The Missouri Department of Economic Development is playing an important role in the City’s revitalization. A lot of the credit for that role belongs to DED Director Greg Steinhoff who understands that the state’s cities are important elements of Missouri’s economic health and growth.
Steinhoff’s DED recently approved the City’s application for designation as an Enhanced Enterprise Zone. Potential benefits of being in Zone include real estate tax abatement and state tax credits. To be eligible for benefits, a new business must create at least two new jobs and make a minimum new investment of $100,000; a replacement business facility must add at least two new employees and make a minimum new investment of $1,000,000. Businesses within the Zone are eligible for benefits if they are designated by DED as critical to the state’s economic security and growth and will have an impact on industry cluster development. Retail, gaming, religious facilities, public administration and food and drinking places are not eligible for benefits.
Want to know more about the Zone? Call Pat Bannister at the SLDC, 314 622-3400.