New state tools for economic development, downtown revitalization and historic preservation could help spur redevelopment in St. Louis, including the long-vacant AT&T building.
Gov. Mike Kehoe joined Mayor Cara Spencer and business and civic leaders Wednesday at Greater St. Louis, Inc. for a ceremonial signing of two bills that recently took effect.
“For generations, this city has been a place where people built things,” Kehoe said. “St. Louis has helped build Missouri before. There is no reason it can’t help lead Missouri again.”
House Bill 3231, the Missouri Innovation, Public Safety and Accountability Act, provides several economic-development tools, including allowing cities to establish innovation zones and providing incentives for converting office buildings to housing. It also reauthorizes and expands the Missouri Downtown Economic Stimulus Act, creates an angel investment tax credit and expands the Missouri Works program.
House Bill 3080 expands Missouri’s Historic Preservation Tax Credit. It increases the credit for rehabilitation of historic schools to 35% and raises the threshold for projects exempt from the annual credit limit from $275,000 to $495,000.
Spencer said the legislation reflects the kind of partnership needed to tackle the city’s challenges.
“Together, these tools represent something bigger than any one bill or any one investment,” Spencer said. “They represent a commitment. A collective and collaborative commitment from the city, the state, and the private sector.”