Express Scripts seeks state aid for expansion
St. Louis Business Journal
Thursday, August 13, 2009
by Kelsey Volkmann
Express Scripts wants financial help from Missouri to help pay for an expansion.
The pharmacy benefits manager, located on the campus of University of Missouri-St. Louis, wants to use the BUILD Missouri program, according to the agenda for a Missouri Development Finance Board meeting scheduled for this Tuesday.
The BUILD program provides state tax credits to businesses in the amount of debt service payments for industrial revenue bonds related to a portion of project infrastructure costs.
Manufacturing projects are eligible if the capital improvements exceed $15 million and at least 100 new jobs are created within three years. Office projects are eligible if the capital improvements exceed $10 million and at least 500 new jobs are created within three years.
Express Scripts spokeswoman Maria Palumbo said the company was considering an expansion.
"We are always reviewing our facilities," she said. "But it's too early in the process to make any comment on an expansion."
Developer Paul McKee, chairman of O'Fallon, Mo.-based McEagle Properties, told the St. Louis Tax Increment Financing Commission Friday that Express Scripts planned to build a third building across Interstate 70 from UMSL in NorthPark business park.
Bel-Ridge, Mo.-based Express Scripts (Nasdaq: ESRX) is a pharmacy benefits manager that administers prescription drug programs for health plans, government and corporations.
