St. Louis County businesses can tap into $60M in stimulus bonds for expansions
St. Louis Business Journal
March 30, 2010
St. Louis County said Tuesday it received $60 million in Recovery Zone Facility Bonds as part of the federal American Recovery & Reinvestment Act to help businesses expand and add jobs.
The stimulus bonds offer much lower tax-exempt interest rates for companies that otherwise would finance their projects on a conventional taxable basis, the St. Louis County Economic Council said. The $60 million allocation is offered through Jan. 1, 2011 but the state of Missouri will take away a portion of the allocation if unused by July 1, 2010.
"This type of support encourages capital investment in our recovery zone areas and is exactly what we need to help reposition our economy and create jobs," St. Louis County Executive Charlie Dooley said in a statement. "It is anticipated that the demand for these bonds may well exceed the allocation, and nearly every for-profit company in St. Louis County is eligible to use this low-cost program."
The Industrial Development Authority of St. Louis County will manage and issue the financing.
Companies interested in capital improvements or expansion should contact Rick Palank, the St. Louis County Economic Council' senior vice president, at rpalank@slcec.com or (314) 615-7667.
Applications can be found here.
On Monday, Gov. Jay Nixon awarded developer Steve Smith $8 million in Recovery Zone Facility bonds to turn the Beaux Arts building in St. Louis city's Grand Center arts district into Missouri's first charter visual and performing arts school.
