SLDC Allocates $10 Million of New Markets Tax Credits to Redevelop and Expand Urban League’s Headquarters
From left: SLDC's Neal Richardson, Mayor Tishaura O. Jones, Michael P. McMillian, Urban League and Bill Seddon, SLDC.
St. Louis, Mo. (April 10, 2023) – At the Urban League of Metropolitan Saint Louis’ (ULSTL) 105th Annual Dinner on April 6, Mayor Tishaura O. Jones and St. Louis Development Corporation (SLDC) presented the organization with a check to represent its allocation of $10 million of New Markets Tax Credits (NMTC) to the redevelopment and expansion of the Urban League’s Headquarters at 1408 North Kingshighway Blvd.
“The Urban League of Metropolitan St. Louis is a key partner in strengthening communities across St. Louis,” said Mayor Tishaura O. Jones. “This investment will help the Urban League empower residents and serve our neighborhoods.”
“The $10 million allocation will further advance the Economic Justice Action Plan in North St. Louis and support the Urban League’s vision to create a one-stop service delivery hub that anchors a neighborhood that has been too-long neglected,” said SLDC’s President & CEO, Neal Richardson. “We are proud to support the Urban League’s vision to create a new, more efficient hub — anchored in North City — to better serve the community.”
“We are grateful for the support of Mayor Jones, Neal Richardson and the staff of the St. Louis Development Corporation for investing in the Urban League's vision for transforming not only the Urban League headquarters but the entire area at Dr. Martin Luther King, Jr. Drive and North Kingshighway,” said Michael P. McMillan, President & CEO of ULSTL. “The $10 million in tax credits will help spur investment in the campaign that will completely transform a long-neglected area in keeping with the Mayor's Economic Justice Action Plan.”
In October 2022, the U.S. Treasury Department selected SLDC to receive $50 million in federal New Markets Tax Credits (NMTC) to assist local development projects. Since 2004, SLDC has been awarded 12 allocations totaling an incredible $543 million in tax credit authority.
“As we seek to build a vibrant, just and growing economy where all people can thrive, this round of New Markets Tax Credits will help us attract more private investment that is desperately needed in economically distressed areas of the city. By closing project financing gaps, the NMTC Program enables investors to make larger investments than would otherwise be possible,” Richardson added.
As the economic development organization serving the City of St. Louis, Mo., SLDC administers the NMTC program, which has been a tremendous tool for the city. Over the life of the program, SLDC has used its allocation to finance 98 real estate developments and businesses, both for-profit and not-for-profit, resulting in the creation and retention of approximately 6,800 jobs in the City of St. Louis.