Ordinance 71416

Summary

This Board Bill authorizes the issuance of Taxable Industrial Revenue Bonds for Deli Star Corporation, which intends to invest $37 million into a facility at 3049 Chouteau and create (or relocate from Illinois) approximately 325 jobs at an average wage of $66,582 per year. The industrial revenue bond transaction will facilitate: • 10 years of partial real and personal property tax abatement • Sales and use tax exemption on qualified construction materials used for leasehold improvements The Bonds are payable only from the lease revenues paid by the Company or its landlord and not from any City tax revenues. Incentives for this Project are contingent on the Company maintaining 325 jobs at an average wage of $65,582 and entering into a memorandum of understanding with St. Louis Public School District to provide enhanced opportunities for students and recent graduates. On July 16, 2021, the Board of Aldermen adopted Resolution No. 57 stating its intent to issue the bonds and provide the incentives (subject to passage of this Board Bill when the Board returned from summer recess).

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