Incentives Aim to Accelerate Chrysler Development
FENTON (KMOX) – No new tenant, but there’s new hope for the property once home to Fenton’s twin Chrysler plants.
A pair of tax incentive packages are before the Missouri House and Senate. One declares the site, and a mile around it, an Enhanced Enterprise Zone.
If a company buys the property and creates high-paying jobs, it gets to keep its state withholding taxes. There are also tax credits for purchasing machinery and other equipment.
“The folks who made seat belts, the folks who made bumpers before, those folks are struggling and are out of work,” State Senator Eric Schmitt said, as the reason for including the area around the site.
Lawmakers and the Governor have been taking a second glance at tax incentives, in light of declining revenues. Schmitt says the Fenton plan wouldn’t hurt the state’s bottom line.
“No one’s paying taxes there right now,” he said.
As the efforts were announced at Fenton City Hall, St. Louis County Executive Charlie Dooley pointed out the region’s large responsibility for the state’s overall economic health.
“Those two activities can help bring quality jobs to Missouri, and specifically to the Chrysler plant right here for other activities and jobs creation,” he declared.
No buyer has been announced for the Chrysler site, but the buildings are about half demolished.
Copyright KMOX Radio