Schmitt and Leara Propose Legislation to Create Investment, Jobs at Former Chrysler Site and Surrounding Area
St. Louis Chinese American News
February 4, 2011
Missouri Senator Eric Schmitt and Representative Mike Leara have submitted two pieces of legislation, setting the framework for job creation and investment in the area surrounding the former Chrysler site. Both bills enhance existing programs, making expansion, relocation and job creation in the Fenton area easier and more attractive.
"The closing of the Chrysler manufacturing plant has had a real impact on the Greater St. Louis area, affecting 32,000 jobs, local spending and commercial real estate values," said St. Louis County Executive Charlie A. Dooley. "What Senator Schmitt and Representative Leara are proposing positions the Chrysler site and surrounding area to create employment opportunities and economic growth."
Enhanced Enterprise Zone (EEZ)
An Enhanced Enterprise Zone is a geographic area designated by the state of Missouri and local community for economic development. Within an EEZ, business incentives are available to companies approved by the state as they invest and create jobs. The proposed legislation, which includes the former Chrysler site, contiguous parcels and properties within a mile radius, expires October 31, 2014.
"Enterprise Zones have proven to reduce unemployment and increase incomes," said Rep. Leara. "Amending the current program for a limited period allows for the area surrounding Chrysler to more quickly attract new businesses and recover from the closure of two auto plants and the surrounding manufacturing supply base."
Missouri Quality Jobs
The Missouri Quality Jobs program provides state tax credits for small and existing businesses tied to the creation of new jobs at or above the state average wage. The legislation slightly relaxes existing quality jobs criteria for business expansion projects locating at the Chrysler site, contiguous parcels and properties within a one-mile radius until October 31, 2014.
"Jobs are important to our local and state economic recovery, and jobs are what the people of Fenton and the surrounding area want restored to this location," said Senator Schmitt. "The modification to the Missouri Quality Jobs program enhances the ability of industrial, high-tech and small business to create employment opportunities by adjusting current thresholds so that companies can put hard working Missourians back on their payroll."
"This concerted effort demonstrates the commitment of Missouri, St. Louis County and Fenton to fostering regional growth," said Fenton Mayor Dennis Hancock. "We will continue working together to return the site and surrounding area affected by the plant closure to a productive, job generating location."
The legislation was filed today in the Missouri Senate and House of Representatives. Assignment to a committee and hearing on both bills are expected to occur within the next several weeks.
About St. Louis County Economic Council
Founded in 1984, St. Louis County Economic Council serves as the county's economic development agency, driving growth and prosperity in Missouri. As the only economic development agency in the state to hold the esteemed Accredited Economic Development Organization from the International Economic Development Council, it provides a broad range of services through its six divisions: business development, business finance, economic development collaborative, real estate and community development, St. Louis Enterprise Centers, and World Trade Center Saint Louis.
