Blunt Announces Brownfield Redevelopment Tax Credits for Three St. Louis Properties
ST. LOUIS, MO – September 18, 2008 – (RealEstateRama) — Gov. Matt Blunt today announced that three St. Louis properties have been approved for remediation tax credits from the Missouri Department of Economic Development (DED) through the Brownfield Redevelopment Program. The developers have projected to create a total of 104 new jobs.
Rothschild Allen, LLC, has been approved for up to $100,000 in remediation tax credits through the Brownfield Redevelopment Program. The tax credits will be utilized to facilitate the redevelopment of property located at 7529 Michigan, St. Louis, into a restaurant/entertainment facility. The redevelopment is expected to bring 35 new jobs to the area.
The building was constructed between 1900 and 1920. For the past several decades the main floor has been used as a tavern and the upper floor was used as rental units. It is contaminated with lead-based paint and asbestos. The building has been underutilized for at least 15 years and has been vacant since 2005.
Rothschild Allen, LLC, has been approved for up to $111,146 in remediation tax credits through the Brownfield Redevelopment Program. The tax credits will be utilized to facilitate the redevelopment of property located at 7620 Michigan, St. Louis, into a restaurant/entertainment facility. The redevelopment is expected to bring 35 new jobs to the area.
The building served as the rectory for the former St. Boniface Catholic Church, now known as the Ivory Theatre. The building has been underutilized for at least 10 years and has been vacant since 2005.
Rothschild Development, LTD., has been approved for up to $107,134 in remediation tax credits through the Brownfield Redevelopment Program. The tax credits will be utilized to facilitate the redevelopment of property located at 4301 Manchester, St. Louis, into a restaurant/entertainment facility. The redevelopment is expected to bring 34 new jobs to the area.
The building was constructed in 1892 and has been used for a wide variety of uses, including residential apartments, offices and retail stores. The last tenant was a restaurant that closed in 2004 and only utilized the first floor. The building is contaminated with lead-based paint and asbestos.
The Brownfield Redevelopment Program provides financial incentives for the redevelopment of commercial or industrial sites that are contaminated with hazardous substances and have been abandoned or underutilized for at least three years. Applicants may be approved to receive state tax credits for eligible remediation costs; tax credits provided for jobs and investment; and demolition costs.
Contact:
Keener A. Tippin II 
(573) 751-9065
