St. Louis County gets $60 million in stimulus money for companies
St. Louis Post-Dispatch
March 30, 2010
by Tim Bryant
St. Louis County companies in the mood to expand might be able to tap into $60 million in federal stimulus money allocated to the county.
But companies wanting some of the money need to hurry. The allocation is good until Jan. 1 but the state will snag of a portion of money that remains unused on July 1. The $60 million is in the form of Recovery Zone Facility Bonds, meant to stimulate new jobs and growth. They offer lower tax-exempt interest rates for companies that otherwise would finance their projects on a conventional taxable basis.
"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," County Executive Charlie Dooley says 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 contact person is Rick Palank, St. Louis County Economic Council senior vice president. Bond applications are available on the St. Louis County Economic Council Web site-http://www.slcec.com/business-finance.html. Financing will be managed and issued by the Industrial Development Authority of St. Louis County.
