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Poplar Bluff has been in default of a redevelopment agreement since Dec. 20, a representative of Eight Points development said Monday at a city council meeting. Alan Bornstein says it is costing the city more than $1,500 a day, or $50,000 a month, the longer it delays issuing bonds as stipulated under the redevelopment agreement. The city is paying interest of 10 percent on $13.4 million owed to Eight Points, Bornstein said. This increased from 8 percent in December because of a failure to issue the bonds. If the bonds were issued the city could be paying interest as low as 5 percent. City manager Heath Kaplan first told city council members in March about the contract penalty and increased interest rates, but in April said publicly the city has met all of its obligations to Eight Points. Bornstein says the city is not in compliance and has not made all of the required payments. The city could not issue the bonds in December because doing so would have caused Poplar Bluff to default on a $5 million loan for technology upgrades it assumed in October. The first payment to Eight Points on the $13.4 million debt was due May 1, according to Bornstein and was late and incomplete. The city also owes almost $800,000 to Eight Points for reimbursement of utility and other infrastructure work, Bornstein said. This was due April 11 and has not been paid, he added. Kaplan made no response to Bornstein’s allegations in the meeting.