Port Authority to Issue Taxable Industrial Revenue Bonds

Project represents an approximately $37 million investment

March 16, 2018 | 2 min reading time

This article is 6 years old. It was published on March 16, 2018.

St. Louis, MO- The Port Authority intends to issue taxable industrial revenue bonds and enter into a proposed expansion to the Italgrani Elevator Company-Van Buren facility. Italgrani Elevator Company and its subsidiary, U.S. Durum Milling, Inc. operate a grain milling facility on the south riverfront at 7900 Van Buren Street. Overall, the project represents an approximately $37 million private investment in real and personal property, retention of approximately 67 jobs, and the creation of an estimated 8 to 15 new jobs.

Italgrani has been working with the St. Louis Economic Development Partnership and Port Authority staff regarding incentives for the Project. The purpose of issuing the bonds is to facilitate (1) ten years of personal property tax abatement (during which time, the company will make payments in lieu of taxes equal to 50% of the personal property taxes that would otherwise be due, but for the abatement) and (2) a sales tax exemption on construction materials used to construct the project.

The Enhanced Enterprise Zone Board of the City of St. Louis has already approved ten years of real property tax abatement for the Project. If this Resolution is adopted, it will provide preliminary approval to issue the bonds; a second resolution for final approval will be presented to the Port Authority Commission at a later date to authorize the issuance of the bonds and approve the specific transaction documents.

About the St. Louis Development Corporation (SLDC)

St. Louis Development Corporation (SLDC) is an umbrella, not-for-profit corporation organized under Chapter 355 of the Missouri State Statutes with the mission of fostering economic development and growth in the City of St. Louis by stimulating the market for private investment in City real estate and business development and improve the quality of life for everyone who lives in, works in, and visits the City.  The mission of the SLDC is to stimulate the market for private investment in City real estate and business development and improve the quality of life for everyone who lives in, works in, and visits the City of St. Louis. If there are questions, please contact John Parker, Director of Corporate Communications and Media at 314-363-1102 or email him at parkerj@stlouis-mo.gov

 

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