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Key Takeaways
- Legislation is an STL 2030 Jobs Plan priority
- Revitalizing Downtowns and Main Streets Act enjoys broad, bipartisan support
- “Downtowns and Main Streets are the economic heartbeat of their communities”
ST. LOUIS – The Missouri Senate has advanced critical legislation that will drive investment in the state’s downtowns and Main Streets, voting last night to perfect the Revitalizing Downtowns and Main Streets Act, which would establish a state incentive targeted at converting office buildings to mixed-use and residential.
“The St. Louis region and the state of Missouri need to grow, and revitalizing Downtown St. Louis and Main Streets across the state is a critical step toward making that happen,” said Kurt Weigle, Chief Downtown Officer for Greater St. Louis, Inc. “Downtowns and Main Streets are the economic heartbeat of their communities, and the revitalization underutilized buildings can be transformational.”
STL 2030 Jobs Plan Priority
The STL 2030 Jobs Plan – the St. Louis region’s plan for growing high quality jobs that is stewarded by GSL – identified reviving St. Louis’ urban core and Main Streets across the region as essential for growth. The Revitalizing Downtowns and Main Streets Act will strengthen regional and statewide efforts to attract businesses, retain and attract residents, and stimulate economic activity in downtowns and Main Streets.
Broad, Bipartisan Support for Revitalizing Downtowns and Main Streets Act
The legislation – SB 35, introduced in the Missouri Senate by Senator Steve Roberts, and HB 610 and HB 900, introduced in the Missouri House by Representative Travis Wilson and Marty Joe Murray, respectively – makes available a 25% credit for converting office buildings into residential or mixed use and a 30% credit for developing upper-floor housing projects in designated Missouri Main Street communities.
Elizabeth Lauber, representing the Missouri Main Street Connection, which assists smaller municipalities with development issues, testified that the proposal will help both big cities and the state’s rural communities: “This bill tells a story of bipartisanship. This is a Missouri issue.”
To further support the Revitalizing Downtowns and Main Streets Act, GSL is leading a coalition in support of the bill that includes Missouri Main Street Connection and:
- Associated General Contractors of Missouri
- Historic Revitalization for Missouri
- Missouri Bankers Association
- Missouri Chamber of Commerce
- Missouri Municipal League
- St. Charles County
- St. Louis Electrical Connection, IBEW/NECA
“This is a top priority for St. Louis’ business community, and we are excited to partner with such a broad and diverse group of supporters to bring this important policy to fruition,” added Weigle.
Key Components of the Revitalizing Downtowns and Main Streets Act
- 25% conversion credit for qualified office buildings
- 30% conversion credit for upper-floor housing on Main Streets
- $50 million per year program cap
- 25% of the cap reserved for upper-floor housing projects on Main Streets
- 50% of the cap reserved for buildings over 750,000 square feet
Having perfected the legislation, the Senate is expected to vote on its formal passage as early Thursday, after which the bill would advance to the Missouri House.
Media Contact: Tony Wyche | 314-398-9991 | Tony@GreaterSTLInc.com