Today's Headlines
INTRODUCTION
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As we near the end of 2010 and approach 2011, St. Louis County has much to be grateful for. Jobs, strong industry diversification, a AAA bond rating, improved infrastructure, and enhanced quality of life are among our many gifts. Despite challenging times nationwide, St. Louis County Economic Council has accumulated a number of economic development successes over the year including:
Throughout next year and beyond, St. Louis County will continue to strive to support businesses and economic growth in our region and is committed to maintaining a vibrant, diverse community. I wish you and yours a joyous holiday season and look forward to bringing even greater growth and opportunity to the communities of St. Louis County in 2011.
Charlie A. Dooley
St. Louis County Executive
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EXPRESS SCRIPTS EYEING FOURTH EXPANSION
Express Scripts, one of St. Louis County’s leading companies, recently announced potential plans for a fourth expansion near the company’s headquarters in north St. Louis County.
The pharmacy benefits management company hopes to begin construction of a new $63 million, 225,000-square-foot building in NorthPark. The business park is immediately north of the company’s headquarters on Interstate 70, which is strategically located on the campus of the University of Missouri – St. Louis.
"With its recent acquisitions, Express Scripts has many options across the country as to where it can locate these jobs," said County Executive Charlie A. Dooley. "We are being very aggressive in trying to keep this great company expanding right here in north St. Louis County."
St. Louis County Economic Council has submitted a request to St. Louis County for an incentives package aimed at keeping 1,300 jobs and adding at least 150 new jobs in the next phase of Express Scripts’ expansion.
"Once again, we are seeing a tremendous return on our investment in Express Scripts," stated Denny Coleman, president and CEO of the Economic Council. "If the incentive package is approved, the region will benefit from the retained jobs earning approximately $40,500 annually, and new jobs generating an average salary of approximately $60,000 per year."
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HELIX FUND RECEIVES SUPPORT FOR BIOSCIENCE STARTUPS
The Helix Fund, a unique funding source addressing critical financial needs for plant and life science entrepreneurs, has enlisted a regional partnership of key organizations to deploy the program. These organizations are committed to advancing scientific innovation toward commercialization and will provide St. Louis County with the benefit of their expertise in developing the Helix Fund. They include the Nidus Investment Partners L.P., Danforth Plant Science Center, BioGenerator, Innovate St. Louis, St. Louis Arch Angels, and Prolog Ventures, LLC.
"The Helix Fund supports the formation and growth of early stage plant and life science companies and ultimately fosters economic growth and jobs for the 21st century," said County Executive Charlie A. Dooley. "The partnership and support from these leading agencies will help to grow a new generation of entrepreneurs in the fast-growing bioscience field."
The Helix Fund will provide approximately $1.5 million in funding for emerging plant and life sciences businesses, the entrepreneurial talent and expertise needed to evaluate the commercial potential of these ventures and a loan fund for small- to medium-sized companies expanding or relocating to the County.
"This innovative fund works with its partners to ‘co-invest,’ leveraging expertise and expanding the pool of funding dedicated to promoting this industry cluster and bringing much-needed capital to St. Louis County," said Vicki Gonzalez, managing partner, Nidus Investment Partners.
In addition to the Helix Fund, the County’s latest incubator, the Helix Center, will fill a gap in the continuum of plant and life science business development support by offering early stage ventures affordable office and lab space. Client companies will also benefit from the Center’s proximity to the expertise and facilities at the Danforth campus and BRDG Park. Renovation of 33,000-square-foot in the facility is scheduled for completion in 2011.
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MIDWEST-CHINA HUB HOSTS CHINESE AVIATION DELEGATION
In November, a delegation of Chinese airline executives and government officials visited the St. Louis region to continue its evaluation of a potential new air cargo hub.
World Trade Center Saint Louis, Lambert-St. Louis International Airport and Midwest-China Hub Commission hosted the meetings with a focus on St. Louis airport assets, infrastructure, freight handling capabilities, and air cargo market potential.
"The visit was a tremendous success in moving the initiative forward and meeting the objectives outlined by Chinese leadership during a trip to Beijing in September,” said Midwest-China Hub Commission Board Chair Mike Jones.
"These meetings were critical to highlighting St. Louis assets and advantages while demonstrating that the export backhaul exists from St. Louis and that regional exporters support the route," said World Trade Center Executive Director Tim Nowak. "The Chinese delegation consisted of high-ranking aviation executives from China—these are the people that will play an important role in this decision."
The delegation also met with officials from the Missouri Department of Transportation and visited Emerson, Sigma-Aldrich and Caterpillar Tractor Company. "These are the kinds of companies that currently export via airfreight to China,” said Jones.
The next step of the process is for a Chinese airline to initiate an agreement with Lambert Airport. Local officials hope shipments between St. Louis and China could begin early next year.
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ECONOMIC COUNCIL ISSUES RFQ FOR CLAYTON SITE
St. Louis County Economic Council and Montgomery Development are requesting qualifications (RFQ) from developers to collaborate on the development of one of the most prominent sites in the heart of Clayton's central business district.
The Economic Council anticipates working with the selected developer to evaluate alternatives and determine an appropriate project that will maximize public and private benefits.
"While the economic rebound has been slower than we want, recent reports suggest the St. Louis region is showing strong signs of recovery," said County Executive Charlie A. Dooley. "We are issuing the RFQ to take advantage of our advancing economy and attract the best qualified developer to collaborate with us on this high-profile project."
The site is well positioned in both size and location to support office, retail and other commercial uses within Clayton. The area occupies approximately three-fourths of the city block bound by Forsyth on the north, Bemiston on the east, Carondelet on the south, and Central on the west.
Qualifications are due no later than 5 p.m. CST, December 17, 2010. Information about the RFQ is available at www.slcec.com.
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RELIANCE BANK JOINS SLBDF
Saint Louis Business Development Fund (SLBDF) recently welcomed Reliance Bank as the company's newest shareholder. Reliance Bank joins 27 other St. Louis area banks, St. Louis County Economic Council, St. Louis Development Corporation and the Economic Development Center of St. Charles County.
"Reliance Bank's founding roots are in the St. Louis region, and it has been this very region that has afforded us the many opportunities to grow our
business," said Allen D. Ivie, IV, chairman and CEO of Reliance Bank. "As such, it is an honor and privilege to partner with SLBDF for the common goal of helping businesses grow and financially prosper, which will ultimately improve the economic landscape of the St. Louis region."
Saint Louis Business Development Fund and Saint Louis Private Fund invest in selected, growing companies in Missouri and Illinois that demonstrate significant potential for success and view the Funds' investment as an attractive alternative to venture capital or other forms of equity investments.
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ST. LOUIS COUNTY HEADLINES
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