When the state of Missouri presents it's economic package to Boeing Tuesday, it'll include an extra tax incentive from St. Louis County.
Monday night, the County Council unanimously approved a preliminary package that could be worth as much as $1.8 billion if Boeing agrees to build the 777X commercial airliner near Lambert Airport. The specific form of the incentives will take has not yet been determined, but could include TIFs, or tax increment financing.
Both County Executive Charlie Dooley and St. Louis Mayor Francis Slay addressed the County Council last night in an effort to win the incentives. Both made the case that the number of jobs the plant would bring would mean a significant economic boost to the region. Production of the plane could bring as many as 8,000 new jobs to the St. Louis area.
With the county incentives and the tax breaks approved by state lawmakers last week, Missouri's bid to win the plant is worth nearly $3.5 billion over 20 years.
More than a dozen communities are vying for the new Boeing plant. The aerospace company is expected to make a decision in January 2014.
The Missouri Senate will take up debate Wednesday on a tax incentive bill aimed at luring Boeing's commercial airplane plant to St. Louis. That after a Senate committee approved legislation Tuesday night that will offer up to $1.7 billion of incentives over two decades tor Boeing.
St. Louis Mayor Francis Slay and County Executive Charlie Dooley led a delegation of officials testifying Tuesday evening before the Senate committee. They touted the thousands of jobs a new Boeing plant would bring to the area.
Earlier Tuesday, Governor Jay Nixon released an economic analysis showing Missouri would take in more additional tax revenues than it would waive in incentives.
St. Louis area governments also would offer incentives. But local economic development officials said they weren't ready Tuesday to put a price tag on those incentives.
Missouri is one of several states competing to assemble the Boeing 777X airplane.
St. Louis Mayor Francis Slay will be in Jefferson City Tuesday to testify in favor of tax breaks aimed at luring Boeing's 777X plant to St. Louis.
Yesterday, a bill was introduced that would expand state tax credit programs by $150 million for aerospace companies that create at least 2,000 jobs in Missouri.
Slay will make the case to a Senate subcommittee that landing the Boeing plant would be good for the St. Louis region and the whole state.
Governor Jay Nixon says Missouri is facing a December 10th deadline to submit an offer to Boeing.
Governor Jay Nixon will be in St. Louis County Wednesday to publicly pitch his plan to lure a new Boeing aircraft plant to the area. Nixon will speak to St. Louis business and civic leaders at a luncheon hosted by Progress 64 West, a group that promotes development along the Interstate 64 corridor.
The governor met privately with Boeing executives last week as Missouri competes with at least five other states to produce the Boeing 777X commercial airplane.
A new plant would likely mean thousands of new jobs.
Republican state Senate Majority Leader Ron Richard has said he supports special tax incentives to try to land the plant.
Boeing expects to choose a location just after the first of the year.