The Community Development Block Grant Program (CDBG) offers grants to small Missouri communities to improve local facilities, address critical health and safety concerns, and develop a greater capacity for growth. Projects range from housing and street repairs to industrial loans and job training. CDBG is a “pass through” funding program from the US Department of Housing and Urban Development which is administered by the Missouri Department of Economic Development (DED). The State CDBG funds are only available to non-entitlement areas (incorporated municipalities under 50,000 and counties under 200,000 in population). Depending on the funding category, applications are either accepted on a continuous cycle throughout the year or have a specific deadline. Application deadlines for 2015 are as follows:
More information about the CDBG program and funding categories can be found here.
EDA’s Public Works and Economic Development investments help distressed communities revitalize, expand, and upgrade their physical infrastructure. This program enables communities to attract new industry; encourage business expansion; diversify local economies; and generate or retain long-term, private-sector jobs and investment through the acquisition or development of land and infrastructure improvements needed for the successful establishment or expansion of industrial or commercial enterprises.
Public Works investments help facilitate the transition of communities from being distressed to becoming competitive in the worldwide economy by developing key public infrastructure, such as technology-based facilities that utilize distance learning networks, smart rooms, and smart buildings; multitenant manufacturing and other facilities; business and industrial parks with fiber optic cable; and telecommunications and development facilities. EDA also continues to fund traditional Public Works projects, including water and sewer systems improvements, industrial parks, business incubator facilities, expansion of port and harbor facilities, skill-training facilities, and brownfield redevelopment.
More information on EDA’s Public Works program can be found here.
Economic Adjustment Assistance provides a wide range of technical, planning, and public works and infrastructure assistance in regions experiencing adverse economic changes that may occur suddenly or over time. EAA funds can be used to design transition strategies, construct or upgrade public infrastructure, and capitalize locally or regionally administered Revolving Loan Funds that directly assist innovative entrepreneurs in growing 21st century businesses.
More information on EDA’s Economic Adjustment Assistance can be found here.
Technical Assistance Grants fund projects that analyze the feasibility of potential economic development projects, such as an industrial park or a high technology business incubator. Feasibility studies are an effective tool for determining whether the market will support a particular activity or site.
While local technical assistance investments are typically small in size and scope, they can prevent costly mistakes and misguided investments, such as costly infrastructure improvements to support obsolete industries. Targeted market feasibility studies can help communities overcome these hurdles and identify tomorrow’s higher-wage employers. Because of these feasibility studies, many communities have subsequently received funding under EDA’s Public Works or Economic Development Assistance programs, or other federal and state programs, to implement those projects.
More information on EDA’s Technical Assistance Grants can be found here.
The Missouri Brownfield Redevelopment Program is administered by the MO Department of Economic Development (DED) and the MO Department of Natural Resources (DNR). The program provides financial incentives for the redevelopment of commercial/industrial sites contaminated with hazardous substances and abandoned or underutilized for at least three years. ELIGIBILITY CRITERIA
DED may issue tax credits for up to 100% of the cost of remediating the project property. The tax credit may also include up to 100% percent of the costs of demolition not directly part of the remediation activities, if certain requirements are met. The amount of remediation tax credits issued must be the least amount necessary to cause the project to occur. The total tax credits must be less than the projected state economic impact of the project, as determined by DED.
This tax increment financing (TIF) program of the DED helps facilitate the redevelopment of downtown areas and the creation of jobs by providing essential public infrastructure.
Municipality must have a population of 200,000 inhabitants or less, and median household income of sixty-two thousand dollars or less. The redevelopment areas must be classified as “blighted” or a “conservation area,” must not exceed 10% of the entire geographic area of the municipality, and must be located in a “central business district.” At least 50% of the buildings in the central business district must be 35 years old or older. Other restrictions apply. More information about the Downtown Preservation Program can be found here. DED Downtown Preservation Program x
This DED program provides tax credits to new or expanding businesses in Missouri Enhanced Enterprise Zones. Enhanced Enterprise Zones are specified geographic areas designated by local governments and certified by the DED. Zone designation is based on certain demographic criteria, the potential to create sustainable jobs in a targeted industry and a demonstrated impact on local industry cluster development. The program offers state tax credits, accompanied by local real property tax abatement, for up to five tax years after the project commences operations.
DED must offer the program benefits to the business in the form of a formal proposal. If interested, contact: Joel McNutt, email@example.com, (573) 522-6704, or Jessica Eads, Jessica.Eads@ded.mo.gov, (573) 751-4982 to discuss your particular situation. DED Enhanced Enterprise Zone x
Missouri Works is an incentive program for businesses that are expanding in Missouri or are relocating to the state. Missouri Works is similar to the former Quality Jobs Program in that its incentives are contingent upon the number of jobs created and the wages employers plan to pay new employees. The Missouri Works Program, however, has dramatically lowered the number of jobs an employer must create in order to qualify for incentives, especially in rural areas.
Below is a chart showing the eligibility criteria and benefits associated with the Missouri Works Program.
More information on Missouri Works can be found on the DED website.
Eligibility Criteria and Benefits
|Program||Minimum New Jobs||Minimum New Private Investment||Minimum Average Wage||Automatic Benefit|
|2||$100,000||80% of County Avg. Wage||Withholding Tax Retention for New Jobs
|2||$100,000||90% of County Avg. Wage||Withholding Tax Retention for New Jobs
|Statewide Works||10||N/A||90% of County Avg. Wage||Withholding Tax Retention for New Jobs
|Mega Works 120||100||N/A||120% of County Avg. Wage||6% of new payroll
|Mega Works 140||100||N/A||140% of County Avg. Wage||7% of new payroll
Note 1: Project facility must be located in Enhanced Enterprise Zone
Note 2: Project facility must be located in a “rural” county, which would NOT include Boone, Buchanan, Clay, Greene, Jackson, St. Charles, and St. Louis City and County.
Note 3: Benefit period is 5 years, or 6 years for existing Missouri companies (those that have been operation in Missouri for at least 10 years).
The DED’s Certified Sites Program is not a grant program. The purpose of the program is to certify potential commercial or industrial development sites based on a review of the availability of utilities, site access, environmental concerns, land use conformance, and potential site development costs. Certification provides a standardized tool by which development professionals and business prospects can review prospective sites for compatibility with their development needs. Having a site “certified” reduces the risk associated with development by providing up front and consistent information. More information on the Missouri Certified Sites Program can be found here. DED Missouri Certified Sites Program