Express Scripts gets $3M for expansion
St. Louis Business Journal
Tuesday, August 18, 2009
The Missouri Development Finance Board gave preliminary approval for $3 million in BUILD bonds to pay for construction of a third building for Express Scripts in North St. Louis County.
The pharmacy benefits manager, located on the campus of University of Missouri-St. Louis, plans to build a $60 million drug distribution facility that will employ 269 people. Construction is set to begin in September and be completed by April 2010, pending final approval by the MDFB at its September meeting.
The MDFB approved the BUILD bonds at it meeting today. 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.
Developer Paul McKee, chairman of O'Fallon, Mo.-based McEagle Properties, told the St. Louis Tax Increment Financing Commission this month that Express Scripts planned to build a third building across Interstate 70 from UMSL in NorthPark business park. NorthPark is a joint venture development between McEagle and Clayco Realty. McKee described McEagle's current project pipeline while making a request for TIF for McEagle's proposed Northside redevelopment project planned for North St. Louis.
Bel-Ridge, Mo.-based Express Scripts (Nasdaq: ESRX) is a pharmacy benefits manager that administers prescription drug programs for health plans, government and corporations.
