Panera Bread seeks tax abatement for new headquarters
St. Louis Business Journal
March 9, 2010
by Lisa R. Brown
Panera Bread is requesting tax abatement from St. Louis County as part of an incentive package for the restaurant chain's new headquarters in Sunset Hills.
The request will go before the St. Louis County Council at their meeting Tuesday night and will be voted on at a later date. The request is for 50 percent tax abatement on personal property, based on Panera's purchase of equipment for the new headquarters at 3630 S. Geyer Road.
Panera is planning to spend $1.8 million in tenant improvements to the 70,000 square feet of office space.
Denny Coleman, executive director of the St. Louis County Economic Council, said the county's incentive would total approximately $130,000 over 10 years. Panera also is seeking incentives through the state's Quality Jobs program, but the amount was not immediately available.
"They're consolidating 300 jobs and looking to add another 200 jobs over the next five years," Coleman said. "It's great news for Sunset Hills, an area of St. Louis County that suffered losses from the (Anheuser-Busch) rentrenchment."
The Business Journal reported in January that Panera was close to finalizing its plans to consolidate two St. Louis county offices to a single location in Sunset Hills.
CresaPartners Principal Steve Schmid and Vice President Doug Bock are representing Panera in the office relocation.
Panera leases 33,000 square feet of space at its current headquarters at 6710 Clayton Road in Richmond Heights and 16,000 square feet of space at 1600 S. Brentwood in Brentwood.
Ron Shaich, chief executive and co-founder of Panera Bread Co., plans to step down as chief executive in May but stay with the company as executive chairman. Executive Vice President and Co-Chief Operating Officer Bill Moreton will become president and CEO.
