I told you yesterday that changes to the state’s historic tax credit are being discussed in Jefferson City. I argued that the credit has already created more than 100 million hours of employment.
I can point to other specific benefits.
It is commonly accepted that a strong central city is essential to a region’s economic health. In the past eight years, thanks in large part to the direct and indirect impacts of the state historic tax credit, the City’s population and job base have grown after five decades of decline.
Without the state historic tax credit, many of downtown’s historic buildings — now alive with new residents and businesses would still sit vacant, and employers would perceive the region as continuing to be in decline.
Without the state historic tax credit, the City and the region would not have received the favorable national (and international) media attention that has helped change minds about St. Louis in the past eight years.
Without the state historic tax credit and the results it has produced, Pinnacle Entertainment would not have chosen to locate its $600+ million development in the City of St. Louis.
Without the historic tax credit, the City would not have been able to capitalize on its unique and historic resources, and many more of these resources would have been lost.