Today's Headlines

INTRODUCTION

According to the Brookings Institute, the St. Louis regional economy is faring better than many other metropolitan areas. In the third quarter of 2009, the Washington, D.C. think tank listed the St. Louis region among the "second strongest 20 metros" category.

On behalf of St. Louis County and St. Louis County Economic Council, allow me to wish you Happy New Year!

I am looking forward to the upcoming year and emerging from the nationwide economic downturn. While we are not out of the woods yet, there are a lot of exciting developments occurring throughout 2010 that will help us recover, such as:

  • Pinnacle Entertainment is hiring more than 1,000 new employees for River City Casino in Lemay.
  • Express Scripts will complete its third expansion since 2007 and add nearly 300 high-quality jobs.
  • Construction is under way on the completion of Route 141 through West County opening more than 3,000 acres for commercial and industrial development in the economic heart of the region.
  • Improvements to Interstate 270 and Dorsett Road are under way in support of the major expansion of Edward Jones in Maryland Heights.
  • The Midwest-China Hub Commission has received additional funding and a boost from Lambert-St. Louis International Airport, which will develop a new freight terminal.
  • The Economic Council’s Business Development Division is reporting increased activity from industries looking to expand or relocate to St. Louis County.
  • St. Louis County Government continues to maintain its AAA credit rating and a balanced budget in spite of the economic conditions.

There is no doubt 2009 was a difficult year, but experts are seeing signs of economic improvement. Given the recent boost in St. Louis County developments, I would agree that we, too, are beginning to recover from the downturn.

I am enthusiastic about 2010 and St. Louis County’s future. It is clear we have the industry, assets and talent to overcome this difficult time.

Here is wishing your 2010 will be joyous and prosperous!

Charlie A. Dooley

St. Louis County Executive

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CHINESE AMBASSADOR HONORS MIDWEST-CHINA HUB COMMISSION

Chinese Ambassador to the United States Zhou Wenzhong recently invited the Midwest-China Hub Commission to a special dinner at the Chinese Embassy in Washington, D.C. United States Sens. Christopher "Kit" Bond and Claire McCaskill along with Governor Jay Nixon attended the dinner.

St. Louis County was represented by Mike Jones, senior policy advisor to St. Louis County Executive Charlie A. Dooley, Economic Council President & CEO Denny Coleman, World Trade Center Executive Director Tim Nowak and Doug Potts, project manager for the Commission. Jones also serves as the Commission’s chairman while Coleman and Nowak are members of the board.

Ambassador Zhou honored the Commission, demonstrating China’s continued commitment to the development of a St. Louis commercial air cargo hub.

"This is a wonderful opportunity for us to continue to cement our ties with China," said Dooley. "I am especially thankful for Sens. Bond and McCaskill and Governor Nixon’s strong support in this important economic development effort for our region."

"Our relationship with Chinese officials is continually getting stronger, and we are making significant strides toward the formation of a new Midwestern trade route," said Jones. "The invitation by Ambassador Zhou brings us another step closer to reaching our goals."

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GOVERNOR PROPOSES STATEWIDE BIOTECH INCENTIVES

Missouri Governor Jay Nixon announced the creation of a unique incentive program to further strengthen Missouri’s biotech industry. Nixon made the announcement while visiting Bio-Research & Development Growth Park (BRDG Park) at the Donald Danforth Plant Science Center in Creve Coeur.

The Missouri Science and Innovation Reinvestment Act is part of an overall economic plan Nixon is developing for the upcoming General Assembly session.

The act diverts tens of millions of dollars in tax revenue from biotechnology companies to pay for incentives to attract other research and technology enterprises. The money would be transferred into the Missouri Technology Investment Fund, administered by the Missouri Technology Corporation, and used to attract top science talent to Missouri, commercialize scientific research, build science infrastructure, and create capital programs for early-stage technology companies.

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ECONOMIC COUNCIL HOSTS PROGRAM ON RECOVERY ZONE BONDS

St. Louis County Economic Council’s Business Finance Division hosted an important seminar about one of the federal government’s newest financing tools, through which St. Louis County received an allocation of $60 million in Recovery Zone Facility Bonds. These special bonds were awarded as part of the American Recovery & Reinvestment Act (ARRA) to spur the economy and help St. Louis County businesses grow.

A panel of St. Louis regional experts provided an overview of the bond program, its benefits and how to best use the funds. Panelists included representatives from Stern Brothers & Co. and Armstrong Teasdale LLP.

"The new bonds offer tax-exempt financing rates for private projects that otherwise would be financed on a taxable basis," said Rick Palank, senior vice president for the Business Finance Division.

Palank expects the demand for the bonds will outpace the allocation. To learn more about the Recovery Zone Facility Bonds, contact Rick Palank at 314.615.7667 or visit the Economic Council’s Web site.

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SENATOR BOND SECURES FUNDING FOR THREE COUNTY PROJECTS

United States Senator Christopher "Kit" Bond recently secured millions of dollars in funding for Missouri projects including:

  • $3 million in assistance for a Wellston developmental child care center to be located close to Wellston’s MetroLink station. The monies will be used to complete the final design and construction of the facility.
  • $500,000 for the Midwest-China Hub Commission to establish a Chinese air freight hub, which will support business development, create local jobs and open markets for Missouri products.
  • $600,000 for a biosciences training facility for St. Louis Community College at Danforth Center's BRDG Park, providing specialized career and technical training for students interested in careers in life sciences.

"The acquisition of funds for these vital projects is just another indication of how Sen. Bond tirelessly works for the citizens of the St. Louis region and state of Missouri," stated St. Louis County Executive Charlie A. Dooley. "We want to thank and recognize Sen. Bond for being a true asset to our state."

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ST. LOUIS ENTERPRISE CENTERS WELCOME THREE STARTUPS

St. Louis Enterprise Centers have welcomed three new client companies since November 2009, adding to its list of nearly 50 businesses.

"St. Louis County is committed to the success of our small business owners," said St. Louis County Executive Charlie A. Dooley. "We celebrate their creativity and drive to transform an idea into a thriving business, and we provide a supportive environment at St. Louis Enterprise Centers where they can grow their company."

The new businesses represent a variety of industries and have moved into three of the four locations. They include Culination Gourmet Catering, a full-service caterer at Midtown; Local Backhaul Networks, LLC a telecommunications, engineering and network monitoring company at West County; and ShadowOps, offering GPS tracking solutions at South County.

"After about five years, St. Louis Enterprise Center tenants have begun to establish themselves and are strong enough to move out of our incubator into an office of their own," said Dennis Breite, vice president of St. Louis Enterprise Centers. "We build strong relationships with our client companies, and it’s hard to let them go. Though, it’s rewarding to see each graduate move out and continue to succeed, knowing that the Enterprise Centers provided crucial resources that helped get them started."

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PRESIDENT SIGNS BILL TO EXTEND SBA FEE REDUCTIONS

President Barak Obama recently signed a bill resuming funding for the reduced fees and higher guarantees that have led to a broad increase in Small Business Administration (SBA) backed loans since the passage of the American Recovery & Reinvestment Act (ARRA).

The bill, which is expected to support $4.5 billion in small business lending, extends the continued reduction in fees through the end of February 2010, even as the SBA is working to extend them through September 2010.

"This is great news for our SBA 504 borrowers," said Rick Palank, senior vice president of St. Louis County Economic Council’s Business Finance Division. "It provides additional assistance to St. Louis’ small businesses so they can expand, create jobs and help spur economic growth."

For more information about the SBA 504 loan program, contact Derek Dickrader at 314.615.7681.

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ST. LOUIS COUNTY HEADLINES

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