Agreement reached to bail out Lost Rabbit - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

Agreement reached to bail out Lost Rabbit

Posted: Updated:
  • Heartland NewsMore>>

  • All clear following bomb scare in Jackson County

    All clear following bomb scare in Jackson County

    Saturday, August 30 2014 11:49 PM EDT2014-08-31 03:49:45 GMT
    JACKSON COUNTY, IL (KFVS) - The Jackson County Sheriff's Office responded to a bomb threat on their property today.Officials say a mentally unstable man brought two military flares inside his car to the sheriff's parking lot.They say he didn't make any threats and said he wanted to turn the devices over to deputies.As a precaution, deputies moved 30 inmates to another cell block within the jail, away from any potential harm.Patrons at a local business were also evacuated.The joint Carbondale ...
    JACKSON COUNTY, IL (KFVS) - The Jackson County Sheriff's Office responded to a bomb threat on their property today.Officials say a mentally unstable man brought two military flares inside his car to the sheriff's parking lot.They say he didn't make any threats and said he wanted to turn the devices over to deputies.As a precaution, deputies moved 30 inmates to another cell block within the jail, away from any potential harm.Patrons at a local business were also evacuated.The joint Carbondale ...
  • Judge finds Texas abortion rules unconstitutional

    Judge finds Texas abortion rules unconstitutional

    Saturday, August 30 2014 9:23 PM EDT2014-08-31 01:23:21 GMT
    Tough new Texas abortion restrictions are on hold after a federal judge found Republican-led efforts to hold abortion clinics to hospital-level operating standards unconstitutional in a ruling that spares more than...
    Tough new Texas abortion restrictions are on hold after a federal judge found Republican-led efforts to hold abortion clinics to hospital-level operating standards unconstitutional in a ruling that spares more than a dozen...
  • Man fatally shot while changing tire in St. Louis

    Man fatally shot while changing tire in St. Louis

    Saturday, August 30 2014 8:07 PM EDT2014-08-31 00:07:00 GMT
    St. Louis police are investigating after a man was fatally shot while changing a flat tire near his home.
    St. Louis police are investigating after a man was fatally shot while changing a flat tire near his home.
CANTON, MS (Mississippi News Now) -

After a hard sell by Board Attorney Mike Espy, Madison County Supervisors on Monday passed a measure to create what's called an Urban Renewal District, or URD, to issue new bonds for Lost Rabbit.

"This entire plan is meant to stabilize Lost Rabbit, prevent it from going further in the red," Espy explained to the Board.

There's currently an $18.6 million bond receivable to Allstate Insurance. But since no one's building in Lost Rabbit, the bond holder isn't getting paid back.

With the creation of the URD, Madison County can issue $5.2 million in bonds to jumpstart development there, and to offer Allstate some payback. Allstate will also get a 1% renewal fee from each lot sold.

Steve Rogers of Rogers & Associates explains what that would mean for a $60,000 lot.

"You multiply 1% times that lot value, that's $600. They would pay that amount to the county. The county would then take that amount and transfer it over to the bond," he says.

Plus, Allstate will receive 17.19 of the 92 mils generated at Lost Rabbit.

The upscale neighborhood is in District 1, Represented by Supervisor John Bell Crosby. He says there's little to no risk to the county.

"The program is based on basically future growth. So if there's no future growth, nothing happens," he tells us.

Supervisors are told there's a strong demand for mid-priced, single-family residential properties, exactly what Lost Rabbit offers.

The vote to pass the measure was 3-2, with Supervisors Gerald Steen and Ronny Lott voting against. 

Copyright 2014 MSNewsNow. All rights reserved.

Powered by WorldNow

310 Broadway
Cape Girardeau, MO 63701

FCC Public File
publicfile@kfvs12.com
573-335-1212
EEO Report
Closed Captioning

All content © Copyright 2000 - 2014 Worldnow and KFVS12. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.