$6M Approved for Industrial Development Project in St. Peters
Date Posted: July 30, 2024
Posted In: Projects,
From Mid Rivers Newsmagazine: Peters city officials passed a bill at the July 25 Board of Alderman meeting authorizing the funding, planning and other necessary actions to improve Lot 5 of the Premier 370 Business Park Plat 5 utilizing $6 million in taxable industrial revenue bonds.
The lot spans 36.5 acres and hosts a 487,000-square-foot facility.
The bill notes that this “is desirable for the improvement of the economic welfare and development of the city,” and that using the bonds for this project is “necessary and desirable.”
Approval of the plans, bond authorization and additional authority were approved along with limited bond obligations for the city.
A sales/use tax exemption is included in the project plans for building materials which may affect sales tax revenue for the St. Charles R-6 School District, St. Charles Community College, St. Charles County, the city of St. Peters, The St. Charles County Ambulance District, Central County Fire and Rescue and the St. Charles County Dispatch and Alarm. However, the plan does not authorize tax abatements or exemptions of real or personal property taxes.