Incentives

In today’s highly competitive, global economy, officials throughout St. Charles County and the State of Missouri recognize the importance that business incentives can play in retaining or attracting some large-scale business investments.

In St. Charles County, each business project is evaluated on a case-by-case basis. Some of the guiding principles local decision-makers use include the goal of creating full-time jobs at 90% or above the County average wages, substantial new business investment to the community, strengthening and expanding the tax base, and fostering win-win situations that serve the public good while also fostering meaningful business growth and success in the community.

The following list of incentives are a mix of state and local programs and is to be used as high level information.  For a more information about your specific project, please call Christine Zika at 636-229-5277.

Chapter 100

Under State statute, local cities and counties have the authority to issue Chapter 100 industrial revenue bonds (IRBs) for eligible large-scale office, industrial, and commercial development that involves either substantial new job creation and/or new capital investment in the community. Ownership of the development is held by the local government which passes along a negotiated level of local tax abatement to the business who in turn makes payments in lieu of taxes (PILOTS) until the bonds are fully repaid.

Tax Development District (TDD)

A Transportation Development District (TDD) allows local government to establish a special assessment district to finance needed road work, interstate and interchange projects, and other transportation oriented projects that will foster economic development. These funds are repaid by a either by special assessment, additional property taxes or additional sales taxes in the established district.

Community Improvement District (CID)

A Community Improvement District (CID) allows for property or business owners within a specific area to form either a not-for-profit corporation or a political subdivision with the authority to raise funds through special assessment or additional taxes to fund necessary public infrastructure improvements.

Tax Increment Financing (TIF)

Tax Increment Financing or TIF permits the use of a portion of local property and sales tax to assist funding the redevelopment of certain designated areas within a community that are classified as “blighted,” “conservation” or an “economic development” area as defined by Missouri Statutes.

On-the-Job Training (OJT)

The “On-the-Job Training” Program or OJT is administered by the St. Charles County Department of Workforce Development and utilizes state and federal funds to help qualifying businesses by underwriting the salary of new employees by as much as 50% for up to 6 months.

Missouri Works Training

Missouri Works Training connects companies with  a member of our the State Training Team who are certified to guide companies through the application process and provide ongoing management of approved projects. The Training Team can help you define your training needs, locate or provide training resources, and help keep your project moving forward.

Funding Basics

Missouri Works Training provides funds directly to companies based on their application and training plan. Our professional staff determines the best funding option for your company. Some training may require a company investment in training of 50-percent.

After Funding Approval

Once you receive the go-ahead for your training project, it’s time to start training! Training might take place in a classroom setting, on-the-job or at a company facility, or in a skill training center operated by one of our expert training providers. You decide who provides the training – a skilled provider from the State Training Team, a company expert, or a private vendor you prefer.

Missouri Linked Deposit

The Missouri Linked Deposit Program partners with lending institutions to provide low-interest loans to help create and retain jobs, expand the economy and strengthen communities statewide. By reducing the interest rate on certain loans that borrowers can use to improve their businesses, the program helps qualified lenders from Missouri better serve Missouri-based companies and agricultural operations. The program also provides funds for local governments to serve the interests of their constituents. Using the program allows lenders to lower the interest rates to the borrower by about 2-3 percent.

The Missouri Linked Deposit Program is well-funded with a total of $720 million available, and the State Treasurer’s office is prepared to use the program to its highest potential. The program has proven successful in creating and retaining jobs, expanding the economy and strengthening communities statewide for nearly 25 years.

The program’s eligibility guidelines have expanded through the Treasurer’s economic development legislation, Invest in Missouri, making low-interest loans available to more borrowers including small businesses creating jobs, alternative energy producers and consumers, agriculture operations and local governments.

Missouri Works

As the state’s number one incentive tool for expansion and retention, this program helps businesses access capital through withholdings or tax credits to embark on facility expansions and create jobs. This program can also help businesses purchase equipment to maintain its facility in Missouri.

Missouri BUILD

This State bond program offered through the Missouri Department of Economic Development can assist with public or private infrastructure to support a business project or the new capital improvements at the project location. Eligible business projects involve either $15 million in capital improvements and the creation of 100 new jobs within three years, or over $10 million in capital improvements and 500 new jobs created within three years in a “distressed community.”

})(jQuery)