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Oct. 30, 2009 For more information, contact: State Approves St. James’ Request for EEZ Designation ST. JAMES—The Missouri Department of Economic Development (DED) has announced approval of Enhanced Enterprise Zone (EEZ) designation for the city of St. James, making it the 67 th zone in the state. The zone was officially approved Oct. 13, 2009. This designation will allow the city to offer a local incentive along with the opportunity for state tax credits to qualifying companies that locate and expand within the zone. Lewis County was recently approved for an EEZ also, for a total of 68 zones in the state. An enhanced enterprise zone board was created and worked closely with St. James Community Development Director Candace Connell and staff from Meramec Regional Planning Commission to complete the application, including identification of a zone, development of a targeted industries list and an incentive plan and the creation of a redevelopment plan. St. James EEZ board members are Chairman Brad Frazier, Gary Huffman representing school districts, Larry Stratman representing other taxing entities, Janice Cunningham, John Smallwood, Butch Tucker and Jackie Rogers. “St. James has many of the factors new and expanding businesses are looking for, and the added incentives available under the EEZ will further encourage job growth here,” said Candace Connell, director of community development for the city of St. James. “The EEZ program is valuable as it allows us to work to attract new businesses but also gives us incentives to help our existing employers expand and grow,” she added. The Enhanced Enterprise Zone program was implemented in 2004 and replaced the state’s former enterprise zone program. Enhanced enterprise zones are specified geographic areas designated by local governments and certified by the Department of Economic Development. Zone designation is based on certain demographic criteria, the potential to create sustainable jobs in a targeted industry and a demonstrated impact on local cluster development. The local board is targeting all industries allowed by the state statute, except mining-related operations. The board will review each request on a case-by-case bases when determining the local abatement incentive, which will be at least a 50 percent reduction on real property improvements for 10 years up to 100 percent abatement for up to 25 years, the life of the zone. "With the availability of free land in our industrial park, railroad access, I-44 frontage, utility incentives and central location in the state, the EEZ designation is another significant tool in our economic development tool box,” said St. James Mayor Dennis Wilson. "With the approval of the St. James Enhanced Enterprise Zone, we can now offer a complete package to potential developers. St. James can now put together a package of immediately available land, an available and qualified manpower, ease of transportation, tax abatements and utility incentives,” Wilson added. The abatement is on new improvements to real property only. Personal property taxes are not abated through this program, and real property currently being taxed will continue to be taxed. To assure fairness, the board is currently working on an abatement formula that would offer a given level of tax abatement, based on job creation and private investment, among other criteria. “We welcome the addition of the St. James EEZ to our list of incentives to attract new business or expand current business,” said St. James EEZ Board Chairman Brad Frazier. “The EEZ is an important tool in our group of incentives, but we must all remember to temper any offer of incentives to those businesses that truly will make a difference to St. James. In addition, we must always look at the impact of any business addition on the quality of life for our community and its individual citizens. I am confident we can meet those objectives to the betterment of our entire community,” Frazier concluded. |