Aggressive Incentives Built for New Quality Job Creation and Investment
St. Joseph is aggressive in the case of incentives to bring quality projects to our city. The St. Joseph Economic Development Partnership will work diligently to structure an incentive package that is attractive and forward thinking.
We are dedicated to working with all involved to create a mutually-beneficial project that will assist your company in successfully achieving its goals and becoming an integral part of the St. Joseph community.
Our successes with Triumph Foods, Daily’s Premium Meats, Schutz Containers, Cereal Ingredients, Boehringer Ingelheim and more in the location and expansion of their most modern and technologically-advanced facilities are prime examples of this ability.
Funded by the one-quarter cent sales tax originally passed in 1996, the funding provides flexible dollars for economic development projects. Usually the funds are provided in the venue of five-year forgivable loans, contingent upon certain milestones of job creation and investment being met. Funds are secured by an irrevocable letter of credit while the loan is outstanding.
State of Missouri Incentives
Missouri Works Program – Program benefits are (a) the retention of the state withholding tax of the new jobs and/or (b) state tax credits, which are refundable, transferable and/or saleable. The program benefits are based on a percentage of the payroll of the new jobs. For specific requirements, please see: Missouri Works Program – Program benefits are (a) the retention of the state withholding tax of the new jobs and/or (b) state tax credits, which are refundable, transferable and/or saleable. The program benefits are based on a percentage of the payroll of the new jobs. For specific requirements, please see an overview here.
Utility Economic Development Riders
Evergy (electric), Missouri American Water Company, and Spire (natural gas) all have utility economic development riders for large industrial projects. The projects must meet certain criteria of new high utility usage requirements and job creation. The programs typically provide a certain percentage reduction by year after start-up, over a five year period. Riders must be approved by the utility company prior to a public announcement of the project.