St. Louis Economic Development Programs
TIF (Tax Increment Financing)
The Tax Increment Financing (TIF) Commission oversees the establishment of TIF districts and makes recommendations to the St. Louis Board of Aldermen on projects seeking TIF. TIF redirects incremental property taxes and half of incremental economic activity taxes (sales, earnings, payroll and utility taxes) back to projects within a TIF district for land assembly, infrastructure, and other improvements.
LRA (Land Reutilization Authority)
SLDC, through the LRA, manages, maintains, markets, and sells agency-owned vacant and abandoned buildings and property.
Tax Abatement
Real Estate Tax Abatement is a development tool designed to assist developers, businesses, and individuals with renovation and new construction projects by freezing the tax assessment in improvements to property at the pre-development level. To be eligible for tax abatement, a significant investment must be made in the property; generally, either new construction on vacant land or gut rehabilitation of an existing building.
New Market Tax Credits
New Markets Tax Credits support investments that create jobs and provide services in economically disadvantaged areas including all of St. Louis’ Opportunity Zones. Obtaining the tax credits is a competitive process through a Community Development Entity (CDE), and CDEs receive authority by the U.S. government to allocate the tax credits that can subsidize up to 20 percent of a project’s capital needs.
Community Development Authority, Residential Development
The Community Development Administration (“CDA”) promotes neighborhood growth and stabilization through community development and the production of new and rehabilitated housing, especially for low- and moderate-income people.
PACE (Property Assessed Clean Energy)
PACE allows private property owners to finance energy efficiency and renewable energy improvements on their homes and businesses, and to repay the project costs over a period of up to 20 years through an additional assessment on their property tax bill, rather than bearing the cost up front.
Business Development
SLDC works with businesses of all sizes to address their needs to grow and expand in the City of St. Louis. St. Louis is on the move and our team is focused on seeing businesses remain viable and grow in our great City. Through its Business Assistance Center, SLDC facilitates the licensing and permitting of businesses in the City of St. Louis and acts as the ombudsman for the City business community.
Vacancy Collaborative
The Vacancy Collaborative (VC) is a coalition of partners committed to the reduction of vacant property as a top priority in St. Louis. The VC is a coalition of community representatives, private and non-profit stakeholders, and City agencies that helps to coordinate existing vacancy efforts and encourages the public and private sectors to work together toward solutions in a comprehensive and coordinated way.