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   A second new mid-size pickup truck will begin rolling off the assembly line at General Motors' Wentzville plant later this year.  In November, GM had announced plans to build the 2015 Chevrolet Colorado pickup truck at its Wentzville plant.  Sunday, GM unveiled the 2015 GMC Canyon at the North American International Auto Show in Detroit.  It too will built in Wentzville.
   Wentzville Mayor Nick Guccione says the city is already seeing some benefits from the new truck lines. "They started hiring some people and they brought back some people who were laid off or moved out of the state," he said.  
   Guccione says all the 1,400 to 1,800 new jobs at the GM plant is good for the entire community because those employees patronize other local businesses.  "They go out to eat in our local restaurants. They buy homes in here," he said. "They go to the local vendors to buy products and services. So it's helped us tremendously."
   Guccione says the city's tax incentives and it's educated workforce were key factors in GM investing in its Wentzville plant.  
   The current product, full-size vans, and the new mid-size trucks will be built concurrently on the same assembly line.
 
Published in Local News

   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.

Published in Local News
Thursday, 05 December 2013 15:19

Illinois lawmakers do not pass tax incentives

CHICAGO (AP) - Illinois has taken a giant step toward fixing its biggest financial problem by approving a major pension overhaul this week. But lawmakers' inaction on tax incentives aimed at keeping companies in Illinois has triggered new concerns about the state's business climate.

The Senate and a House committee considered legislation giving tax breaks to Archer Daniels Midland Company, chemical distributor Univar and newly-merged OfficeMax and Office Depot. But the House adjourned after the pension vote, essentially pushing the issue into 2014.

The slow action, at least in the business world, could mean other states with interest in taking Illinois jobs have more of a chance to swoop in.

Still, lawmakers say they had no other choice. Their first priority was approving a plan aimed at fixing Illinois' $100 billion pension crisis.

 

Published in Local News
Wednesday, 04 December 2013 03:00

Boeing incentive bill moves to full Senate

   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.

 

 

Published in Local News
Wednesday, 27 November 2013 06:06

For Sale: Shuttered Crestwood Mall

   A once-bustling Crestwood mall will likely never see shoppers again.  
 
   After a failed effort to secure tax incentives to revamp the former Crestwood Plaza,  its owners are walking away from redevelopment plans and putting the property up for sale.  The St. Louis Post-Dispatch reports that Chicago-based Centrum Partners and co-owner Angelo, Gordon & Co., a New York-based hedge fund, have contracted CBRE, a commercial real-estate firm, to sell the 47 acre site along Watson Road.  
 
   It'll be up to the buyer to decide, but the old mall will likely be raised.  A CBRE broker who's handling the sale, told the paper the site offers a good opportunity for a hospital or university to build a new campus.
Published in Local News

JEFFERSON CITY, Mo. (AP) - Gov. Jay Nixon has signed legislation authorizing tax incentives for big-time sports events and some charitable donations.

<br><br>

Nixon highlighted his support for the charitable tax breaks by traveling to a food bank in Cape Girardeau on Friday. He signed the sports incentives without comment.

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The sports legislation authorizes up to $3 million of tax credits annually for organizations that host amateur sporting events such as NCAA tournaments or Olympic trials. Lawmakers hope the cash will help Missouri compete with other states.

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The other bill reinstates tax credits for donations to food pantries, child advocacy centers and pregnancy resource centers that had expired in recent years. Nixon says the tax credits can leverage private donations to help "our most vulnerable citizens."

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Both bills were passed by the Legislature on March 13.

Published in Local News

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