Express Scripts project gets state aid
St. Louis Post-Dispatch
October 20, 2009
By Tim Bryant
A Missouri economic development panel gave final approval this morning to $3 million in financing to help Express Scripts build a drug distribution facilty employing nearly 270 people.
State and St. Louis County officials hope the company decides to locate the facility at NorthPark, a business park across Interstate 70 from Express Scripts' headquarters in north county.
The unanimous approval this morning by the Missouri Development Finance Board was done without fanfare or discussion. The board gave the matter preliminary approval in August.
Express Scripts appears to be leaning toward the St. Louis County site although Bucks County, Pa., in suburban Philadelphia, also is offering public incentives for the nearly $60 million project.
The fast-growing pharmacy benefits manager has yet to say where it will locate the plant.
The Missouri Development Finance Board issues issues incentives to firms that expand in the state. In this case, the MDFB issued $3 million in Build Missouri Bonds-essentially a corporate income tax credit spread over 15 years-for the project.
In addition, the St. Louis County Council has approved a plan to forgive half of the new real estate and personal property taxes for 10 years on the project, Denny Coleman, president of the St. Louis County Economic Council, has said. That could be worth $4 million.
And the developers at NorthPark are constructing a building on the 12-acre spot where the company told the state it wants the facility to be. Express Scripts does, after all, hope to open the thing in April.
