause all funds to be advanced therefor. The Developer may be
reimbursed for the costs thereof from the proceeds of Project Obligations, as further described in Section
11 of this Agreement.
Section 11. Reimbursable CID Project Costs and Project Obligations.
(a) The CID shall establish the "CID Trust Fund," which shall include a "Sales Tax Account"
and a "Special Assessment Account." The CID Sales Tax Revenues and the CID Special Assessment
Revenues shall be deposited in the Sales Tax Account and the Special Assessment Account, respectively,
and disbursed as follows:
(1) first, to pay the CID's operating costs (legal, administrative, insurance, audit, etc.),
which amount shall be paid equally from the Sales Tax Account and the Special Assessment
Account and shall not exceed $20,000 for calendar year 2026, plus a year -over -year increase of 3%
for any subsequent year, or such greater amount as unanimously approved by the members of the
CID Board present at the meeting at which a quorum, including the City's two representatives, is
present and the increase in the CID's annual operating costs is considered; and
(2) second, to pay Project Obligations, as further described below.
(b) The Developer agrees, upon written request of the CID, to promptly pay any operating
costs in excess of the moneys available under (a)(1) above if the CID's revenues are insufficient for that
F-3
purpose. Any such moneys paid by the Developer may be reimbursed by the CID when sufficient funding
is available.
(c) If any Project Obligations have been issued by or on behalf of the CID in accordance with
Article IV of the Redevelopment Agreement, the CID (1) may use the proceeds thereof to reimburse the
Developer for the Reimbursable District Project Costs identified in all approved Certificates of
Redevelopment Project Costs and (2) shall use the money available under (a)(2) to pay such Project
Obligations; provided, however, that money in the Special Assessment Account shall only be used to pay
those Project Obligations secured by the CID Special Assessment Revenues.
(d) If the CID Special Assessment Revenues collected and received by the CID exceed the
amount necessary to pay in full Project Obligations payable from the CID Special Assessment Revenues,
any excess funds shall be refunded to the owners of such tracts, lots or parcels that paid the final year of
CID Special Assessments, pro rata relative to the amounts paid by such owners. Such refunds shall be made
by December 31 of the,year following the final year of the CID Special Assessments.
Section 12. Federal Work Authorization Program. Simultaneously with the execution of
this Agreement, the Developer shall provide the CID and the City with an affidavit, in substantially the
form of Exhibit C to the Redevelopment Agreement, and documentation to evidence the Developer's
compliance with Section 285.530 of the Revised Statutes of Missouri, as amended.
Section 13. Insurance.
(a) The CID will maintain reasonable levels of insurance throughout its existence. Without
limiting the generality of the foregoing, the CID shall, simultaneously with the execution of this Agreement
and annually thereafter through the term of this Agreement, provide evidence of a directors and officers
liability or similar policy (in form and substance reasonably acceptable to the City Attorney) that includes
coverage for all suits, claims, costs of defense, damages, injuries, liabilities, costs and/or expenses,
including court costs and attorneys' fees and expenses, resulting from, arising out of, or in any way
connected with the proceedings of the CID Board pursuant to the CID Act and Chapter 610 of the Revised
Statutes of Missouri.
(b) The policies of insurance required pursuant to clause (a) above shall be placed with
MOPERM or financially sound and reputable insurers licensed to transact business in the State of Missouri
with a financial strength rating of not less than A- and a financial size category of not less than VIII as
designated in the most currently available "A.M. Best's" insurance reports. The CID shall deliver or cause
to be delivered to the City copies of all insurance policies maintained hereunder.
Section 14. Hold Harmless. Notwithstanding anything herein to the contrary, the City shall
not be liable to the Developer, the Fee Owners or the CID for damages or otherwise if all or any part of the
CID, the CID Project or any ordinance or resolution of the City adopted in connection therewith is declared
invalid or unconstitutional in whole or in part by any court of competent jurisdiction.
Section 15. Successors and Assigns. This Agreement may be assigned by the Fee Owners
and/or the Developer in the same manner as allowed for the assignment of the Redevelopment Agreement
in Section 6.4 of the Redevelopment Agreement.
Section 16. Severability. If any term or provision of this Agreement is held to be
unenforceable by a court of competent jurisdiction, the remainder shall continue in full force and effect, to
the extent the remainder can be given effect without the invalid term or provision.
F-4
Section 17. Waiver. The City's failure at any time hereafter to require strict performance by
the CID, the Fee Owners or the Developer of any provision of this Agreement shall not waive, affect, or
diminish any right of the City thereafter to demand strict compliance and performance therewith.
Section 18. Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be deemed an original, but all of which shall constitute one and the same agreement.
Section 19. Anti -Discrimination Against Israel Act. Pursuant to Section 34.600 of the
Revised Statutes of Missouri, as amended, the Developer and each Fee Owner certifies that it is not
currently engaged in and shall not, for the duration of this Agreement, engage in a boycott of goods or
services from the State of Israel; companies doing business in or with Israel or authorized by, licensed by,
or organized under the laws of the State of Israel; or persons or entities doing business in the State of Israel.
[Remainder of Page Intentionally Left Blank]
F-5
IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed in
their respective names and attested as of the date first above written.
[SEAL]
ATTEST:
Gayle Conrad, City Clerk
[Cooperation Agreement]
F-6
CITY OF CAPE GIRARDEAU, MISSOURI
Kenneth Haskin, City Manager
[SEAL]
ATTEST:
By:
Name:
Title:
Secretary
[Cooperation Agreement]
F-7
CAPE WEST PLAZA COMMUNITY
IMPROVEMENT DISTRICT
By:
Name:
Title: Chair
DRURY AT 2024, LLC
By:
Name: Timothy M. Drury
Title:
DRURY LAND DEVELOPMENT, INC.
By:
Name: Timothy M. Drury
Title: President
DRURY DEVELOPMENT CORPORATION
By:
Name: Timothy M. Drury
Title: President
[Cooperation Agreement]
EXHIBIT G
ESTIMATED PROJECT BUDGET AND REIMBURSABLE DISTRICT PROJECT COSTS
242'Verner s Blive
330 S7etiirrs Drive
Dscri tion.
Burl toted Costs*
Reimbursable Costs`*
Columbia Construction
Acquisition
A uisition Costs
$
b 0400 000
$
- Demolition of existing storefront sidewa11c
C:olumbin Construction - Kthitc Stroll
$
6,761 975
$
- Installation of new storefront sidewalk
A-1 Si . a c
$
100,000
$
- Demolition and rclxair of failed, asphalt
Landsce as *
$
50.400
$
- Installation of ;asphalt o 'er existing FaTkinS lot
$
972,000
S
972,40]
Rcstriping of paTking lot
Repair Storni Intet at SEC
$
50 ow
$
- Installation of brick tagadc to msting columns
Architecture and Enpincering Design
$
1,352,395
$
- Doniolition of existing mzinstard rcmof metal
Civil,Engipeerin2
676,198
$
- Installation ofnq,v roof
Soft Cost conti"rigimicy
912,557
$
A-1 Signs - lRobnage Existing Freestanding
$
75,000
S
75,000
Umdsr,aWDR
50,000
3
50,000
Aichitwure and Dr5i,,,A
$
97,200
$
97,200,
Civil Engineering
$
97,200
$
97,200
Sot Cost Contingency
$
129,1411
$W
140
...................
kibrotal
r
1,4210,540
$
....... .
1420 540
x `fbe amuli i4 in each budo calepty, is an estimate. Savings ill one tud'vet cutegory may ba appticd to ndditictol oasts ittmrrcd
in other midget categories.
as ,°,lltzcn�gh it � Cstiinntec! Lint thea arc eJigii�le ir'7f] l�nj�t cx�sts of g2�,45U,913, il� u>axinasitYt nrur�ini at'CID Prod casts il;��
dx propowd 11 -strict Will fund is S t 1.51 0,000. 'Tire it aximwn <maent ercbAcs the Distrio's paymmnt of zFA fb0oMina, 4a ch amounts
maybe Rmd.-d above and bcyond the rauinitirri amount; all City atxlilicatia,n fce3, tomtit fees and other fees inctim it in connection
with tl'A CID PrtjW (which, lit the p m4fite, shall imi exceed S2 J,Uft Casts of Imnno: (as defined in the Fctitioa� if any, the
proposer] District's adtniaiutradw.. fees and etperisss incladiaig, blit stoat lhniteA to, tucs wit Oasis rebated tc, the piclio- d N. U,4
formatiati planning pomolt:iitts, fldviiM. nnditom and legal emmel, and reimbursement to the City for the City's tbird-party
ptnfcssional posts directly related to the City's eonsidiation of die propmd District bndtuling and,smarting
ea,penses inctm ! in irWioo 10 the City's of the phased Divrki and die City's panicipal%m and respeambilities with
%egad to the cophig opera€fon, function and administratiaan of Ute prrg oacd District.
G-1
330 S7etiirrs Drive
Description
Budgeted Casts
Iteimbtrrmble Costs"-
ost$"-
Acquisition
A uisition Costs
$
b 0400 000
$
-
C:olumbin Construction - Kthitc Stroll
$
6,761 975
$
6,761 975
A-1 Si . a c
$
100,000
$
100 OOft
Landsce as *
$
50.400
$
50,000
Site Work for Fad
$
135,000
$
135,000
Repair Storni Intet at SEC
$
50 ow
$
50,000
Architecture and Enpincering Design
$
1,352,395
$
1,352,395
Civil,Engipeerin2
676,198
$
676,138.
Soft Cost conti"rigimicy
912,557
$
912..557
1'onantAl1otivaace+I,,andlvr0 Work
$
5,492,250_
$
subt0fal S
21;530,37S
Total CID Proiect Costs
S
22.950,915
S
11458,665
x `fbe amuli i4 in each budo calepty, is an estimate. Savings ill one tud'vet cutegory may ba appticd to ndditictol oasts ittmrrcd
in other midget categories.
as ,°,lltzcn�gh it � Cstiinntec! Lint thea arc eJigii�le ir'7f] l�nj�t cx�sts of g2�,45U,913, il� u>axinasitYt nrur�ini at'CID Prod casts il;��
dx propowd 11 -strict Will fund is S t 1.51 0,000. 'Tire it aximwn <maent ercbAcs the Distrio's paymmnt of zFA fb0oMina, 4a ch amounts
maybe Rmd.-d above and bcyond the rauinitirri amount; all City atxlilicatia,n fce3, tomtit fees and other fees inctim it in connection
with tl'A CID PrtjW (which, lit the p m4fite, shall imi exceed S2 J,Uft Casts of Imnno: (as defined in the Fctitioa� if any, the
proposer] District's adtniaiutradw.. fees and etperisss incladiaig, blit stoat lhniteA to, tucs wit Oasis rebated tc, the piclio- d N. U,4
formatiati planning pomolt:iitts, fldviiM. nnditom and legal emmel, and reimbursement to the City for the City's tbird-party
ptnfcssional posts directly related to the City's eonsidiation of die propmd District bndtuling and,smarting
ea,penses inctm ! in irWioo 10 the City's of the phased Divrki and die City's panicipal%m and respeambilities with
%egad to the cophig opera€fon, function and administratiaan of Ute prrg oacd District.
G-1
A
DRURY DEVELOPMENT
CORPORATION
CITY'Of CAPE
G I R A R D E A U
Cape West Plaza
Development Plan
Submitted by:
Cape West Plaza Redevelopment Corporation
February 2026
1
mm
G�
DRURY DEVELOPMENT
CORPORATION
Table of Contents
Introduction...................................................................................................................................3
Redevelopment Project Description..............................................................................................4
Proposed Tax Abatement.............................................................................................................4
Urban Redevelopment Ordinance Development Plan Requirements...........................................5
Exhibits.........................................................................................................................................7
2
7.
DRUI�E.OPME r
CORPORATION
Introduction
Prior to closing operations in 2019, Sears occupied a 142,610 square foot
commercial building located at 330 Siemers Drive in Cape Girardeau, Missouri (the
"City"). Adjacent to the former Sears is the Cape West Plaza Shopping Center, which
includes a Target, located at 202 Siemers Drive, and the remaining in-line commercial
retail tenants, located at 242 Siemers Drive. Pursuant to a triple net ground lease, a
portion of 242 Siemers Drive is leased to a third -party entity operating a standalone quick
serve restaurant, Sonic.
The former Sears site and the Cape West Plaza Shopping Center—excluding the
area occupied by Target and including the area occupied by Sonic—comprise
approximately 20.25 acres across two contiguous legal parcels at 242 and 330 Siemers
Drive in the City (collectively, the "Redevelopment Area" or the "Area")'. The
Redevelopment Area is depicted in Exhibit A and legally described in Exhibit B.
This Development Plan proposes that partial tax abatement be granted to Cape
West Plaza Redevelopment Corporation (the "Corporation"), and its successors and
assigns, under Chapter 353 of the Revised Statutes of Missouri ("Chapter 353"), to
incentivize the redevelopment and the remediation of blighted area conditions currently
existing in the Area.
In 2010, the City adopted Ordinance No. 4167 (the "Urban Redevelopment
Ordinance"). The Urban Redevelopment Ordinance provides that redevelopment
corporations organized pursuant to Chapter 353 may submit development plans to the
City seeking tax abatement incentives available under Chapter 353. This Development
Plan has been submitted to the City by the Corporation to satisfy the requirements of the
Urban Redevelopment Ordinance.
Steadfast City Economic and Community Partners ("Steadfast City") conducted a
blight study on the Redevelopment Area, which is included as Exhibit C. Remediation of
blighted conditions in the Redevelopment Area is expected to begin shortly after approval
of this Development Plan.
Drury Development Corporation (the "Developer") proposes to make
improvements to the parking lot, building fagade, and roof of Cape West Plaza at 242
Siemers Drive. Additionally, the Developer seeks to redevelop the adjacent property at
330 Siemers Drive into a multi -tenant space. No improvements—interior nor exterior—
will be made to the Sonic property. However, improvements to 242 and 330 Siemers Drive
are necessary for the continued successful and safe operation of the Sonic property, as
that property depends on the conditions and infrastructure within the adjacent tax parcels.
As noted above, a portion of 242 Siemers Drive is leased to a third -party entity operating a Sonic
restaurant. The Sonic restaurant has a street address of 262 Siemers Drive. Because the third -party entity
is required to pay all taxes and assessments with respect to the property at 262 Siemers Drive, the Cape
Girardeau County Assessor has assigned the 262 Siemers Drive property its own tax parcel identification
number, even though no separate legal parcel exists.
3
DRUI�L'LOPMEN r IM
CORPORATION
The revitalization outlined in this Development Plan addresses the predominant
and persistent blighted conditions currently existing in the Area. However, the feasibility
and ultimate success of the redevelopment activities are dependent on the availability of
real property tax abatement, as described herein.
Redevelopment Project Description
Affiliate entities of the Developer own both legal parcels in the Area. 242 Siemers
Drive has been owned by an affiliate of the Developer for more than 30 years, and before
repurchasing 330 Siemers Drive on November 8, 2023, the property had been formerly
owned by an affiliate of the Developer and sold on June 24, 2004.
This Development Plan proposes exterior revitalization of the Cape West Plaza
Shopping Center at 242 Siemers Drive and redevelopment of the adjacent 330 Siemers
Drive property to convert the former Sears building into a multi -tenant commercial space
(the "Redevelopment Project" or the "Project"). The Project does not include new
construction; instead, it will repurpose the existing vacant Sears structure and implement
exterior improvements at both addresses. Upon completion, the former Sears building will
be considered a part of the Cape West Plaza. At the time of completion of this
Development Plan, existing tenants at Cape West Plaza are expected to remain
operational throughout the Project.
Proposed Tax Abatement
Pursuant to this Development Plan, and subject to a master redevelopment
agreement (the "Development Agreement") to be entered into among the City, the
Developer and the Corporation, the Redevelopment Area may be granted tax abatement
on the following terms:
• Each tax parcel's ad valorem real property taxes will be abated for 25 years after
title to such tax parcel is transferred to the Corporation,
• During the 2025 tax year, ad valorem real property taxes of $9,084.02 were paid
with respect to the tax parcel at 262 Siemers Drive, ad valorem real property taxes
of $94,151.05 were paid with respect to the tax parcel at 242 Siemers Drive and
ad valorem real property taxes of $92,036.31 were paid with respect to the tax
parcel at 330 Siemers Drive (each such amount being the "Base Taxes" with
respect to each such tax parcel),
• During years 1 — 10 in which a tax parcel is subject to abatement, the Developer
will pay taxes measured by the value of the land on such tax parcel in the year
prior to the acquisition thereof by the Corporation, plus a payment in lieu of tax
("PILOT") equal to the difference between such tax parcel's Base Taxes and the
taxes measured by the value of the land, and
• During years 11 — 25 in which a tax parcel is subject to abatement, the Developer
will pay taxes measured by 50% of the property's then -current market value.
4
DRURY DEVELOPMENT
CORPORATION
Each tax and PILOT payment will be divided pro rata among the taxing districts
that levy ad valorem real property taxes on the respective tax parcel based on each taxing
district's then -current levy rate.
A tax impact statement demonstrating the fiscal impact of the proposed abatement
on each applicable taxing district has been prepared and furnished to the applicable
taxing districts in accordance with Chapter 353 and the Urban Redevelopment Ordinance.
Urban Redevelopment Ordinance Development Plan Requirements
a. Legal description. A legal description of the real property comprising the
Redevelopment Area is set forth in Exhibit B to this Development Plan.
b. Stages of Project. The Redevelopment Project will be developed in a single
phase. The Developer has site control of both legal parcels in the proposed
Redevelopment Area. Construction is expected to commence in 2026 with
completion anticipated in quarter one 2027.
c. Property to Be Demolished. A significant portion of the Sears structure is
intended to remain, apart from the former Sears garden center and an
estimated 30,492 square feet of building space that is expected to be
demolished to accommodate tenant required loading docks. Demolition is
expected to commence 2-3 months after approval of this Development Plan
and last 2-3 months; thus, full demolition would be completed within 4-6
months of Project approval.
d. Property Not to Be Demolished. All structures at 242 Siemers Drive in the
Cape West Plaza in-line will remain, including the Sonic.
e. Building Renovation. The Project includes the renovation of one existing
structure, the 142,610 square foot, single -tenant former Sears building at
330 Siemers Drive into a multi -tenant 114,940 square foot retail building for
up to six tenants. The construction scope of work includes, but is not limited
to, a new exterior wall constructed due to the partial demolition described
above, exterior fagade work and additional entrance vestibules, roof
replacement, full environmental remediation of mold and bacteria growth,
and demising walls with new electrical and HVAC. Construction is expected
to last 12-14 months. The Project also includes building facade and roof
improvements to the Cape West Plaza commercial building, but no interior
renovations.
f. New Construction. No new construction is expected within the
Redevelopment Area.
g. Open Space. Except as may be required by the City's zoning code (i.e.,
setbacks, etc.), this Development Plan does not require any portion of the
5
DRURY DEVELOPMENT
CORPORATION
Redevelopment Area to be maintained as open space.
h. Property for Public Agencies. No portions of the Redevelopment Area are
expected to be sold, donated, exchanged or leased to any public agency.
L Zoning Changes. No zoning changes are necessary or desired for
implementation of this Development Plan.
j. Subdivisions. No subdivision or re -subdivision of property is necessary or
desired for implementation of this Development Plan.
k. Street Changes. No changes to public streets are necessary or desired for
the implementation of this Development Plan.
I. Dwelling Accommodations. The Redevelopment Area does not currently
include any residential dwelling accommodations, which will remain
unchanged following its redevelopment.
m. Housing and Business Relocation. Sears is vacant. Current tenants of
the in-line shopping center include Buckle, Shoe Carnival, Petco, Staples,
TJ Maxx, and Sonic. All are expected to remain during and after
redevelopment. Therefore, no residents or businesses will be relocated.
New tenant occupancy and lease up within the Cape West Plaza may occur
following approval of this Development Plan; however, relocation is not
driven by the implementation of this Development Plan.
n. Proposed Housing. The Redevelopment Area will not include any
residential development.
o. Changes outside of Redevelopment Project Area. No changes outside
of the Redevelopment Area are necessary or desired for the implementation
of this Development Plan.
p. Financing. The Project is estimated to cost $11,500,000 excluding original
acquisition costs, all application and permit fees related to the Project, and
tenant improvements. The Developer intends to use a combination of funds
on hand and drawn from a letter of credit from US Bank. The letter of credit
is described in Exhibit D.
q. Management. The Corporation's activities with respect to the
Redevelopment Project will be managed by the Developer or an affiliate
thereof following the approval of this Development Plan.
r. Eminent Domain. Eminent domain will not be used in connection with this
Development Plan.
n
DRURY DOVE• LOPMWr
CORPORATION
s. Other information. The City can expect significant benefits from the
revitalization of the Redevelopment Area, including but not limited to:
L Clearance and remediation of the conditions that cause the
Redevelopment Area to be a "Blighted Area" through the
enhancement of building and landscape improvements.
ii. Repositioning and revitalization of an outmoded, underutilized,
unoccupied property within the City.
iii. Creation of modern retail and commercial space to attract new
businesses and generate jobs, stimulating economic activity in the
City.
iv. Leadership by an experienced developer with a strong track record
in successful redevelopment projects.
Exhibits
Exhibit A Map of Redevelopment Area
Exhibit B Legal Description of Redevelopment Area
Exhibit C Blight Study
Exhibit D Project Financing
7
DRURY DEVELOPM[NT
CORPORATION
Exhibit A
Map of Redevelopment Areae
2 The Redevelopment Area is comprised of two legal parcels located at 242 and 330 Siemers Drive in the
City. Pursuant to a triple net ground lease, a portion of 242 Siemers Drive is leased to a third -party entity
operating a Sonic restaurant. The Sonic restaurant has a street address of 262 Siemers Drive. Because
the third -party entity is required to pay all taxes and assessments with respect to the property at 262
Siemers Drive, the Cape Girardeau County Assessor has assigned the 262 Siemers Drive property its own
tax parcel identification number, even though no separate legal parcel exists. The map above shows the
boundaries of the two legal parcels located as 242 and 330 Siemers Drive as well as the boundaries of the
portion of 242 Siemers Drive that's occupied by Sonic.
N.
.A&
DRURY DEVELOPHENT -
CORPORATION
Exhibit B
Legal Description of Redevelopment Area
THE LAND REFERRED TO HEREIN BELOW IS, SITUATED IN THE CITY AND COUNTY OF CAPE
GIRARDEAU, STATE OF MISSOURI, AND DESCRIBED. AS FOLLOWS:
ALL OF LOT TWO (2) OF CAPE WEST 12TH SUBDIVISION IN THE CITY AND COUNTY OF CAPE
GIRARDEAU, MISSOURI, AS SHOWN BY PLAT FILED IN PLAT BOOK 22 AT PAGE 68. ALSO, PART OF
LOT NO. 3 OF CAPE WEST SEVENTH SUBDIVISION AS SHOWN BY PLAT RECORDED IN PLAT BOOK
NO. 18 AT PAGE NO. 65, DESCRIBED AS FOLLOWS:
BEGINNING AT THE SOUTHWEST CORNER OF LOT NO. 2 OF CAPE WEST 12TH SUBDIVISION AS
SHOWN ON PLAT FILED IN BOOK 22, PAGE 68; THENCE N21 °45'00"W, 592.13' ALONG THE
EASTERLY RIGHT OF WAY LINE OF SIEMERS DRIVE TO THE BEGINNING OF A CURVE CONCAVE
TO THE SOUTHWEST HAVING A RADIUS OF 703.15 FEET AND A CENTRAL ANGLE OF 22029'23"
AND A- LENGTH OF 276.00 FEET IN A NORTHWESTERLY DIRECTION ALONG SAID CURVE, AND
RIGHT OF WAY; TO A POINT AT THE NORTHWEST CORNER OF SAID LOT TWO (2) ON THE EAST
RIGHT OF WAY LINE OF SIEMERS DRIVE; THENCE CONTINUING ALONG THE CURVE FOR 10.39"
HAVING A RADIUS OF 703.15 FEET AND A CENTRAL ANGLE OF 00° 50'48";
THENCE CONTINUING ALONG SAID RIGHT OF WAY LINE THE FOLLOWING COURSES AND
DISTANCES:
N45 °05' 12"W, 156.61 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE NORTHEAST
HAVING A RADIUS OF 660.00 FEET AND A CENTRAL ANGLE OF 23° 20' 12"; THENCE ALONG SAID
CURVE IN A NORTHWESTERLY DIRECTION 268.82 FEET; THENCE
N21 ° 45' 00"W, 97.69 FEET; THENCE
S68°15' 00"W, 10.00 FEET; THENCE
N21'45'00" W, 51.21 FEET TO THE SOUTHWEST CORNER OF LOT 3A OF CAPE WEST SEVENTH AS
SHOWN BY PLAT RECORDED IN PLAT BOOK NO. 18 PAGE NO. 65; THENCE DEPARTING SAID
RIGHT OF WAY LINE ALONG THE SOUTH LINE OF SAID LOT 3A THE FOLLOWING COURSES AND
DISTANCES;
N68 -15'00"E, 343.05 FEET; THENCE
N21 ° 45' 00"W, 132.59' FEET; THENCE
N68° 15'00"E, 210.00 FEET; THENCE
S21- 45'00"E, 124.59 FEET; THENCE
0
A�l
DRURY DEVELOPMENT
CORPORATION
N68° 15' 00" E, 170.50 FEET TO THE SOUTHEAST CORNER OF SAID LOT 3A OF CAPE WEST
SEVENTH, SAID POINT ALSO BEING ON THE WEST RIGHT OF WAY LINE OF INTERSTATE 55;
THENCE
S21 -45'00"E, 559.13' ALONG SAID WEST RIGHT OF WAY TO THE NORTHEAST CORNER OF SAID
LOT TWO (2) OF CAPE WEST 12TH SUBDIVISION; THENCE
S21°45' 00"E, 54.33 FEET; THENCE
S68° 15'00" W, 40.00 FEET; THENCE
S21° 45'00"E, 30.00 FEET; THENCE
N68° 15' 00"E, 40.00 FEET TO A POINT TO THE AFORESAID WESTERLY RIGHT OF WAY LINE OF
ROUTE 55; THENCE ALONG SAID RIGHT OF WAY LINE THE FOLLOWING COURSES AND
DISTANCES:
S21°45' 00"E, 375.99 FEET; THENCE
S 18° 53' 15"E, 100.12 FEET; THENCE
S210 45' 00"E 313.36 FEET TO A POINT BEING THE SOUTHEAST CORNER OF THE
AFOREMENTIONED LOT TWO OF CAPE WEST 12TH SUBDIVISION; THENCE
S68° 15'00"W, 535.00 FEET ALONG THE SOUTH LINE OF SAID LOT TWO TO THE SOUTHWEST
CORNER OF LOT 2 OF CAPE WEST 12TH SUBDIVISION TO THE POINT OF BEGINNING,
CONTAINING 20.217 ACRES.
THE ABOVE DESCRIPTIONS ARE BASED ON:
TITLE REPORT NUMBER 24219435 PREPARED BY CAPE GIRARDEAU COUNTY ABSTRACT &
TITLE CO. INC., REVIEWED THROUGH NOVEMBER 6, 2024.
THE TITLE REPORT AS THAT DESCRIBED IN FIRST AMERICAN TITLE INSURANCE COMPANY
COMMITMENT NUMBER PNT45011MO WITH AN EFFECTIVE DATE OF AUGUST 1, 2023.
10
DRURY DEVELOPMENT
CORPORATION
Exhibit C
Blight Study
(Remainder of this page intentionally left blank)
Steadfast city
Economic & Community Partners
Analysis of Blighted Area Factors for
242 and 330 Sierners ®rive
City of Cape Girardeau, Missouri
Prepared: February 2026
I. Introduction..............................................................................................................................3
A. Purpose of This Analysis...................................................................................:............3
B. Redevelopment Area Description & Background...........................................................3
II. Blight Qualification Analysis.................................................................................................3
A. Insanitary or Unsafe Conditions.....................................................................................4
B. Deterioration of Site Improvements................................................................................5
C. Conditions which Endanger Life or Property by Fire and Other Causes ........................6
D. Economic Liability...........................................................................................................8
III. Summary...............................................................................................................................10
Appendix A: Redevelopment Area Map
Appendix B: Site Assessment Photos
Appendix C: Secondary Site Assessment Photos
Appendix D: Police Report: Case 25001559
Steadfast city
Eca na &Community Partners P a g e 12
The purpose of this blight study analysis is to document the conditions found within a
20.25 -acre area, comprised of two legal parcels' in the City of Cape Girardeau, Missouri
(the "City"). The parcels, as shown in Appendix A, are situated mid -block on the east side
of Siemers Drive, between Lambert Drive to the north and Richmond Drive to the south
(the "Redevelopment Area" or the "Area").
This report contains an analysis of how such conditions cause the Redevelopment Area
to be a "blighted area" according to Section 67.1401.2(3), RSMO (the "CID Act"), and
Section 353.020(2), RSMO (the "Chapter 353 Urban Redevelopment Corporations Law"),
which cross-reference Section 99.805, RSMO, defining a "Blighted Area" as follows:
"Blighted area", an area which, by reason of the predominance of insanitary or unsafe
conditions, deterioration of site improvements, or the existence of conditions which
endanger life or property by fire and other causes, or any combination of such factors,
retards the provision of housing accommodations or constitutes an economic or social
liability or a menace to the public health, safety, or welfare in its present condition and
use (Section 99.805(1), RSMO).
The Redevelopment Area spans 20.25 acres and comprises two legal parcels located at
242 and 330 Siemers Drive, all within the City. The Redevelopment Area is bordered by
Interstate 55 to the east, with commercial properties to the north, south, and west.
The property at 242 Siemers Drive includes parking areas, drive aisles, a standalone
quick serve Sonic restaurant (approximately 1,926 square feet), and a commercial strip
mall consisting of seven units (approximately 108,950 square feet). Current tenants
include TJ Maxx, Staples, Shoe Carnival, Petco, and Buckle. The remaining two spaces
are vacant, previously occupied by Party City and Provider Plus Home Medical
Equipment & Supplies. The buildings at 242 Siemers Drive were constructed between
1996 and 1998.
The property at 330 Siemers Drive contains a parking area, drive aisles, loading docks,
an outdoor enclosure previously occupied by the Sears' lawn and garden center, and an
approximately 142,610 square foot vacant commercial building that was once occupied
' The Redevelopment Area is comprised of two legal parcels located at 242 and 330 Siemers Drive in the
City. Pursuant to a triple net ground lease, a portion of 242 Siemers Drive is leased to a third -party entity
operating a Sonic restaurant. The Sonic restaurant has a street address of 262 Siemers Drive. Because
the third -party entity is required to pay all taxes and assessments with respect to the property at 262
Siemers Drive, the Cape Girardeau County Assessor has assigned the 262 Siemers Drive property its own
tax parcel identification number, even though no separate legal parcel exists.
Steadfast city
E.-k&C.--fry No- P a g e 13
by a Sears Grand. Sears vacated the building in October 2019. Since then, only a portion
of the building was briefly occupied by a Spirit Halloween retail store.
The Redevelopment Area is accessible via four public right-of-way access points along
Siemers Drive.
II. Blight Qualification Analysis
This section examines the conditions within the Redevelopment Area that demonstrate
the Area is a "blighted area" as defined in the CID Act and Chapter 353 Urban
Redevelopment Corporations Law as observed during an on-site assessment conducted
by Steadfast City Economic & Community Partners on April 1, 2025. In addition, this
section examines findings from a secondary on-site inspection completed on November
17, 2025, to confirm whether the conditions during the April 1, 2025, inspection have
persisted, improved, or worsened. Photographic documentation of the observed
conditions from both on-site inspections can be found in Appendix B and C.
The secondary assessment found that previously identified deficiencies remain
unchanged or have significantly worsened. Additionally, several new conditions were
identified that contribute further to the Area's blighted area designation.
This study provides a comprehensive analysis of the blight factors observed at 242 and
330 Siemers Drive, including those observed inside the vacant building at 330 Siemers
Drive.
A. Insanitary or Unsafe Conditions
A.1. Exterior Water Drainage
At 330 Siemers Drive, the building downspouts fail to adequately disperse water runoff,
causing erosion of the paved surface at the exit point. Additionally, stormwater runoff
infrastructure at the southeast corner of 330 Siemers Drive is insufficient, leading to
overflow, which has caused significant damage to the surrounding infrastructure. Both
parcels exhibit water intrusion through cracks in the paved surfaces, with standing water
present in areas. These conditions contribute to accelerated pavement deterioration,
including cracking and pothole formation, which create safety hazards for both
pedestrians and vehicles. Pedestrians are at an increased risk of slipping or falling on wet
or slippery surfaces.
A.2. Ground Erosion
The overflow of stormwater and poor drainage at the southeast corner of 330 Siemers
Drive have caused significant soil erosion, leading to the deterioration, failure and
collapse of paved surfaces. This creates unsafe conditions and worsens the site's already
inadequate runoff management. If left unaddressed, the erosion will continue to weaken
Steadfast city
E<cn k&C.M=My NO— Page 14
the surface, potentially leading to further collapse and increased safety risks for both
vehicles and pedestrians. Ground erosion at the rear corner of the site has worsened
since the initial assessment. The collapse of exterior pavement has expanded, with
additional surface failure visible during the secondary inspection. Continued stormwater
runoff is undermining the paved surfaces, increasing the risk of further collapse and
creating heightened safety hazards.
A.3. Mold and Bacteria Growth
The exterior fagades of the commercial buildings in the Area show visible signs of mold
or bacteria growth, including black stains on the front fagade of the multi -unit commercial
building at 242 Siemers Drive. The vacant building at 330 Siemers Drive also shows signs
of water intrusion and moisture along the entirety of its fagade, causing deterioration of
the exterior paint and mortar joints, which results in further water infiltration. Inside 330
Siemers Drive, mold was observed in multiple locations due to water intrusion through
the concrete block fagade and roof leaks. Despite property management's efforts to
regulate interior climate using the remaining functional HVAC units (9 operational
furnaces out of more than 20), the follow-up assessment revealed extreme and
widespread progression of mold throughout the former Sears building. Mold now affects
nearly all interior walls, ceilings, and building materials. The severity of growth far exceeds
observations from the initial on-site inspection, resulting in an environmentally unsafe
structure that is not suitable for occupancy.
A.4. Roof Leaks and Standing Water
Water damage from roof leaks was observed throughout 330 Siemers Drive, with
standing water and damp areas noted throughout the building. Deterioration of building
materials, rust, discoloration, and the presence of mold were all linked to these leaks.
Property management staff confirmed at least 12 significant roof leak locations throughout
the building. These roof leaks continue to contribute to water intrusion and material
deterioration inside the former Sears building. Standing water, damp surfaces,
discoloration, and widespread mold formation were documented again during the
secondary inspection, demonstrating ongoing deterioration tied to an unaddressed roof
system failure.
A.S. Rusted and Deteriorating Metal
Rusted doors, metal utility enclosures, and deteriorated building components observed
during the first assessment have mostly remained unchanged. Some exterior doors at the
strip center, previously exhibiting rust and peeling paint, have been repainted since the
initial inspection. However, rust remains prevalent across interior metal components, and
corrosion continues to contribute to unsafe building conditions.
A.6. New Condition: Failure of Alarm System
During the secondary inspection, the property manager reported that the alarm system
serving the former Sears building is nonfunctional and has reached end -of -life. The
Steadfast city
Ecen k&C--ilyPaa— Page 15
system can no longer be repaired and requires full replacement. This condition adds an
additional life -safety concern for an already unsecured and deteriorated structure.
B. Deterioration of Site Improvements
Deterioration of site improvements is evidenced in various ways, ranging from minor
defects to significant issues. Minor defects include peeling paint, missing ceiling or floor
tiles, and small cracks in walls or ceilings. More serious deterioration is evident in primary
building components, such as exterior walls, foundations, floors, roofs, and essential
items like wiring and utility systems, where the issues cannot be resolved through regular
maintenance. Secondary building components, including interior walls, doors, windows,
gutters, fascia, and siding also show signs of damage and wear. Additionally,
deterioration is seen in supporting site improvements such as sidewalks, parking areas,
paved surfaces, roads, curbs, and other infrastructure.
B.1. Exterior Infrastructure
Widespread deterioration of paved surfaces, including parking lots, drive aisles,
pedestrian pathways and curbing, is evident throughout the Area. Many of these surfaces
require patching, sealing, curb repairs, and resurfacing for proper functionality and safety.
In several locations, this deterioration of paved surface is attributed to inadequate storm
water runoff management. For example, at the southeast corner of 330 Siemers Drive,
runoff has caused significant ground erosion, resulting in the collapse of fencing and
paved surfaces.
Minor site cleanup efforts were observed. Litter and debris previously identified behind
the former Party City have been removed, and a temporary concrete patch has been
applied to the deteriorated pedestrian walkway along the former Party City frontage.
Despite these limited improvements, widespread deterioration of pavement, curbing, and
pedestrian surfaces persists. The worsening pavement collapse at the rear corner further
demonstrates ongoing deterioration beyond what routine maintenance can address.
Damage to exterior infrastructure also includes impact related damage from vehicles to
light poles and a support column for the Cape West Plaza pylon signage. Separately, the
large pylon sign formerly used for Sears Grand and visible from Interstate 55 is
inoperable.
B.2. Exterior Building Conditions
The exterior of 330 Siemers Drive shows cracks and moisture infiltration throughout the
fagade, leading to peeling paint. Exterior doors and utility enclosures across the Area
show varying degrees of damage, including rust and peeling paint. The southwest awning
on 330 Siemers Drive has been removed by the previous owner, leaving the structure
exposed to the elements. Other exterior issues include missing backup bumpers and
Steadfast city
E-1c&Community Partnere P a g e 16
lights at loading bay docks. These conditions create vulnerabilities that need attention to
prevent further damage and improve the building's appearance.
During the secondary inspection, it was noted that most exterior building deficiencies
remain unchanged. Cracks, moisture infiltration, peeling paint, and facade deterioration
continue to be present at levels similar to or worse than the initial assessment. Although
several rear exterior doors at the strip center have been freshly repainted, this isolated
improvement does not materially alter the broader pattern of deterioration.
8.3. Interior Building Conditions
Interior building conditions were assessed only for the vacant building at 330 Siemers
Drive, revealing various signs of deterioration. Most areas within the vacant building
showed damage and wear to secondary building components, including flooring, ceilings,
and walls, consistent with prolonged use. Additionally, significant water intrusion and
ceiling leaks have led to staining, cracking, standing water, visible moisture, mold, and
rust throughout the building, causing damage to interior walls and other surfaces.
Several loading docks are non-functional and uneven, rendering them unusable. These
uneven docks also create openings, exposing the building to the elements and providing
an access point for unauthorized entry. As shown in Appendix B, the current owner has
temporarily blocked these openings to prevent trespassing.
Further damage was noted from a previous water pipe burst, caused by freezing in a
bathroom located in the building's southwest corner.
The former Sears Auto Center has several garage doors that are either faulty or broken,
requiring padlocks to secure the building and prevent unauthorized access.
Lastly, a separation was observed between two layers of a concrete block wall near the
interior rooftop access point.
During the secondary inspection, interior conditions have substantially worsened, with
severe mold growth affecting nearly all interior spaces. Water damage, staining, and
structural material deterioration have progressed. These conditions now pose heightened
risks to building integrity and occupant health.
The building's interior is currently unsafe for entry without personal protective equipment,
as evidenced by the extreme mold conditions observed during the inspection.
C.1. Obsolete HVAC System
SteadFast city
Led
nityNtn Page 17
The HVAC system at 330 Siemers Drive is outdated and unsuitable for future occupancy.
HVAC system degradation has worsened since the initial inspection; of more than 20
units, only 9 furnaces remain operational, leaving the majority of the building uncontrolled
from an environmental standpoint. The inability to regulate humidity and temperature has
directly contributed to the accelerated mold growth and worsening interior deterioration.
This situation necessitates the replacement of the HVAC units to mitigate risks associated
with poor air quality and temperature control. Without proper climate regulation, the
building faces increased risk of deterioration and occupant health issues.
C.2. Fire Safety
The vacant building at 330 Siemers Drive poses an enhanced fire risk due to a
malfunctioning dry fire suppression system in the lawn and garden area. The system
requires the replacement of a master control valve. Additionally, vacant properties are at
higher risk of fire, particularly from arson. A study by the National Fire Protection
Association found that vacant properties account for a disproportionate share of fires, with
arson responsible for 43% of these incidents, posing substantial risks to property and
public safety (NFPA, 2020). The inoperable fire suppression system exacerbates this
threat. As confirmed by the property manager, the building's alarm system is no longer
functioning. This represents a new and serious safety concern that was not present in the
initial assessment, as a nonfunctional alarm system increases fire risk in an already
compromised structure and limits the property's ability to detect or respond to
emergencies.
1G.3. Trespassing and Illicit Activity
Evidence of trespassing and illicit activity was found throughout the Area, including in
areas not easily visible to the public. These activities include reckless driving, as indicated
by tire marks on parking lot surfaces. Other signs of illicit behavior, such as vandalism,
were evidenced by scattered litter, graffiti, and intentional damage to buildings and
infrastructure.
Additionally, property management staff and ownership reported persistent issues with
squatters, illegal trespassing, and vandalism, which have required frequent repairs and
the removal of abandoned belongings from the site, including a vehicle that had remained
on the property for several years. Most recently, an incident report was filed with the City
of Cape Girardeau Police Department after the front glass doors of the former Sears
building were shattered. According to the responding officer, it appeared the glass had
been "shot out." The incident report and images of the damage are included as Appendix
D.
CA. Exterior Lighting
Lighting throughout the Area should be significantly improved by replacing existing
fixtures with energy-efficient LED lights. Currently, inadequate lighting contributes to an
environment that encourages and conceals illicit activities within the Area. The lack of
Steadfast city
Economic&Community Fanners Page 18
exterior lighting also heightens safety risks and impedes the ability of security or law
enforcement to effectively address or deter criminal activity. Furthermore, the previous
owner of 330 Siemers Drive removed all lighting fixtures from the southwest entrance
awning, creating hazardous conditions for accessing the site through this entrance if it
were to be used in its current state.
The Redevelopment Area has failed to increase in assessed value when compared to the
Citywide commercial assessed value over the last 10 years, demonstrating a
predominance of economic liability in the Area. Since 2016, the Area increased in
assessed value by an average of 3.64%, while the City's total assessed value increased
by nearly 40%. This discrepancy signifies a critical issue for the City's economic health.
Properties that do not appreciate consistently with the broader market can stagnate
growth and deter investment. When property values remain stagnant, it often indicates
issues such as inadequate infrastructure or lack of amenities, which can deter new
businesses and residents.
Steadfast City Economic & Community Partners prepared Table D.1 using publicly
available information from the Cape Girardeau County Taxing Districts Tax Books. As
shown in Table D.1, both parcels have experienced consistent stagnant growth and only
slightly increased in valuation over the last 10 years. Since 2016, 330 Siemers Drive has
only increased 3.37% and 242 Siemers Drive has increased by 3.90% for an average of
3.64% increase in the Area.
Table D.1
Table D.2 summarizes Cape Girardeau citywide and Cape Girardeau countywide total
commercial valuation data from the Cape Girardeau County Taxing Districts Tax Books
from 2016 through 2025. Since 2016, citywide commercial valuation increased 40% while
countywide valuation increased 46%. In contrast, the proposed Redevelopment Area
Steadfast city
E—.— &C --ay Pn,-, P a g e 19
z
ud
2025
$
1,721,270
5/
$
1,760,820 5%
2024
$
1,639,000
0%
$
1,676,970 0%
2023
$
1,639,000
8%
$
1,676,970 9%
2022
$
1,510,880
0%
$
1,545,590 0%
2021
$
1,510,880
-9%
$
1,545,590 0%
2020
$
1,665,100
0%
$
1,545,590 0%
2019
$
1,665,100
0%
$
1,545,590 0%
2018
$
1,665,100
0%
$
1,545,590 -9%
2017
$
1,665,100
0%
$
1,694,720 0%
2016
$
1,665,100
$
1,694,720
Table D.2 summarizes Cape Girardeau citywide and Cape Girardeau countywide total
commercial valuation data from the Cape Girardeau County Taxing Districts Tax Books
from 2016 through 2025. Since 2016, citywide commercial valuation increased 40% while
countywide valuation increased 46%. In contrast, the proposed Redevelopment Area
Steadfast city
E—.— &C --ay Pn,-, P a g e 19
properties increased in assessed valuation by only 3.64%, demonstrating an economic
liability by not keeping pace with the City and County.
Table D.2
o a
`
i
2025
$
281,619,890
5.64%
$
418,482,460
6.42/
2024
$
266,583,310
4.74%
$
393,226,300
4.42%
2023
$
254,517,370
8.03%
$
376,594,400
4.35%
2022
$
235,599,100
4.94%
$
360,881,640
5.55%
2021
$
224,512,600
3.29%
$
341,919,670
3.32%
2020
$
217,371,340
-0.04%
$
330,939,600
0.40%
2019
$
217,450,470
1.15%
$
329,636,790
-1.73%
2018
$
214,979,240
2.06%
$
335,424,910
8.92916
2017
$
210,646,780
4.67%
$
307,959,000
7.45%
2016
$
201,243,360
$
286,600,720
As property taxes constitute the largest proportion of the City's budget, funding essential
public services and infrastructure improvements, an area with static values represents a
missed opportunity for increased fiscal resources. This stagnation can strain the City's
budget and limit its ability to invest in other critical areas, potentially leading to a cycle of
underdevelopment and economic decline. Addressing these issues will require targeted
interventions to stimulate growth and attract investment, ensuring that the Area can
contribute positively to the City's future development.
IMSteadfast city
E - -k Page 110
The blight study analysis conducted for the Area documents conditions that qualify the
site as a "blighted area" under the CID Act and Chapter 353 Urban Redevelopment
Corporations Law. The parcels proposed for remediation, two out of the three parcels,
242 and 330 Siemers Drive, exhibit physical and economic factors that constitute an
economic and social liability, as well as a menace to public health, safety, and welfare in
its present condition and use. The analysis identified extensive deterioration of site
improvements, insanitary and unsafe conditions, fire hazards, and economic stagnation,
all of which negatively impact the broader community. A secondary site inspection
confirmed that these conditions have persisted, and in several areas, have worsened.
The improvements to 242 and 330 Siemers Drive are necessary for the continued
successful and safe operation of 262 Siemers Drive, as the Sonic depends on the
conditions and infrastructure within the adjacent properties.
Significant infrastructure issues, including failing stormwater management systems, poor
drainage, and erosion, have led to hazardous walking and driving conditions. Water
intrusion through cracked pavement and building facades has accelerated the
deterioration of sidewalks, parking lots, and structural components. The presence of mold
or bacteria, both inside and outside the buildings, pose health risks for occupants and
surrounding properties. The vacant building at 330 Siemers Drive suffers continued water
damage, with widespread roof leaks, rusted fire suppression sprinkler heads, and
deteriorated interior materials. The follow-up assessment identified extreme progression
of mold growth throughout the former Sears building, indicating substantial worsening of
interior conditions since the initial inspection. Additionally, exterior infrastructure, such as
curbing, light poles, and fencing, shows decay, while litter and graffiti contribute to an
environment of neglect. Minor improvements—such as debris removal and repainting of
several exterior doors—were observed, but do not materially change the overall condition
of the site.
The site also presents fire and public safety concerns. The HVAC system at 330 Siemers
Drive is largely non-functional, and its dry fire suppression system in the former lawn and
garden area is inoperable, increasing fire risk. Vacant buildings are prone to arson and
crime, and the lack of an effective fire safety system enhances this threat. During the
secondary inspection, property management also reported failure of the building's alarm
system, which has reached end -of -life and is no longer operational. Trespassing,
vandalism, reckless driving, and other illicit activities continue to occur throughout the
Area, which discourages business and investment. Inadequate lighting further enables
these unsafe conditions by reducing visibility and hindering security enforcement.
Beyond physical deterioration and safety risks, the Area represents an economic liability.
Property values within the Area have only increased by an average of 3.64% over the
past decade while the City experienced a 40% increase in assessed value. This lack of
SteadFat city
Steadfast
my ,w
P a g e l 11
appreciation limits tax revenue and restricts the City's ability to fund essential services
and infrastructure improvements. Without intervention, the Area will continue to contribute
minimally to the City's economic health, missing opportunities for revitalization and
growth.
In conclusion, the Area meets the statutory definition of a "blighted area" due to the
combination of insanitary and unsafe conditions, deterioration of site improvements, and
economic liability. The secondary inspection reaffirms the persistence of these issues,
with several conditions demonstrating notable deterioration since the initial visit. These
factors not only hinder redevelopment efforts but also pose a direct threat to the public
health, safety, and welfare. Addressing these issues is critical to reversing the Area's
decline, mitigating risks, and creating an environment conducive to investment and
community well-being.
Steadfast city
Ewncvnic&Community No— Page 112
Appendix A
Redevelopment Area Map'
2 The Redevelopment Area is comprised of two legal parcels located at 242 and 330 Siemers Drive in the
City. Pursuant to a triple net ground lease, a portion of 242 Siemers Drive is leased to a third -party entity operating
a Sonic restaurant. The Sonic restaurant has a street address of 262 Siemers Drive. Because the third -party entity is
required to pay all taxes and assessments with respect to the property at 262 Siemers Drive, the Cape Girardeau
County Assessor has assigned the 262 Siemers Drive property its own tax parcel identification number, even though
no separate legal parcel exists.
Steadfast city
E-ir &C-mtyPartners Page 113
Appendix B
Site Assessment Photos
242 Siemers Drive: Exterior
Deterioration of paved surface.
SteadFast city
F—mic &Community Partners
Page 114
Steadfast city
R-1.&C--Ily Pat— Page 115
Deterioration of pedestrian pathways.
Deterioration of pedestrian pathways and exterior building column.
Steadfast city
E-k&Cenmity Partners P a g e 116
Missing drain covers.
Damage to column and mail container.
Steadfast city
Ecar.mic &C-'Ity Parr� Page 117
Examples of deterioration and damage found on light poles throughout the site.
Inadequate lighting.
Presence of mold and/or bacteria build-up on building fagade and other exterior components.
Steadfast city
E—k&Community Pm— Page 118
r— SteadFast city EcPage 19
.—k &C-1-Ity P.,?n—
t
`i
_ " •e�.��Sa, ems"+.`. 'J , f
r— SteadFast city EcPage 19
.—k &C-1-Ity P.,?n—
Damage and deterioration to utility enclosure, exterior door, and waste enclosure.
330 Siemers Drive: Site Exterior
Evidence of reckless driving in parking areas and faded road paint needed to delineate parking
spaces, drive lanes, parking areas, fire lanes, etc.
MINE Stead Fast city
Ma Page 20
Ecenamrc &Community Fartn�rsI
Worn parking area and exterior facade with remaining evidence of signage from past occupant.
"No Trespassing" signs posted due to ongoing issues with trespassing and loitering.
Damage to columns and graffiti.
Failure and collapse of parking area surface intended for drainage of water runoff.
Steadfast city
E--i.&C---ily PTrl... P a g e 121
Damage to drainage area fencing and missing drain cover.
330 Siemers Drive: Building Exterior
Deteriorating entrance pathways and rust on fire suppression system sprinklers.
Separation of fagade from below surface and rusted pipes on building rooftop.
Ir Steadfast city
QU &o k &L C--Ity P., — Page 122
Damage to loading bay and rust on utility enclosure.
Rust and graffiti on exterior doors. Paint on pavement and building exterior due to vandalism.
Cracks in building facade and vegetation growth.
Deterioration of pavement below drain spouts due to poor management of water runoff.
SteadFast city
E. omK s C , ity NO— Page 123
Moisture in building fagade, stains, and deteriorating paint.
Missing roof canopy ceiling and lighting.
Steadfast city
fron k&C—n—ilypartners Page 124
330 Siemers Drive: Building Interior
Separation in block wall and image of garage doors with faulty lock mechanisms.
Uneven and inoperable loading bays that require additional materials to close gaps to exterior.
ReadFast city
E.n—irc&C—nity Partnere Page 125
Example of deterioration found throughout building interior flooring and fixtures.
Damage to interior walls and paint from water infiltration.
Steadfast city
Economic&Community Partners Page 126
Mold and other damage from water infiltration through fagade and roof leaks.
Steadfast city
Economic&C—.—ItyNO— P a g e 127
Damage from water infiltration through fagade and roof leaks.
EMMAStead Fast city
Fccewmk&Commun[[yFartnen Page 128
Damage from water infiltration.
Damage in bathroom from water pipe burst.
Stead Fast city
F—MIC &C—Munity Pxr— Page 129
Damage from roof leaks.
Evidence of standing water and moisture build-up in building.
SteadFast city
Economic& Community P.,I— P a g e 130
Appendix C
Secondary Site Assessment Photos
11/97/2025
242 Siemers Drive: Exterior
Advanced deterioration of paved surface.
Continued deterioration of pedestrian pathways.
NOM SteadFastYcity Page 31
Fccnami<&Commumt Partners
Deterioration of exterior building column with increased presence of mold on the building
fagade.
Stead Fast city
Ewrumic€Canmunity Fanner, Page 132
Hazardous missing drain covers with worsening pavement.
330 Siemers Drive: Site Exterior
Evidence of reckless driving is still prevalent in parking areas with faded road paint.
Worsening collapse of parking area surface intended for drainage of water runoff.
Stead Fast city
fron—k&Community Partners Page 133
330 Siemers Drive: Building Exterior
Continued deterioration of entrance pathways and missing lighting.
Moisture continuing to seep into building facade, stains, and deteriorating paint.
Evidence of poor management of water runoff with pavement damage worsening.
POP Stead Fast city
f -I11 1--R, Rumen P a g e 134
330 Siemers Drive: Building Interior
Examples of prevalent and worsening deterioration found throughout building interior from mold
and other damage caused by water infiltration.
Stead Fast city
e--i� ...—nily W— P a g e 135
Additional/spreading damage to interior walls and paint from water infiltration.
Steadfast city
E—tc 4 Community N't— Page 136
Evidence of continued and prolonged standing water and moisture build-up in building.
Stead Fast city
E---mz &C—."Ity No.. Page 137
Appendix D
Police Report: Case 25001559
Supporting images to official police report found on next page.
Steadfast city
&—tre &C.—MryNo.— Page 138
CITY Ot CAPE GIRARDEAU
2590 M&U La&§ Lm Cepa Q V00,4 MO GM I 573.39£621 Tel 573,979-6W F"
Ctmw-:
Case 25001559
POLICE DEPARTMENT
Printed on April 17, 2025
Status
Approved
Report Type
Incident
Primary Officer
Madison Kirn
Investigator
None
Reported At
04/10/25 09:17
Incident Date
04/10/25 09:17
Incident Code
PROD: PROPERTY DAMAGE
Location
330 SIEMERS DR, CAPE GIRARDEAU, MO 63701 (SPIRIT OF HALLOWEEN)
Zone
C2
Beat
Rover
Disposition Inactive
Disposition Date/Time 04/10/2510:07
Review for Gang Activity None
Offense Information
Offense
PROPERTY DAMAGE 1 ST DEGREE
Statute
569.100-001
NIBRS Code
290 - Destruction/DamageNandalism of Property
Counts
1
Include In NIBRS Yes
Completed
Yes
Bias Motivation
None (no bias)
Location
Department/Discount Store
Entry Forced
No
Victim
Other
569.100-001 - PROPERTY DAMAGE 1ST DEGREE
Case 25001559 Page 1 of 2
Primary Narrative By Madison Kirn
Reporting Parry: 569.100-001 - PROPERTY DAMAGE
1ST DEGREE
On Thursday, April 10, 2025, at approximately 0930 hours, I, Patrolman Kim, DSN 398, responded to 330 Siemers Dr.,
at the old Sears building, for a property damage report. Upon arrival, I made contact with the Drury Land Development
Facility Engineer, TROY MATLOCK.
Matlock advised (2) of the front door windows were damaged sometimes between the hours of 1600 hours (4/9/225)
and 0900 hours (4/10/25). 1 observed (2) windows shattered and they appeared to have been shot out due to the look
of the glass damage and a small hole in each window. It is unknown at this time what was used to break the glass at
this time due to no cameras in the area or other evidence.
Matlock advised it would be approximately $1,000.00/each to fix the doors. ($2,000.00 total damage).
Due to lack of evidence and witnesses, this case will be inactivated. A bulletin will be created for extra patrol to look for
trespassers.
Nothing further.
Case 25001559 Page 2 of 2
DRURY
CORPORATION
Exhibit D
Project Financing
(Remainder of this page intentionally left blank)
PROJECT FINANCING COMMITMENT
Cape West Plaza Development Plan - Project Financing Letter
January 14, 2026
Drury Development Corporation
13075 Manchester Road, Suite 200
St. Louis, MO 63131
Attn: Anthony C. Right, SVP and CFO
To whom it may concern:
You currently have availability under your operating line of credit with our bank to fund the $21 million of
additional expenditures required to complete the redevelopment of Cape West Plaza in Cape Girardeau,
Missouri, including the conversion of the former Sears Grand into a multi -tenant commercial space. Those
funds are available to draw at any time and require no future approval. I understand,. however, that your
plans for redevelopment of Cape West Plaza are contingent upon securing sufficient tax incentives from
the City of Cape Girardeau to make the project economically feasible.
Should you have any questions, please do not hesitate to reach out.
Tha ks,
Tanya ewandowski
Senior Vice President- Commercial. Real Estate
U.S. Bank National Association
1 North Brentwood Blvd, Suite 1400
St. Louis, MO 63105
Technical Memorandum
February 2026
To: Dr. Kenneth Haskin, City Manager
Greg Young, City Attorney
CC: Mark Grimm, Special Counsel to City
From: Doug Rasmussen, President and CEO
Shayla Meehan, Senior Project Manager
I. INTRODUCTION
S Le adhast city
=oy Partners
Re: Cape West Plaza Development Plan Tax Impact
Statement
Project Name: Cape West Plaza
This Memorandum and the accompanying tables comprise the Tax Impact Statement (the "Memo") for the Cape West Plaza redevelopment
project (the "Project"), proposed by Drury Development Corporation (the "Developer"). The Project involves improvements to the shared parking
lot area, fagade and roof improvements of the in-line Cape West Plaza commercial shopping center, as well as the redevelopment of the adjacent
property formerly occupied by Sears.
The "Redevelopment Area" or "Area" referenced herein is comprised of two legal parcels' totaling approximately 20.25 acres, located west of
Interstate 55 at 242 and 330 Siemers Drive in Cape Girardeau, Missouri 63701. Affiliates of the Developer own both parcels in the Area. 242
Siemers Drive has been owned by an affiliate of the Developer for more than 30 years, and before repurchasing 330 Siemers Drive on November
8, 2023, the property had been formerly owned by an affiliate of the Developer and sold on June 24, 2004.
The Developer plans to redevelop the vacant Sears building and surrounding exterior and parking lot (the "Former Sears Area"). Cape West Plaza
Shopping Center will undergo exterior improvements to the parking lot and envelope of the building, such as the fagade and roof (the "Shopping
' As noted above, the Redevelopment Area is comprised of two legal parcels located at 242 and 330 Siemers Drive in the City. Pursuant to a triple net ground
lease, a portion of 242 Siemers Drive is leased to a third -party entity operating a Sonic restaurant. The Sonic restaurant has a street address of 262 Siemers
Drive. Because the third -party entity is required to pay all taxes and assessments with respect to the property at 262 Siemers Drive, the Cape Girardeau County
Assessor has assigned the 262 Siemers Drive property its own tax parcel identification number, even though no separate legal parcel exists.
Center Area"); no interior improvements are planned for the Shopping Center Area. A quick serve restaurant, Sonic, currently occupies the building
located at 262 Siemers Drive (the "Sonic Area") and no improvements—interior nor exterior—will be made to the Sonic Area.
The tables that follow this Memo detail the anticipated impact of the proposed Chapter 353 tax abatement on the affected taxing jurisdictions.
This analysis reflects improvements to existing structures and associated exterior enhancements. Users of this analysis should consider the
assumptions outlined in the attached tables and narrative below.
As noted above, the Redevelopment Area includes two taxing parcels, with the Blight Finding and Development Plan applying to the entire
Redevelopment Area. The Former Sears Area is contemplated for retail, office, and flex commercial tenants. The Shopping Center Area currently
includes retail and commercial tenants. The Redevelopment Area is subject to the proposed Chapter 353 tax abatement and the associated PILOT
Schedule, as described in this Memo.
II. REAL PROPERTY TAX ABATEMENT REQUEST
1. Tax Abatement Period
The redevelopment of the Former Sears Area and improvements to the Shopping Center Area are expected to commence in 2026. All of the
improvements are expected to be complete in quarter one of 2027. Operations at the former Sears building are expected to begin in quarter three
of 2027. This analysis assumes that the City will approve a development. plan and development agreement that will allow for the following
abatement terms:
1. Each tax parcel's ad valorem real property taxes will be abated for 25 years after title to such tax parcel is transferred to the
Corporation,
2. During the 2025 tax year, ad valorem real property taxes of $9,084.02 were paid with respect to the tax parcel at 262 Siemers Drive,
ad valorem real property taxes of $94,151.05 were paid with respect to the tax parcel at 242 Siemers Drive and ad valorem real
property taxes of $92,036.31 were paid with respect to the tax parcel at 330 Siemers Drive (each such amount being the "Base Taxes"
with respect to each such tax parcel),
3. During years 1-10 in which a tax parcel is subject to abatement, the Developer will pay taxes measured by the value of the land on
such tax parcel in the year prior to the acquisition thereof by the Corporation, plus a payment in lieu of tax ("PILOT") equal to the
difference between such tax parcel's Base Taxes and the taxes measured by the value of the land, and
Steadfast City Economic & Community Partners — Cape West Plaza February 2026
4. During years 11— 25 in which a tax parcel is subject to abatement, the Developer will pay taxes measured by 50% of the property's
then -current market value.
Each tax and PILOT payment will be divided pro rata among the taxing districts that levy ad valorem real property taxes on the respective tax
parcel based on each taxing district's then -current levy rate.
2. Base Assessed Value
The base equalized assessed value (the "Base EAV") of the Former Sears Area is $1,721,270. The Base EAV of the Shopping Center Area is
$1,760,820. The Base EAV of the Sonic Area is $169,890. The total Base EAV of the Redevelopment Area is $3,651,980.
3. Tax Rates
The total current property tax rate levied against commercial property in the Area is $5.3470 per $100 of assessed valuation, inclusive of the
commercial surcharge rate of $0.3690 per $100 of assessed valuation. The attached analysis assumes this tax rate will not change during the
abatement period.
4. Projected Market Value and Assessed Value
The assumptions forthe Project's future market values are based on similar projects and existing assessments. At the time the Project is completed,
the Assessor will appraise each parcel within the Redevelopment Area. Since the Project has not yet been constructed, the Assessor cannot
determine the future appraised value for purposes of levying real property taxes.
S. Growth in Market Value
The attached analysis assumes a 3% growth in market value biennially, at each reassessment year or every odd calendar year except Table 4: No
Build Scenario which assumes a 0.50% biennial growth to reflect stagnant growth over the last several years.
Steadfast City Economic & Community Partners — Cape West Plaza February 2026
III. GENERAL ASSUMPTIONS AND CONDITIONS
This Memo and the financial projections contained herein are based on assumptions, projections, and information provided by the Developer and
various other sources considered reliable. Steadfast City neither verified nor audited the information that was provided by the other sources.
Information provided by others is assumed to be reliable, but Steadfast City assumes no responsibility for its accuracy or certainty. The impact on
these projections of actual implementation activities plus external factors can affect actual results. Changes in the national, regional, and local
economic and real estate market conditions may impact the real estate market and proposed redevelopment activity. Changes or modifications
may also be caused by economic, environmental, public policy, physical events, conditions, and/or other unforeseen circumstances. Steadfast City
assumes no liability should market conditions change or the schedule is not met.
The tax revenue projections contained in this report represent prospective information, opinions, and estimates regarding a development project
that is not yet constructed. These projections are not provided as predictions or assurances that a certain level of performance will be achieved or
that certain events will occur. The actual results will vary from the projections described herein and the variations may be material. Because the
future is uncertain, there is risk associated with achieving the results projected. Steadfast City assumes no responsibility for any degree of risk
involved.
This report and the information included herein are intended for the purposes of providing an estimate of the performance of this potential project
for use by the City and should not be used for other purposes. Neither this document nor its contents may be referred to or quoted, in whole or
in part, for any purposes including, but not limited to, any official statement for a bond issue and consummation of a bond sale, any registration
statement, prospectus, loan, or other agreement or document, without prior review and written approval by Steadfast City.
Steadfast City Economic & Community Partners — Cape West Plaza February 2026
J'J
Steadfast city
a,artners
Cape West Plaza Tax Impact Statement
Cape Girardeau, Missouri
February 2026
Appendix A
Steadfast City Economic & Community Partners — Cape West Plaza
February 2026
List of Figures and Tables
Cape West Plaza Redevelopment Project
Cape Girardeau, Missouri
I A, A . . .... . . . . . . . . . . V . ...... . .
Figure Table
Title
Figure 1
Project Site Renderings
Figure 2
Aerial Image and Site Boundary
Figure 3
1 Project Site Plan
.. . ...... N . . .. I
Table 1
Most Recent Equalized Assessed Valuation ("Base EAV")
Table 2
Real Property Tax Rates per $100 Assessed Value
Table 3
Project Development Summary - Market and Assessed Values Upon Redevelopment
Table 4
Estimated Real Property Taxes Paid - No -Build Scenario
Table 5
Estimated Real Property Taxes Paid - with Abatement in Place - by Jurisdiction
Table 6
Estimated Real Property Taxes Paid - without Abatement in Place - by Jurisdiction
,Table 7
Estimated Real Property Taxes Abated - with Abatement in Place - by Jurisdiction
Steadfast City Economic & Community Partners — Cape West Plaza February 2026
Figure 1— Project Site Renderings
Steadfast City Economic & Community Partners — Cape West Plaza February 2026
Figure 2 —Aerial Image and Site Boundary'
' The Redevelopment Area is comprised of two legal parcels located at 242 and 330 Siemers Drive in the City. Pursuant to a triple net ground lease, a portion
of 242 Siemers Drive is leased to a third -party entity operating a Sonic restaurant. The Sonic restaurant has a street address of 262 Siemers Drive. Because the
third -party entity is required to pay all taxes and assessments with respect to the property at 262 Siemers Drive, the Cape Girardeau County Assessor has
assigned the 262 Siemers Drive property its own tax parcel identification number, even though no separate legal parcel exists. The map above shows the
boundaries of the two legal parcels located as 242 and 330 Siemers Drive as well as the boundaries of the portion of 242 Siemers Drive that's occupied by
Sonic.
Steadfast City Economic & Community Partners — Cape West Plaza February 2026
Figure 3 — Project Site Plan
TRACT wa
-------- PRELIMINARY BUILDING '
AREA ti�7 pg��a SIGN ! '
i t Q
SIGN t
SIEMERsrBRIV ..
SIGN
SIGN3 Hill.
1:3ai I IIIfI`l 1fI111C'.Illil t
sIEMERS-15A �lE��80'-RaCT W;3:-��'� - � -�— x�✓ � � ~ } =� � =t- �i� � to �� "� -
SIGNS
IL
>{
�6 64►' _ I
ilifli tit Tom_ �EV LOSE_ RAC -#. a _ -9
F,51sE �slitti,�lii�T;qq..1�,-
it�111!<E;.:1[!.ul CAPE WEST 'LAZA
Hfililil6 111, IMI I .
_ _SIGNS
-TNTffWSTAYE 'ROUTE SS _
WMIN so" LVE
lot t I
TARGET RETAIL i
E STORE
r . O mm om
Steadfast City Economic & Community Partners — Cape West Plaza February 2026
Table 1
Most Recent Equalized Assessed Valuation ("Base EAV")
Cape West Plaza Redevelopment Project
Cape Girardeau, Missouri
Anticipated Year of
2025 Base Land
2025 Base
Parcel
Owner
project Address
2025 Base Total EAV
Completion
EAV
Improvement EAV
20-309-00-02-004.00-2000
Drury Land
2027
242 SIEMERS DR
$ 323,370
$ 1,437,450
$ 1,760,820
Development, Inc.
20-309-00-02-004.00-2001
Drury Land
2027
262SIEMERSDR
$ 50,500
$ 119,390
$ 169,890
Development, Inc.
20-309-00-02-005.00-0000
Drury AT 2024, LLC
2027
330 SIEMERS DR
$ 258,190
$ 1,463,080
$ 1,721,270
Total
$ 632,060
$ 3,019,920
$ 3,651,980
1. Drury Land Development, Inc. owns the fee interest in thereat property located at 262 Siemers Drive and leases the pro pertyto D&B Properties, Inc. pursuant to a triple net ground lease. Because D&B Properties,[ nc. is
required to pay all taxes and assessments with respect to the property, the Cape Girardeau County Assessor's records reflect D&B Properties, Inc. as the" deed holder"
of such property, however, a representative from the
Cape Girardeau CountyAssessor's office has confirmed that such designation is solely for tax assessment and billing purposes.
Steadfast City Economic & Community Partners — Cape West Plaza February 2026
Table 2
Real Property Tax Rates per $100 Assessed Value
Cape West Plaza Redevelopment Project
Cape Girardeau, Missouri
Taxing Jurisdiction
2025 Commercial Rate
County General Revenue
$
0.07860
County Mental Health
$
0.07750
County Public Health
$
0.09640
Senate Bill40 (CGCBDD)
$
0.05530
County Senior Services
$
0.04800
State of Missouri
$
0.03000
Surcharge
$
0.36900
Cape Girardeau - General Revenue
$
0.30550
Cape Girardeau - Health
$
0.05720
Riverside Regional Library
$
0.07280
School District #63
-$
4.15670
Total
$
5.34700
1. Actual taxes willvaryfrom year-to-year due to changes in adopted tax rates, state mandated rollbacks resulting from
increased assessed value through reassessment, and/or bond issues and debt requirement
Steadfast City Economic & Community Partners — Cape West Plaza February 2026
Table 3
Project Development Summary- Market and Assessed Values Upon Redevelopment
Cape West Plaza Redevelopment Project
Cape Girardeau, Missouri
Est. Year I of
Building Size
Est. Market
Est. Market
Assessment
Est. Assessed Est. Assessed
2025 Base
Increment
Parcel
Project Address
Value at
Value at
Subject to
Term
(SF)
Value per SF
Rate
Value per SF
Total EAV
Completion
Completion
Abatement
20-309-00-02-004.00-2000
2028 242 SIEMERS DR
107,724
$ 59.65
$ 6,425,894
32%
$ 19.09 $ 2,056,286
$ 1,760,820
$ 295,466
20-309-00-02-004.00-2001
2028 262 SIEMERS DR
.6,400
$ 103.69
$ 663,628
32%
$ 33.18 $ 212,361
$ 169,890
$ 42,471
120-309-00-02-005.00-0000
1 2028 1 330 SIEMERS DR
1 114,940
$ 103.56
$ 11,903,749
32%1
$ 33.141 $ 3,809,200
$ 1,721,270
$ 2,087,930
1 — Total 1
229,064
1
$ 18,993,270
1 1 $ 6,077,846
$ 3,651,980
$ 2,425,866
Steadfast City Economic & Community Partners — Cape West Plaza February 2026
Steadfast City Economic & Community Partners - Cape West Plaza February 2026
Table 4
Table 4 (Cont.)
No -Build Scenario- Estimated Real Property
Taxes
No -Build
Scenario- Estimated Real Property Taxes
(Cont.)
Cape West Plaza Redevelopment
Project
Cape West Plaza Redevelopment Project
Cape Girardeau, Missouri
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2043
2039
2040
2045
2046
1
2
3
4
5
6
7
8
9
10
11
12
13
16
17
18
19
20
21
22
23
24
25
Total(Gross)
General Revenue
$0.00079
$ 2,870
$ 2,885
$ 2,885
$ 2,899
$ 2,899
$ 2,914
$ 2,914
$ 2,928
$ 2,928
$ 2,943
$ 2,943
$
2,958
$ 2,958
Mental Health
$ 0.00078
$ 2,830
$ 2,844
$ 2,844
$ 2,859
$ 2,859
$ 2,873
$ 2,873
$ 2,887
$ 2,887
$ 2,902
$ 2,902
$
2,916
$ 2,916
Public Health
$ 0.00096
$ 3,521
$ 3,538
$ 3,538
$ 3,556
$ 3,556
$ 3,574
$ 3,574
$ 3,591
$ 3,591
$ 3,609
$ 3,609
$
3,627
$ 3,627
Senate Bill40 (CGCBDD)
$ 0.00055
$ 2,020
$ 2,030
$ 2,030
$ 2,040
$ 2,040
$ 2,050
$ 2,050
$ 2,060
$ 2,060
$ 2,071
$ 2,071
$
2,081
$ 2,081
Senior Services
$ 0.00048
$ 1,753
$ 1,762
$ 1,762
$ 1,771
$ 1,771
$ 1,779
$ 1,779
$ 1,788
$ 1,788
$ 1,797
$ 1,797
$
1,806
$ 1,806
State of Missouri
$ 0.00030
$ 1,096
$ 1,101
$ 1,101
$ 1,107
$ 1,107
$ 1,112
$ 1,112
$ 1,118
$ 1,118
$ 1,123
$ 1,123
$
1,129
$ 1,129
Surcharge
$ 0.00369
$ 13,476
$ 13,543
$ 13,543
$ 13,611
$ 13,611
$ 13,679
$ 13,679
$ 13,747
$ 13,747
$ 13,816
$ 13,816
$
13,885
$ 13,885
City -General Revenue
$0.00306
$ 11,157
$ 11,213
$ 11,213
$ 11,269
$ 11,269
$ 11,325
$ 11,325
$ 11,382
$ 11,382
$ 11,439
$ 11,439
$
11,496
$ 11,496
City - Health
$0.00057
$ 2,089
$ 2,099
$ 2,099
$ 2,110
$ 2,110
$ 2,120
$ 2,120
$ 2,131
$ 2,131
$ 2,142
$ 2,142
$
2,152
$ 2,152
Riverside Regional Library
$ 0.00073
$ 2,659
$ 2,672
$ 2,672
$ 2,685
$ 2,685
$ 2,699
$ 2,699
$ 2,712
$ 2,712
$ 2,726
$ 2,726
$
2,739
$ 2,739
School District#63
$0.04157
$ 151,802
$ 152,561
$ 152,561
$ 153,324
$ 153,324
$ 154,090
$ 154,090
$ 154,861
$ 154,861
$ 155,635
$ 155,635
$
156,413
$ 156,413
Total 1
$0.053471
$ 195,271
1 $ 196,248
1 $ 196,248
1 $ 197,229
$ 197,229
$ 198,215
$ 198,215 1
$ 199,206
$ 199,206
$ 200,202
$ 200,202
$ 201,203
$ 201,203
Steadfast City Economic & Community Partners - Cape West Plaza February 2026
Table 4 (Cont.)
No -Build
Scenario- Estimated Real Property Taxes
(Cont.)
Cape West Plaza Redevelopment Project
Cape Girardeau, Missouri
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
14
15
16
17
18
19
20
21
22
23
24
25
Total(Gross)
General Revenue
$0.00079
$ 2,972
$ 2,972
$ 2,987
$
2,987
$ 3,002
$
3,002
$ 3,017
$ 3,017
$ 3,032
$
3,032
$ 3,047
$ 3,047
$
74,042
Mental Health
$ 0.00078
$ 2,931
$ 2,931
$ 2,945
$
2,945
$ 2,960
$
2,960
$ 2,975
$ 2,975
$ 2,990
$
2,990
$ 3,005
$ 3,005
$
73,006
Public Health
$ 0.00096
$ 3,646
$ 3,646
$ 3,664
$
3,664
$ 3,682
$
3,682
$ 3,701
$ 3,701
$ 3,719
$
3,719
$ 3,738
$ 3,738
$
90,810
Senate Bill40 (CGCBDD)
$ 0.00055
$ 2,091
$ 2,091
$ 2,102
$
2,102
$ 2,112
$
2,112
$ 2,123
$ 2,123
$ 2,133
$
2,133
$ 2,144
$ 2,144
$
52,093
Senior Services
$ 0.00048
$ 1,815
$ 1,815
$ 1,824
$
1,824
$ 1,833
$
1,833
$ 1,843
$ 1,843
$ 1,852
$
1,852
$ 1,861
$ 1,861
$
45,216
State of Missouri
$ 0.00030
$ 1,135
$ 1,135
$ 1,140
$
1,140
$ 1,146
$
1,146
$ 1,152
$ 1,152
$ 1,157
$
1,157
$ 1,163
$ 1,163
$
28,260
Surcharge
$ 0.00369
$ 13,955
$ 13,955
$ 14,024
$
14,024
$ 14,094
$
14,094
$ 14,165
$ 14,165
$ 14,236
$
14,236
$ 14,307
$ 14,307
$
347,601
City -General Revenue
$0.00306
$ 11,553
$ 11,553
$ 11,611
$
11,611
$ 11,669
$
11,669
$ 11,727
$ 11,727
$ 11,786
$
11,786
$ 11,845
$ 11,845
$
287,784
City - Health
$0.00057
$ 2,163
$ 2,163
$ 2,174
$
2,174
$ 2,185
$
2,185
$ 2,196
$ 2,196
$ 2,207
$
2,207
$ 2,218
$ 2,218
$
53,883
Riverside Regional Library
$0.00073
$ 2,753
$ 2,753
$ 2,767
$
2,767
$ 2,781
$
2,781
$ 2,795
$ 2,795
$ 2,809
$
2,809
$ 2,823
$ 2,823
$
68,578
School District#63
$0.04157
$ 157,195
$ 157,195
$ 157,981
$ 157,981
$ 158,771
$
158,771
$ 159,565
$ 159,565
$ 160,363
$
160,363
$ 161,165
$ 161,165
$
3,915,650
Total 1
$0.053471
$ 202,209 1
$ 202,209 1
$ 203,220 1
$ 203,220 1
$ 204,236 1
$ 204,236
1 $ 205,258
1$ 205,258
$ 206,284
$ 206,284
$ 207,315
1 $ 207,3151
$ 5,036,924
Steadfast City Economic & Community Partners - Cape West Plaza February 2026
Steadfast City Economic & Community Partners - Cape West Plaza February 2026
Table 5
Estimated Real Property Taxes Paid -with Abatement in Place- byJurisdiction (Cont.)
Estimated
Real Property Taxes Paid - with Abatement
in Place-
byJurisdiction
Cape West Plaza Redevelopment
Project
Cape West Plaza Redevelopment
Project
Cape Girardeau, Missouri
Cape Girardeau, Missouri
2041
2042
2043
2044
2045
2046
2028
2029
2030
2031
2051
2032
2033
2034
2035
2036
2037
2038
2039
16
2040
17
18
19
20
1
2
3
4
5
6
7
8
9
10
11
12
13
General Revenue
$0.00079
$
2,938
$ 2,938
$ 3,026
$
3,026
$ 3,117
$ 3,117
General Revenue
$ 0.00079
$
2,870
$ 2,870
$ 2,870
$ 2,870
$
2,870
$ 2,870
$ 2,870
$ 2,870
$ 2,870
$
2,870
$ 2,769
$ 2,852
$
2,852
Mental Health
$ 0.00078
$
2,830
$ 2,830
$ 2,830
$ 2,830
$
2,830
$ 2,830
$ 2,830
$ 2,830
$ 2,830
$
2,830
$ 2,730
$ 2,812
$
2,812
Public Health
$ 0.00096
$
3,521
$ 3,521
$ 3,521
$ 3,521
$
3,521
$ 3,521
$ 3,521
$ 3,521
$ 3,521
$
3,521
$ 3,396
$ 3,498
$
3,498
Senate Bill 40 (CGCBDD)
$ 0.00055
$
2,020
$ 2,020
$ 2,020
$ 2,020
$
2,020
$ 2,020
$ 2,020
$ 2,020
$ 2,020
$
2,020
$ 1,948
$ 2,007
$
2,007
Senior Services
$ 0.00048
$
1,753
$ 1,753
$ 1,753
$ 1,753
$
1,753
$ 1,753
$ 1,753
$ 1,753
$ 1,753
$
1,753
$ 1,691
$ 1,742
$
1,742
State of Missouri
$ 0.00030
$
1,096
$ 1,096
$ 1,096
$ 1,096
$
1,096
$ 1,096
$ 1,096
$ 1,096
$ 1,096
$
1,096
$ 1,057
$ 1,089
$
1,089
Surcharge
$ 0.00369
$
13,476
$ 13,476
$ 13,476
$ 13,476
$
13,476
$ 13,476
$ 13,476
$ 13,476
$ 13,476
$
13,476
$ 13,000
$ 13,390
$
13,390
City -General Revenue
$0.00306
$
11,157
$ 11,157
$ 11,157
$ 11,157
$
11,157
$ 11,157
$ 11,157
$ 11,157
$ 11,157
$
11,157
$ 10,763
$ 11,085
$
11,085
City - Health
$0.00057
$
2,089
$ 2,089
$ 2,089
$ 2,089
$
2,089
$ 2,089
$ 2,089
$ 2,089
$ 2,089
$
2,089
$ 2,015
$ 2,076
$
2,076
Riverside Regional Library
$ 0.00073
$
2,659
$ 2,659
$ 2,659
$ 2,659
$
2,659
$ 2,659
$ 2,659
$ 2,659
$ 2,659
$
2,659
$ 2,565
$ 2,642
$
2,642
School District#63
$ 0.04157
$
151,802
$ 151,802
$ 151,802
$ 151,802
$
151,802
$ 151,802
$ 151,802
$ 151,802
$ 151,802
$
151,802
$ 146,438
$ 150,831
$
150,831
Total
$0.05347
$ 195,271
$ 195,271
$ 195,271
$ 195,271
$ 195,271
$ 195,271
$ 195,271
$ 195,271
$ 195,271
$ 195,271
$ 188,372
$ 194,023
$
194,023
Steadfast City Economic & Community Partners - Cape West Plaza February 2026
Table 5 (Cont.)
Estimated Real Property Taxes Paid -with Abatement in Place- byJurisdiction (Cont.)
Cape West Plaza Redevelopment
Project
Cape Girardeau, Missouri
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
14
15
16
17
18
19
20
21
22
23
24
25
Total(Gross)
General Revenue
$0.00079
$
2,938
$ 2,938
$ 3,026
$
3,026
$ 3,117
$ 3,117
$ 3,210
$ 3,210
$ 3,306
$ 3,306
$ 3,406
$
3,406
$ 75,182
Mental Health
$ 0.00078
$
2,897
$ 2,897
$ 2,983
$
2,983
$ 3,073
$ 3,073
$ 3,165
$ 3,165
$ 3,260
$ 3,260
$ 3,358
$
3,358
$ 74,130
Public Health
$ 0.00096
$
3,603
$ 3,603
$ 3,711
$
3,711
$ 3,822
$ 3,822
$ 3,937
$ 3,937
$ 4,055
$ 4,055
$ 4,177
$
4,177
$ 92,208
Senate B11140 (CGCBDD)
$ 0.00055
$
2,067
$ 2,067
$ 2,129
$
2,129
$ 2,193
$ 2,193
$ 2,258
$ 2,258
$ 2,326
$ 2,326
$ 2,396
$
2,396
$ 52,895
Senior Services
$ 0.00048
$
1,794
$ 1,794
$ 1,848
$
1,848
$ 1,903
$ 1,903
$ 1,960
$ 1,960
$ 2,019
$ 2,019
$ 2,080
$
2,080
$ 45,913
State of Missouri
$ 0.00030
$
1,121
$ 1,121
$ 1,155
$
1,155
$ 1,190
$ 1,190
$ 1,225
$ 1,225
$ 1,262
$ 1,262
$ 1,300
$
1,300
$ 28,695
Surcharge
$ 0.00369
$
13,791
$ 13,791
$ 14,205
$
14,205
$ 14,631
$ 14,631
$ 15,070
$ 15,070
$ 15,522
$ 15,522
$ 15,988
$
15,988
$ 352,953
City -General Revenue
$ 0.00306
$
11,418
$ 11,418
$ 11,761
$
11,761
$ 12,113
$ 12,113
$ 12,477
$ 12,477
$ 12,851
$ 12,851
$ 13,237
$
13,237
$ 292,215
City - Health
$0.00057
$
2,138
$ 2,138
$ 2,202
$
2,202
$ 2,268
$ 2,268
$ 2,336
$ 2,336
$ 2,406
$ 2,406
$ 2,478
$
2,478
$ 54,713
Riverside Regional Library
$ 0.00073
$
2,721
$ 2,721
$ 2,803
$
2,803
$ 2,887
$ 2,887
$ 2,973
$ 2,973
$ 3,062
$ 3,062
$ 3,154
$
3,154
$ 69,634
School District#63
$0.04157
$
155,356
$ 155,356
$ 160,017
$
160,017
$ 164,818
$ 164,818
$ 169,762
$ 169,762
$ 174,855
$ 174,855
$ 180,101
$
180,101
$ 3,975,937
Total
$0.05347
$ 199,844
1 $ 199,844 1
$ 205,839
$ 205,839
$ 212,014
$ 212,014
$ 218,375
$ 218,375
$ 224,926
$ 224,926
$ 231,674
1 $ 231,6741
$ 5,114,474
Steadfast City Economic & Community Partners - Cape West Plaza February 2026
Steadfast City Economic & Community Partners - Cape West Plaza February 2026
Table
Estimated
Real Property Taxes Paid -without Abatement in Place- by Jurisdiction
Estimated
Real Property Taxes Paid -
without Abatement in Place - by Jurisdiction
(Cont.)
Cape
West Plaza Redevelopment
Project
Cape West Plaza Redevelopment Project
Cape Girardeau, Missouri
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2045
2046
2047
1
2
3
4
5
6
7
8
9
10
11
12
13
15
16
17
18
19
20
21
22
23
24
25
Total (Gross)
gg\g"
nx� g", " "g,
gg"' q\ gqg k NO,\
AS,
General Revenue
$0.00079
$
4,777
$ 4,921
$ 4,921
$ 5,068
$ 5,068
$
5,220
$ 5,220
$ 5,377
$ 5,377
$ 5,538
$ 5,538
$ 5,704
$ 5,704
Mental Health
$0.00078
$
4,710
$ 4,852
$ 4,852
$ 4,997
$ 4,997
$
5,147
$ 5,147
$ 5,302
$ 5,302
$ 5,461
$ 5,461
$ 5,624
$ 5,624
Public Health
$0.00096
$
5,859
$ 6,035
$ 6,035
$ 6,216
$ 6,216
$
6,402
$ 6,402
$ 6,594
$ 6,594
$ 6,792
$ 6,792
$ 6,996
$ 6,996
Senate Bill 40 (CGCBDD)
$0.00055
$
3,361
$ 3,462
$ 3,462
$ 3,566
$ 3,566
$
3,673
$ 3,673
$ 3,783
$ 3,783
$ 3,896
$ 3,896
$ 4,013
$ 4,013
Senior Services
$0.00048
$
2,917
$ 3,005
$ 3,005
$ 3,095
$ 3,095
$
3,188
$ 3,188
$ 3,284
$ 3,284
$ 3,382
$ 3,382
$ 3,483
$ 3,483
State of Missouri
$0.00030
$
1,823
$ 1,878
$ 1,878
$ 1,934
$ 1,934
$
1,992
$ 1,992
$ 2,052
$ 2,052
$ 2,114
$ 2,114
$ 2,177
$ 2,177
Surcharge
$0.00369
$
22,427
$ 23,100
$ 23,100
$ 23,793
$ 23,793
$
24,507
$ 24,507
$ 25,242
$ 25,242
$ 25,999
$ 25,999
$ 26,779
$ 26,779
City - General Revenue
$0.00306
$
18,568
$ 19,125
$ 19,125
$ 19,699
$ 19,699
$
20,290
$ 20,290
$ 20,898
$ 20,898
$ 21,525
$ 21,525
$ 22,171
$ 22,171
City- Health
$0.00057
$
3,477
$ 3,581
$ 3,581
$ 3,688
$ 3,688
$
3,799
$ 3,799
$ 3,913
$ 3,913
$ 4,030
$ 4,030
$ 4,151
$ 4,151
Riverside Regional Library
$0.00073
$
4,425
$ 4,557
$ 4,557
$ 4,694
$ 4,694
$
4,835
$ 4,835
$ 4,980
$ 4,980
$ 5,129
$ 5,129
$ 5,283
$ 5,283
School District #63
$0.04157
_ $ 252,638
$ 260,217
$ 260,217
$ 268,024
$ 268,024
$
276,065
$ 276,065
$ 284,346
$ 284,346
$ 292,877
$ 292,877
$ 301,663 ,
$ 301,663
Total 1
$0.053471
$ 324,983
1 $ 334,732
$ 334,732
$ 344,774
$ 344,774
$ 355,118
$ 355,118
$ 365,771
$ 365,771
$ 376,744
$ 376,744
$ 388,047 1
$ 388,0471
Steadfast City Economic & Community Partners - Cape West Plaza February 2026
Table 6(Cont.)
Estimated
Real Property Taxes Paid -
without Abatement in Place - by Jurisdiction
(Cont.)
Cape West Plaza Redevelopment Project
Cape Girardeau, Missouri
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052_
14
15
16
17
18
19
20
21
22
23
24
25
Total (Gross)
gg\g"
nx� g", " "g,
gg"' q\ gqg k NO,\
AS,
UZ
WAS IN
I q
General Revenue
$0.00079
$ 5,875
$
5,875
$ 6,052
$ 6,052
$
6,233
$ 6,233
$ 6,420
$ 6,420
$ 6,613
$
6,613
$ 6,811
$
6,811
$
144,441
Mental Health
$0.00078
$ 5,793
$
5,793
$ 5,967
$ 5,967
$
6,146
$ 6,146
$ 6,330
$ 6,330
$ 6,520
$
6,520
$ 6,716
$
6,716
$
142,420
Public Health
$0.00096
$ 7,206
$
7,206
$ 7,422
$ 7,422
$
7,645
$ 7,645
$ 7,874
$ 7,874
$ 8,110
$
8,110
$ 8,354
$
8,354
$
177,152
Senate BilL40 (CGCBDD)
$0.00055
$ 4,134
$
4,134
$ 4,258
$ 4,258
$
4,385
$ 4,385
$ 4,517
$ 4,517
$ 4,652
$
4,652
$ 4,792
$
4,792
$
101,623
Senior Services
$0.00048
$ 3,588
$
3,588
$ 3,696
$ 3,696
$
3,807
$ 3,807
$ 3,921
$ 3,921
$ 4,038
$
4,038
$ 4,159
$
4,159
$
88,208
State of Missouri
$0.00030
$ 2,242
$
2,242
$ 2,310
$ 2,310
$
2,379
$ 2,379
$ 2,450
$ 2,450
$ 2,524
$
2,524
$ 2,600
$
2,600
$
55,130
Surcharge
$0.00369
$ 27,583
$
27,583
$ 28,410
$ 28,410
$
29,263
$ 29,263
$ 30,140
$ 30,140
$ 31,045
$
31,045
$ 31,976
$
31,976
$
678,102
City -General Revenue
$0.00306
$ 22,836
$
22,836
$ 23,521
$ 23,521
$
24,227
$ 24,227
$ 24,954
$ 24,954
$ 25,702
$
25,702
$ 26,473
$
26,473
$
561,410
City- Health
$0.00057
$ 4,276
$
4,276
$ 4,404
$ 4,404
$
4,536
$ 4,536
$ 4,672
$ 4,672
$ 4,812
$
4,812
$ 4,957
$
4,957
$
105,115
Riverside Regional Library
$0.00073
$ 5,442
$
5,442
$ 5,605
$ 5,605
$
5,773
$ 5,773
$ 5,946
$ 5,946
$ 6,125
$
6,125
$ 6,309
$
6,309
$
133,783
School District #63
$0.04157
$ 310,713
$ 310,713
$ 320,034
$ 320,034
$ 329,636,.
$ 329,636
$ 339,525
. $ 339,525 ,
$ 349,710
$
349,710 ,
$ 360,202 ,
$
360,202
$
7,638,662
Total
$0,053471
$ 399,688
1 $ 399,688 1
$ 411,679 1
$ 411,679
1 $ 424,029
1 $ 424,029 1
$ 436,750
1 $ 436,750 1
$ 449,852
1 $ 449,852 1
$ 463,348 1
$ 463,3481
$ 9,826,046 1
Steadfast City Economic & Community Partners - Cape West Plaza February 2026
Steadfast City Economic & Community Partners - Cape West Plaza February 2026
Table
Estimated
Real Property Taxes Abated -with Abatement in Place-
byJurisdiction
byJurisdiction
(Cont.)
Cape West Plaza Redevelopment
Project
Cape Girardeau, Missouri
Cape Girardeau, Missouri
2028
2029
2030
2031
2041
2032
2033
2034
2035
2036
2037
2038
2048
2039
2040
2050
2051
1
2
3
4
5
6
7
8
9
10
11
19
12
13
22
23
24
25
Total (Gross)
General Revenue
$0.00079
$ 1,907
$ 2,050
$ 2,050
$ 2,198
$
2,198
$ 2,350
$ 2,350
$ 2,506
$ 2,506
$ 2,668
$ 2,769
$
2,852
$ 2,852
Mental Health
$0.00078
$ 1,880
$ 2,021
$ 2,021
$ 2,167
$
2,167
$ 2,317
$ 2,317
$ 2,471
$ 2,471
$ 2,630
$ 2,730
$
2,812
$ 2,812
Public Health
$0.00096
$ 2,339
$ 2,514
$ 2,514
$ 2,695
$
2,695
$ 2,882
$ 2,882
$ 3,074
$ 3,074
$ 3,272
$ 3,396
$
3,498
$ 3,498
Senate BilL40 (CGCBDD)
$0.00055
$ 1,342
$ 1,442
$ 1,442
$ 1,546
$
1,546
$ 1,653
$ 1,653
$ 1,763
$ 1,763
$ 1,877
$ 1,948
$
2,007
$ 2,007
Senior Services
$0.00048
$ 1,164
$ 1,252
$ 1,252
$ 1,342
$
1,342
$ 1,435
$ 1,435
$ 1,531
$ 1,531
$ 1,629
$ 1,691
$
1,742
$ 1,742
State of Missouri
$0.00030
$ 728
$ 782
$ 782
$ 839
$
839
$ 897
$ 897
$ 957
$ 957
$ 1,018
$ 1,057
$
1,089
$ 1,089
Surcharge
$0.00369
$ 8,951
$ 9,624
$ 9,624
$ 10,317
$
10,317
$ 11,031
$ 11,031
$ 11,766
$ 11,766
$ 12,524
$ 13,000
$
13,390
$ 13,390
City - General Revenue
$0.00306
$ 7,411
$ 7,968
$ 7,968
$ 8,542
$
8,542
$ 9,133
$ 9,133
$ 9,741
$ 9,741
$ 10,368
$ 10,763
$
11,085
$ 11,085
City - Health
$0.00057
$ 1,388
$ 1,492
$ 1,492
$ 1,599
$
1,599
$ 1,710
$ 1,710
$ 1,824
$ 1,824
$ 1,941
$ 2,015
$
2,076
$ 2,076
Riverside Regional Library
$0.00073
$ 1,766
$ 1,899
$ 1,899
$ 2,035
$
2,035
$ 2,176
$ 2,176
$ 2,321
$ 2,321
$ 2,471
$ 2,565
$
2,642
$ 2,642
School District #63
$0.04157
$ 100,836
$ 108,415
$ 108,415
$ 116,222
$
116,222
$ 124,263
$ 124,263
$ 132,545
$ 132,545
$ 141,075
$ 146,438
$
150,831
$ 150,83
Total
$0.05347
1 $ 129,712
1 $ 139,461
. $ 139,461
$ 149,503
$ 149,503
$ 159,846
$ 159,846
$ 170,500
$ 170,500
$ 181,473
$ 188,372
$ 194,023
$ 194,0231
Steadfast City Economic & Community Partners - Cape West Plaza February 2026
Table 7(Cont.)
Estimated
Real Property Taxes Abated -with Abatement in Place-
byJurisdiction
(Cont.)
Cape West Plaza Redevelopment
Project
Cape Girardeau, Missouri
2041
2042
2043
2044
2045
2046
2047
2048
2049
2050
2051
2052
14
15
16
17
18
19
20
21
22
23
24
25
Total (Gross)
General Revenue
$0.00079
$ 2,938
$ 2,938
$ 3,026
$ 3,026
$ 3,117
$
3,117
$ 3,210
$ 3,210
$
3,306
$
3,306
$ 3,406
$ 3,406
$
69,259
Mental Health
$0.00078
$ 2,897
$ 2,897
$ 2,983
$ 2,983
$ 3,073
$
3,073
$ 3,165
$ 3,165
$
3,260
$
3,260
$ 3,358
$ 3,358
$
68,290
Public Health
$0.00096
$ 3,603
$ 3,603
$ 3,711
$ 3,711
$ 3,822
$
3,822
$ 3,937
$ 3,937
$
4,055
$
4,055
$ 4,177
$ 4,177
$
84,944
Senate 1311140 (CGCBDD)
$0.00055
$ 2,067
$ 2,067
$ 2,129
$ 2,129
$ 2,193
$
2,193
$ 2,258
$ 2,258
$
2,326
$
2,326
$ 2,396
$ 2,396
$
48,728
Senior Services
$0.00048
$ 1,794
$ 1,794
$ 1,848
$ 1,848
$ 1,903
$
1,903
$ 1,960
$ 1,960
$
2,019
$
2,019
$ 2,080
$ 2,080
$
42,296
State of Missouri
$0.00030
$ 1,121
$ 1,121
$ 1,155
$ 1,155
$ 1,190
$
1,190
$ 1,225
$ 1,225
$
1,262
$
1,262
$ 1,300
$ 1,300
$
26,435
Surcharge
$0.00369
$ 13,791
$ 13,791
$ 14,205
$ 14,205
$ 14,631
$
14,631
$ 15,070
$ 15,070
$
15,522
$
15,522
$ 15,988
$ 15,988
$
325,148
City -General Revenue
$0.00306
$ 11,418
$ 11,418
$ 11,761
$ 11,761
$ 12,113
$
12,113
$ 12,477
$ 12,477
$
12,851
$
12,851
$ 13,237
$ 13,237
$
269,194
City -Health
$0.00057
$ 2,138
$ 2,138
$ 2,202
$ 2,202
$ 2,268
$
2,268
$ 2,336
$ 2,336
$
2,406
$
2,406
$ 2,478
$ 2,478
$
50,402
Riverside Regional Library
$0.00073
$ 2,721
$ 2,721
$ 2,803
$ 2,803
$ 2,887
$
2,887
$ 2,973
$ 2,973
$
3,062
$
3,062
$ 3,154
$ 3,154
$
64,148
School District #63
$0.04157
$ 155,356
$ 155,356
$ 160,017
$ 160,017
$ 164,818
$
164,818
$ 169,762
$ 169,762
$
174,855
$
174,855
$ 180,101
$ 180,101
$
3,662,719
Total
1 $0.053471
$ 199,8447$
199,844
$ 205,839
$ 205,839
$ 212,014
$ 212,014
$ 218,375
$ 218,375
$ 224,926
$ 224,926
$ 231,674 1
$ 231,6741
$ 4,711,5641
Steadfast City Economic & Community Partners - Cape West Plaza February 2026