The Missouri Senate gave preliminary approval to what has been described as the largest tax cut in the state's history. The proposal would lower the state's 5.9 percent income tax rate to 5.25 percent, with additional reductions in future years if state revenues hit certain triggers.

A tax credit program designed to help developers restore and reuse old buildings and put them back on the property tax rolls would be pared back under a plan approved in the Missouri Senate. The measure sponsored by Sen. Dan Hegeman, R-Cosby, would reduce the cap on credits to $90 million, down from its current level of $140 million annually.

The program partners with participating banks and lending institutions to provide low-interest loans to small businesses. According to the treasurer's website, the program allows lenders to lower the interests rate for borrowers by about 2 to 3 percent.

The setup of the new Opportunity Zone could have widespread implications for development in this area as it may be able to incentivize housing developments, and given the income requirements for the zone, these projects could produce some affordable housing projects.

The plan to replace Merchants Bridge is a prime example of the type of public-private partnership that has potential to succeed in the current funding climate. The Terminal Railroad Association of St. Louis has committed to funding nearly two-thirds of the project's cost, with the remainder hopefully to be covered by federal funds.

The concept is simple enough: Use about $800,000 already in the Downtown Tax Increment Financing District fund to pilot a facade improvement plan for downtown buildings, as well as replacing downtown sidewalks and installing new pedestrian lighting.

Property Assessed Clean Energy (PACE) was recently used to finance a new grocery store in St. Louis, Missouri. This represents the first project to use PACE financing for new construction in Missouri and also the first project to use PACE for new construction retail in the country.

Join the CDFA Missouri Financing Roundtable for a special one-day conference. This event will feature a number of economic development finance experts from around the state discussing development finance tools, authorities, resources and approaches, and how these can affect the Missouri economy going forward.

CDFA needs your help to source deals, projects and programs and will be accepting submissions for potential deals, projects and program presentations. If selected, each speaker will be given one complimentary registration to attend the CDFA National Summit.

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