SLDC to allocate up to $3 million of New Markets Tax Credits to the Guardian Angel Settlement Association

A resolution was passed by the Board of Directors of St. Louis Development Corporation

September 20, 2018 | 2 min reading time

This article is 6 years old. It was published on September 20, 2018.

St. Louis, MO– A resolution was passed by the Board of Directors of St. Louis Development Corporation authorizing an allocation of up to $3 million of New Markets Tax Credits to the Guardian Angel Settlement Association, or an affiliate, for the redevelopment of the building located at 3300 South Jefferson and adjacent parcels. In addition, it will be used to establish a new bank account for the project CDE, in which SLDC will be the managing member.

Guardian Angel Settlement Association (GASA) requested these funds to support the development of a new Social Services Center at 3300 South Jefferson in the Benton Park neighborhood. The total project costs are estimated at $3.5 million and, upon completion, the property will transform from a blighted, unused building into a valuable and vibrant community resource.

“This is fantastic news for GASA,” said Otis Williams, SLDC executive director. “New Markets Tax Credits have been a tremendous tool for us as we seek to redevelop and strengthen the City’s low-income neighborhoods.”

The new Center will significantly expand the capacity of their programming, resulting in an increase in the number of clients served from approximately 2,000 people per year currently to over 3,000 people per year, once the project is completed. The 18,000 square foot building, formerly a Schnucks Market, and more recently a Hood's Discount Home Center, sits on one acre of land with large parking lots located at both the north and south entrances of the building.

SLDC has funded a great number projects representing millions in NMTC, leveraging more $1 billion in total project costs. These investments have created and retained over 5,000 jobs for St. Louisans and provide essential goods and services to City residents. 

For each allocation process, SLDC issues a Request for Proposals (RFP) to attract quality projects with the most impactful use of the tax credits. An advisory group reviews and makes recommendations on which projects should receive the tax credits. The SLDC Board of Directors has the final approval.

Previous allocations have been used to assist projects including Big Brothers Big Sisters, the new headquarters of the Deaconess Foundation, the expansion of the Paraquad headquarters, the new development at 4220 Duncan in the CORTEX facility and the redevelopment of the historic International Shoe building.

If you have questions, please contact John Parker, Director of Corporate Communications and Media at 314-657-3749 or email at parkerj@stlouis-mo.gov

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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