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Economic Development

Incentives

ENHANCED ENTERPRISE ZONE

We are willing to go the extra mile to bring your project to St. Joseph. There are a number of programs for which you may qualify, including Enterprise Zone, Customized Training, and special rates from local utilities. There is also a local pool of money available as grants to qualifying companies.

For more information about the incentives offered by the state of Missouri, visit the Department of Economic Development Web site.

UTILITY DISCOUNTS

Electricity
KCP&L's electric rates are among the lowest in the state and region. KCP&L offers economic development rate reductions for a period of five years with the following percentage reductions by year after start-up: year 1 - 30%, year 2 - 25%, year 3 - 20%, year 4 - 15% and year 5 - 10% for companies which meet their criteria.

Water
The purpose of Missouri-American Water Company’s Economic Development Rider is to encourage industrial and commercial development in Missouri. Eligible customers will receive discounts of 30%, 24%, 20%, 15%, and 10% off their pre-tax bills during their first, second, third, fourth, and fifth contract years, respectively.

Water service under this rider is only available in conjunction with local, regional, and state governmental economic development activities where incentives have been offered and accepted by the customer. Customers must meet certain usage and job creation requirements.

Please contact the St. Joseph Metro Chamber or Missouri-American Water Company (816-233-8844) for more details.

LOCAL INCENTIVES

The voters in Buchanan County approved an Economic Development sales tax in 1996 to provide grants to new and expanding companies. The funds are allocated at the discretion of the Buchanan County Commissioners, with the guidance of the Buchanan County Economic Development Fund Advisory Board. In addition, funding for infrastructure may be available through various programs.

For more information, contact Brad Lau at 816-364-4109.

FINANCING

Missouri also offers a variety of methods of issuing low-cost, long-term Industrial Revenue Bonds (IRBs). The proceeds of an IRB issue may be used to finance up to 100% of the cost of fixed assets such as infrastructure, land, buildings, machines, and equipment. Certain types of IRBs allow for the exemption of the real and personal property tax of buildings and machinery financed by the bond. Finally, Tax Increment Financing (TIF) is designed to help finance improvements to property in designated redevelopment areas using tax revenues resulting from those improvements.

FOREIGN TRADE ZONE

Saint Joseph offers local companies the benefit of a Foreign Trade Zone designation which allows certain types of merchandise to be imported into the zone without going through formal customs entry procedures or paying import duties. The local zone in Saint Joseph is operated by Pony Express Warehousing and 25 acres of land is currently available for new development within the designated zone area.

Benefits of the Saint Joseph Foreign Trade Zone include:

  •  Imports can be admitted and held in a FTZ without paying U.S. Custom duties.
  •  FTZ users can pay the duty on component materials or merchandise produced from component materials, whichever is lower.
  •  Custom duties are never paid on merchandise exported from the FTZ.
  •  Duties are reduced or eliminated on material subject to defect, damage, obsolescence, waste or scrap.
  •  Merchandise may be exported and returned to a FTZ without duty payment.
  •  Spare parts may be stored, returned or destroyed without duty payment.
  •  Delays in customs clearances and duty drawbacks are eliminated.
  •  Duties are not owed on labor, overhead, or profit attributed to FTZ production operations.
  •  Quality control inspections can identify sub-standard goods to be destroyed or returned without duty.
  •  No duty is owed on in-bond, zone to zone transfer of FTZ merchandise.

    Contact the Business Development department with the Chamber of Commerce to learn more about how the Saint Joseph Foreign Trade Zone can benefit your company.


Economic Development