Incentives proposed for Chrysler plant site
St. Louis Business Journal
January 27, 2011
More businesses that move into and near the old Chrysler plant in Fenton would receive tax credits for expansion, under legislation that Missouri Sen. Eric Schmitt, R-Glendale, and Rep. Mike Leara, R-St. Louis County, are filing Thursday.
The bill expands an existing program, the Missouri Quality Jobs program, to specifically target business expansion projects at the Chrysler site and within a one-mile radius. The incentives would not be available to the company until the investment is made and jobs are created, Schmitt said. The legislation allows the expanded incentives to continue until Oct. 31, 2014.
The site formerly occupied by Chrysler is 5 million square feet of auto production space plus an additional 2 million square feet of industrial manufacturing space.
"The loss of the Chrysler plant left a hole in the regional economy, and we must encourage business expansion and development in this area immediately to stimulate job growth," Schmitt said.
