Today's Headlines

INTRODUCTION

Over 90 percent of the businesses in St. Louis County employ 25 people or less.

If you haven’t noticed, we are experiencing a time of much change.

The weather in St. Louis is getting chilly as we make our way through fall and inch closer to winter. Just a few days ago, we changed our clocks back an hour, making the days even shorter. And we are less than 60 days from bidding 2009 farewell and welcoming in a new decade.

Unlike the cyclical changing of the seasons, St. Louis County continues to move forward fueled by a strong desire to grow and prosper. Sometimes change is daunting and unpredictable, for example, the closure of Chrysler in Fenton. St. Louis County is working to help those displaced workers as well as supporting other sectors such as life sciences and finance that continue to grow and provide new jobs.

In addition to a changing economic climate, St. Louis County’s landscape has changed with the expansion and creation of new highways throughout the county. Our vastly progressing roadways make it easier for residents to get to work, school and the places they love.

One thing remains the same: My commitment to making St. Louis County the premier location for both industries and families. I vow to create investment opportunities for businesses of all sizes and to provide the tools they need to lay a foundation for the future.

St. Louis County and the Economic Council will continue to do what they have always done...meet the challenges of change head on with a goal of making the region an even greater place to live, work and play. That is what makes the county the “economic engine” for the entire metro area.

Charlie A. Dooley

St. Louis County Executive

return to top

 

EDWARD JONES ADDS TO ITS ST. LOUIS PORTFOLIO

In dedicating Edward Jones' newest building, a training center at its Maryland Heights campus, Managing Partner Jim Weddle welcomed St. Louis County Executive Charlie A. Dooley, Maryland Heights Mayor Michael Moeller and the many involved in the design and construction to tour the state-of-the-art facility.

The opening of Edward Jones’ 372,000-square-foot structure signifies another investment in the St. Louis region by the investment broker and financial services firm. This is the second building Edward Jones has constructed at its North Campus within two years.

At the ceremony, Weddle announced the new building will create 250 jobs in addition to the 500 jobs the company has already created from the investment.

County Executive Dooley gave tribute to Edward Jones for having the vision to provide significant new investment in the St. Louis region and looks forward to its continued growth. Dooley commented on the impressive expansion occurring on its South Campus and is eagerly awaiting its dedication.

Mayor Moeller also praised the company for its investment, calling it a “striking new addition” to the landscape of Maryland Heights.

Weddle noted the company has more construction on the horizon with the expansion of its headquarters expected to be complete by January 2010. Once finished, Edward Jones will focus its attention back to its Maryland Heights campus to add a third complex.

Edward Jones is a leading investment brokerage and financial services company, which employs over 4,500 people in the greater St. Louis region.

return to top

 

ECONOMIC COUNCIL AWARDED GRANT FOR NEW LEMAY COMMUNITY CENTER

In October 2009, the United States Department of Housing and Urban Development (HUD) awarded a $475,000 grant to St. Louis County Economic Council for the planning and design of the Lemay community center in south St. Louis County. U.S. Senator Christopher "Kit" Bond secured the funds as part of HUD’s Economic Development Initiative awards program in the 2009 omnibus appropriations bill.

"We are extremely grateful for Senator Kit Bond’s continued support," said St. Louis County Executive Charlie A. Dooley. "The Lemay and South County communities are looking forward to having a place where they can gather for recreation and social activities. What’s more, the community center will create much-needed jobs and spur on other economic activity in the surrounding area."

The new 30,000-square-foot, LEED-certified facility will incorporate various programming elements including a gymnasium, fitness space, multi-purpose rooms, and indoor track. An outdoor aquatic area also is part of the plans. The recommended location of the community center is at the intersection of South Broadway and Kingston Drive at the northern end of Jefferson Barracks Park.

"U.S. Senator Kit Bond has been a huge proponent in providing funds to jumpstart economic development and job creation in our area," said St. Louis County Economic Council President & CEO Denny Coleman. "We are thankful for all he has helped us accomplish in St. Louis County and beyond."

Pinnacle Entertainment, developer of River City Entertainment Complex in Lemay, is providing additional funding for the community center through its contractual agreement with the St. Louis County Port Authority and St. Louis County.

return to top

 

IEDC RECOGNIZES ECONOMIC COUNCIL

The International Economic Development Council (IEDC) recognized St. Louis County Economic Council with an honorable mention for the globalization efforts of the Midwest-China Hub Commission.

"Furthering economic development is rarely a simple task in the best of times, and advancing the cause in the midst of a global financial crisis is nothing less than arduous," said Ian Bromley, IEDC chair. "As the consequences of the widespread economic turmoil have taken hold, we have seen our members become even more ardent proponents of economic development, flying in the face of one of the most challenging economic environments we have experienced in our careers. We tip our hats to St. Louis County Economic Council for its superior work during these difficult times."

"The Midwest-China Hub Commission is a partnership effort, and we are extremely grateful for the unyielding support we continually receive from St. Louis County Economic Council," said Commission Chairman Mike Jones. "The Economic Council's strong commitment to our mission makes us one step closer to achieving our ultimate goal: making St. Louis a cargo hub to China."

Since 2007, the Economic Council has collaborated with St. Louis City and St. Louis County officials and entrepreneurs to establish an economic partnership with China. These efforts resulted in the creation of the Midwest-China Hub Commission on January 26, 2009. Dubbed "the big idea," the commission proposes that the St. Louis region become China's primary gateway into the American Heartland through dedicated cargo flights connecting St. Louis with China.

return to top

 

IEDC ELECTS DENNY COLEMAN AS VICE CHAIR

The board of directors of the International Economic Development Council (IEDC) has elected Denny Coleman, president and CEO of St. Louis County Economic Council as vice chair of the board. Coleman will be elevated from the position of secretary/treasurer to serve a one-year term in his new role beginning January 2010.

"It has been both an honor and a pleasure serving as secretary/treasurer of IEDC, the world's leading membership organization of economic development professionals," Coleman said. "I look forward with great anticipation to working with our board to continue steering our members and partners through these difficult economic times and toward further successes."

Coleman is currently an advisory board member for Saint Louis University's master's degree programs in urban planning and real estate development and the Institute for International Business. He serves on numerous other boards and advisory committees for state and local governments, civic organizations, colleges and universities.

IEDC is headquartered in Washington, D.C. Its mission is to provide leadership and excellence in economic development for communities, members and partners.

return to top

 

COLLABORATIVE BOARD HONORS GREG HAYDEN

Economic Council President & CEO Denny Coleman presents the council's Economic Development Collaborative Board member Greg Hayden with a proclamation from St. Louis County Executive Charlie A. Dooley.
Greg Hayden, a noted economic development leader for Lemay and south St. Louis County was recently recognized by St. Louis County Executive Charlie A. Dooley and St. Louis County Economic Council for service on the council’s Economic Development Collaborative Board.

Hayden served as a representative of the Lemay Chamber of Commerce since the board’s inception. After three years of service, Hayden stepped down when his term as chamber president expired. Dan Berra will replace Hayden.

In presenting a resolution to Hayden from County Executive Dooley, Economic Council President & CEO Denny Coleman noted the impact Hayden had on both the Economic Council and in south St. Louis County.

"The key to successful economic development is to have substantive partnerships," Coleman noted. "Greg is recognized as a leader in the Lemay area and one of our most valued partners. While he is stepping away from the Collaborative board, I am pleased to report that Greg will continue to serve on the Port Authority board ."

Established in 2006, the Economic Development Collaborative brings communities and stakeholders together to create a more economically viable region.

return to top

 

SBA 504 SMALL BUSINESS LOAN RAISED TO $5 MILLION

Federal officials recently announced a plan to increase the lending limits for loans provided through the Small Business Administration's (SBA) SBA loan program.

The Obama administration says that government-guaranteed loans issued to small businesses through the SBA 504 loan program should be made available for up to $5 million in financing, an increase from the previous cap of $1.5 million. The loan limit for small manufacturing businesses also will be increased from $4 million to $5.5 million.

Rick Palank, senior vice president for Business Finance at St. Louis County Economic Council welcomed the changes.

"We believe a change in the cap will only serve to benefit businesses," Palank said. "Most of today’s new jobs are coming from small businesses, so anything we can do to encourage their investment is positive."

SBA 504 loans provide long-term, fixed-rate financing for commercial real estate and capital assets at interest rates normally below those available from banks. The SBA works with its lending partners to offer affordable financing:

  • 504 loans account for 40 percent of a project
  • A financial institution provides a first mortgage for 50 percent of the project
  • The borrower typically contributes as little as 10 percent

Derek Dickrader, the Economic Council’s business development officer, oversees the 504 program and believes the changes will have long-term benefits.

"As one of the largest SBA 504 lenders in the state, St. Louis County Economic Council undoubtedly will see new investment as a result of this change, " Dickrader said.

return to top

 

ST. LOUIS COUNTY HEADLINES

return to top

 

 

Email Marketing by