Saint Louis, Mo. — The St. Louis Development Corporation has been selected to receive $45 million in federal New Markets Tax Credits to assist in local development projects, city officials announced.
The allocation bumps SLDC’s total NMTC collection to date to $308 million. Since its inception, the SLDC has funded 36 projects with $263 million in NMTC’s, leveraging roughly $850 million in total project costs. SLDC estimates that the investments created and retained 4,000 St. Louis jobs.
“The City’s past allocations have gone into some exciting projects across the City, like Bissinger’s new headquarters and manufacturing facility, Southside Early Childhood Center, the redevelopment of the historic Arcade building, and City Garden Montessori School, to name a few,” Mayor Francis Slay said in a statement. “This new $45 million allocation will allow us to make major contributions to projects that could not move forward without this financing assistance.”
A group of advisors reviews and makes recommendations on which projects should receive a financial incentive, but the SLDC Board of Directors has final approval. The SLDC’s mission is to stimulate the market for private investment in City real estate and business development and aims to improve the quality of life of St. Louis residents, according to their website.
Collin Reischman was the Managing Editor for The Missouri Times, and a graduate of Webster University with a Bachelor of Arts in Journalism.