By Gabe Bullard
Filed Thursday, October 18, 2007 at 4:00 PM
The Department of Economic Development (DED) has approved the establishment of an Enhanced Enterprise Zone (EEZ) in St. Louis. Labels: Development
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New Enterprise Zone Declared in City
The city's EEZ covers the entire riverfront as well as large sections of the Northside and areas along highways 44, 64 and 70. According to the EEZ law, new and expanding businesses in the zone that are not gambling, retail trade or food and drink establishments are eligible for yearly tax credits for up to five years. The DED and the City will determine eligibility for the credits, and businesses may apply for an additional five year credit period if they plan further expansion. The law also states that all businesses receiving credits must meet job and investment criteria. For businesses that are expanding or building new facilities this means creating at least two new jobs and making a $100,000 investment. Businesses that are building replacement facilities must meet the same job requirement, but also make a $1 million investment. But not every business that builds in the EEZ necessarily gets credits. The DED awards credits on a case-by-case basis after the business goes through an application process. Businesses moving to an EEZ from elsewhere in Missouri must present the DED with approval for job relocation from the local government where the jobs are held. Finally, any organizations taking advantage of existing tax credit programs, including the Brownfield Redevelopment Program, cannot receive EEZ credits. Click here for a map of St. Louis' EEZ. |
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2 Comments:
So who wanted this to happen? Paul McKee and Gentrification & Co.?
10/22/2007 3:03 PM
This was really just a reauthorization/modification of the existing Enterprise Zone program that was about to expire. It benefits all kinds of businesses, large and small. And it has zilch to do with Blairmont.
10/23/2007 9:42 AM
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