Dooley supports $17.8M tax abatement for Edward Jones expansion project

From the St. Louis Business Journal. Wednesday, April 30, 2008
By Matt Allen

St. Louis County Executive Charlie Dooley requested on Tuesday night the County Council grant Edward Jones a 50-percent tax abatement of $17.8 million over a 10-year period beginning in 2010 for its expansion project of its south campus headquarters in Des Peres, Mo.

In total, Edward Jones would pay an estimated $27 million in taxes over the 10-year period on its south campus. If legislation is approved, after the 10-year tax abatement period expires, the amount of taxes the firm will pay will be approximately $4.5 million per year.

The south campus project, which includes a 225,000-square-foot addition and four-story parking garage, is part of Edward Jones' $260 million expansion plan that was approved last summer. The expansion is expected to create at least 500 high-quality, permanent jobs over the next five years and generate 800 construction jobs, according to the St. Louis County Economic Council.

Edward Jones has begun construction of 650,000 square feet of office space and parking garages at its 60-acre north campus in Maryland Heights, Mo. That project is scheduled for completion in 2011. The south campus project is expected to be completed in November 2009.