Missouri economic development officials recently announced that a St. Louis organization has been approved for Brownfield Redevelopment tax credits from the Missouri Department of Economic Development (DED). The credits will be used to renovate and rehabilitate contaminated commercial or industrial sites that are abandoned or underutilized.

Consulate Development, LLC, has been approved for remediation tax credits up to $116,108 for the redevelopment of the property located at 4701-4703 McPherson, St. Louis. These tax credits will facilitate the redevelopment of this property into commercial and residential space, creating an estimated 16 jobs.

The Brownfield Redevelopment Program provides financial incentives for the redevelopment of commercial/industrial sites that are contaminated with hazardous substances and have been abandoned or underutilized for at least three years.

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