Edward D. Jones gets tax abatement

Wednesday, May 28, 2008

CLAYTON - The St. Louis County Council on Tuesday unanimously granted Edward D. Jones and Co. and an affiliate $17.8 million in 10 years of tax abatement to help finance a $145 million addition at its headquarters in Des Peres.

The company wants to build an addition of 225,000 square feet and a four-level parking structure at the headquarters at Interstate 270 and Manchester Road. The abatement covers half the taxes Jones would pay on the new structures in 10 years, starting in 2010.

Angie Bay, president of the Kirkwood School Board, urged the council to reject the abatement. The district cannot stand the loss of $9 million in the next 10 years, she said. It relies heavily on property taxes to operate and, being in a built-up area, rarely gets the opportunity of a new development, she said.

Daniel Nester, a school district resident and attorney with the law firm of Bryan Cave, noted the district also would receive $9 million in revenue from the project. The work would have a positive impact on the community, he said.