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Introduction Financial Report Progress Report: Economic Justice Action Plan A Look Ahead Development Boards
Some investments and initiatives in this report cross multiple fiscal years.
Introduction
St. Louis Development Corporation (SLDC) is the independent economic development agency serving the City of St. Louis. It is an action-oriented organization that exists to empower, develop and transform St. Louis through a vibrant, just and growing economy where all people can thrive.
Our 5 Goals
1 Strengthen Neighborhoods
2Close The Wealth Gap
Every neighborhood tells a story, a narrative of resilience and community. It’s about fostering a sense of belonging and pride, where residents thrive, businesses flourish and hope is abundant.
In our city, opportunity should be the birthright of every citizen. Closing the wealth gap is about leveling the playing field, empowering entrepreneurs and ensuring that prosperity knows no bounds.
SLDC LAUNCHES MULTIMEDIA CAMPAIGN
In July 2023, SLDC launched a multimedia campaign leveraging print, digital, billboard, transit, television and radio ads. The campaign was designed to elevate awareness of the Economic Justice Action Plan, along with SLDC’s role in driving the community forward and the resources/services offered at the Northside Economic Empowerment Center.
4Expand The Tax Base
3Improve Health & Educational Outcomes Grow The City’s Population
Our goal is to invest in neighborhoods, ensuring access to amenities that enable residents to lead healthy, prosperous lives. This includes eliminating food deserts, supporting education and promoting sustainability. Through targeted investments, we create vibrant, resilient communities for all.
A robust tax base fuels essential services and infrastructure, laying the groundwork for a prosperous future. By attracting new businesses and stimulating job growth, we create a sustainable revenue stream that benefits all.
A growing population signifies vitality and opportunity. By investing in housing, infrastructure, and community amenities, we create a city that attracts newcomers and retains lifelong residents, ensuring a vibrant future for all. As we embark on this journey toward economic justice, we recognize the vital role of operational functions in achieving our goals.
Our 4 Operational Functions and Opportunities
NEIGHBORHOOD & COMMUNITY TRANSFORMATION
From revitalizing blighted areas to empowering residents through resources and grants, neighborhood transformation breathes new life into forgotten streets, fostering vibrant, resilient communities.
MINORITY & SMALL BUSINESS EMPOWERMENT
Small businesses are the backbone of our economy, driving innovation and job creation. Through business support services and financing options, we empower minority and small business owners to succeed, closing the wealth gap and fostering economic empowerment.
INDUSTRY & BUSINESS DEVELOPMENT
A diverse economy is a resilient one. By attracting new businesses, providing support services and facilitating site selection, we stimulate economic growth, expand the tax base and create opportunities for all.
REAL ESTATE DEVELOPMENT
Real estate development isn’t just about buildings; it’s about creating spaces that catalyze investment and drive community development. From developing agencyowned property to providing economic development incentives, real estate development plays a crucial role in shaping the future of our city.
SLDC SERVES
In October 2023, SLDC hosted its inaugural SLDC Serves Day. A community outreach event to demonstrate our commitment to making a difference in St. Louis, on this day of service, staff shared their time and talents volunteering with a variety of non-profit partner organizations throughout the city. Giving back to the community we serve is essential to SLDC’s mission and is integral to achieving the organization’s objectives.
“Promoting economic growth and revitalization in St. Louis is at the core of what we do at SLDC every day,” said Neal Richardson, SLDC’s President and CEO. “SLDC Serves Day is an opportunity to deepen and strengthen relationships with our non-profit partners while demonstrating our commitment to the city and its residents. We look forward to continuing to serve our community in various capacities throughout the year.”
Our 3 Strategic Pillars
At the heart of our approach lies three strategic pillars that guide our actions and inform our decisions:
ECONOMIC EMPOWERMENT
Empowering individuals and communities is the cornerstone of our mission. By fostering an environment where businesses thrive and innovation flourishes, we unlock opportunities for all to succeed.
EQUITABLE & INCLUSIVE DEVELOPMENT
Inclusion is not just a goal; it’s a moral imperative. By breaking down barriers and creating opportunities for all, we build a city that is stronger, fairer and more resilient.
NEIGHBORHOOD TRANSFORMATIO N
Communities are the fabric of our city – each one unique and vibrant in its own way. By investing in neighborhood infrastructure and empowering residents, we create spaces where everyone can thrive.
In the intricate dance of progress, each goal, function and pillar plays a vital role, weaving together to create a future where economic justice is not just a dream but a lived reality for all.
Progress Report: Economic Justice Action Plan
SLDC’s organizational focus is on equitable and inclusive economic development for everyone in St. Louis — regardless of geography, socioeconomic status or race.
Introduced in September 2022, the Economic Justice Action Plan guides the unprecedented investment in marginalized communities in St. Louis — particularly North City. The Plan is comprised of three strategic pillars: economic empowerment, equitable and inclusive development and neighborhood transformation. Each pillar is critical to the future of our city and the region at large.
Economic Empowerment
Invest in an ecosystem that provides opportunities for businesses to launch, grow, and sustain their operations. Create the workforce of the future through mentorship, training and quality jobs.
TOTAL ECONOMIC EMPOWERMENT INVESTMENTS:
$24 million of $152 million target ARPA investment
Northside Economic Empowerment Center
With a goal of serving 1,000 residents and 500 businesses per year, since opening in January 2023, SLDC has invested $1.6 million to provide business empowerment, capacity building and workforce development support to over 2,672 residents and 1,124 businesses in 2023. In 2024, the NEEC served 1,256 residents and 938 businesses.
ST. LOUIS CELEBRATES FIRST ANNIVERSARY OF NORTHSIDE ECONOMIC EMPOWERMENT CENTER
In January 2024, community leaders gathered in the Annex at Sumner High School to commemorate the first anniversary of the Northside Economic Empowerment Center (NEEC). A strategic, centralized center powered by SLDC, the NEEC focuses on business empowerment, capacity building and workforce development for businesses and residents in the City of St. Louis. The Northside Economic Empowerment Center had a goal of serving 1,000 residents in its first year, but SLDC exceeded that goal by serving 2,676 residents in 2023.
During her remarks at the celebratory event, Mayor Tishaura O. Jones said,
“The empowerment center meets people where they are. It lowers the barrier of entry for young people who are interested in growing or starting a business. It gives someone the encouragement and support to chase their dreams.”
FOCUS ST. LOUIS HONORS NEEC AT 2024 WHAT’S RIGHT WITH THE REGION AWARDS
In May 2024, the NEEC was among 20 individuals, organizations and initiatives honored by FOCUS St. Louis for making a difference at the 27th Annual What’s Right with the Region Awards Celebration. The 20 honorees were nominated by the public and selected by a committee of local leaders for their impact and service to the community. The NEEC was recognized in the Emerging Initiatives category, which honors promising new businesses, organizations or initiatives that are already serving as catalysts for change.
ScaleUpSTL: Business Growth Loans
SLDC has invested $2.375 million of ARPA dollars to establish a $12 million small business and nonprofit loan fund with a goal of providing affordable and accessible capital to 25 small businesses and non-profits. We have partnered with St. Louis Community Credit Union (SLCCU), in collaboration with the Small Business Empowerment Center (SBEC), to create a new loan to support growing small businesses and non-profits to meet immediate capacity building and cash flow needs: ScaleUpSTL. In alignment with SLDC’s Economic Justice Action Plan, special emphasis will be placed on financing for qualified entities located in and/or serving the Southeast and Northern half of the City. Minority- and Women-owned Business Enterprises (MWBEs) are encouraged to apply for ScaleUpSTL.
North St. Louis Small Business & NonProfit Grant Program
The first-of-its-kind and size, in July 2021 SLDC was charged with administering this complex grant program, which is funded by the City’s federal ARPA allocation. Although the program has faced many challenges, our goal of investing $33 million in grants to 450 small businesses and non-profits located in North St. Louis never wavered. Todate*, $14 million has been invested in 228 small businesses and non-profits.
* January 2025
Business Assistance Center
Located at City Hall, the Business Assistance Center (BAC), the team at the BAC facilitates the licensing and permitting of businesses in the City of St. Louis. Save time and work with the BAC to streamline the process and access information needed to open your business in the City of St. Louis.
BAC Highlights: FY24 (July 1, 2023 – June 30, 2024)
610 Total Clients 447 Business Licenses 49 Restaurants 35 Contractor Licenses
Liquor Licenses 323 Commercial Occupancies 14 Incidental Waivers 47 Home Waivers 22 Conditional Use Hearings 99 Health Permits
Mrs. Aretha,
I just always enjoy my time with you because you are so calm and positive. It truly makes the business side of running a business a joy. Thank you for helping me today and supporting me through this process. Please come visit our shops one day!
— Carolyn Lewis, Carolyn Lewis Designs
CertifySTL
In June 2024, the administration of the St. Louis Region’s Minority- and Women-Owned Business Enterprise (MWBE) Certification Program transferred to SLDC from Business Diversity Development (BDD) at St. Louis Lambert International Airport. On September 3, 2024, the transfer was complete and SLDC began taking new MWBE applications, MWBE No Change Affidavits and new MWBE Expansion applications, launching the CertifySTL Program to support the certification of MWBEs in the entire St. Louis Metropolitan Statistical Area (MSA) who are interested in doing business in the St. Louis Region.
Equitable and Inclusive Development
Leverage real estate development and business retention, expansion, and attraction (BREA) efforts to catalyze equitable and inclusive economic growth.
TOTAL EQUITABLE & INCLUSIVE DEVELOPMENT INVESTMENTS:
$55.7 million of $49 million target ARPA investment
ST. LOUIS SELECTED FOR THE GOOD JOBS, GREAT CITIES ACADEMY
After a competitive application process led by SLDC, in July 2023, the City of St. Louis was chosen to join the Good Jobs, Great Cities Academy. A partnership between The National League of Cities (NLC) and the Department of Labor (DOL) to accelerate city efforts to design, develop and launch a workforce initiative to build pathways into good jobs, the peerlearning cohort is an opportunity to bring infrastructure, clean energy and advanced manufacturing jobs to St. Louis.
The Good Jobs, Great Cities Academy works with municipalities to spur innovative and scalable city-supported solutions that upskill and reskill workers into quality, high-demand jobs made possible by investments from the Bipartisan Infrastructure Law (BIL), the CHIPS and Science Act and the Inflation Reduction Act (IRA).
Digital Equity Fund
SLDC has dedicated a portion of its ARPA allocation toward Digital Equity in the City of St. Louis. This investment builds on our existing strategies focused on equity, economic development and economic justice. Investing in digital literacy and technology training programs to enable participation in the 21st-century economy and helping to bridge the digital divide is a core initiative of the Economic Empowerment pillar of the Economic Justice Action Plan. To guide these efforts, we spent the better part of 2023 creating the St. Louis Digital Inclusion Action Plan, which outlines strategic priorities and actions that the city can undertake to improve equitable access to high-speed internet and digital skills needed to succeed in today’s modern society. The vision for the Digital Inclusion Action Plan is to remove the barriers to internet access so that every resident in St. Louis has the opportunity to learn, work and thrive.
To achieve this vision, SLDC has exceeded its goal of dedicating $5 million to digital equity by investing:
• $2.325 million in a community help desk ($600,000), a digital equity portal and data platform ($125,000) and digital literacy education ($1.3 million, including about $500,000 in related equipment)
• $2.675 million in community WiFi that is being or has been installed on the MLK Corridor and at nine city parks: Amberg Park, Fox Park, Gravois Park, Gregory J. Carter, Ivory Perry Park, Loretta Hall Park, Murphy Park, O’Fallon Park, Tilles Park.
DIGITAL INCLUSION COALITION KICKS OFF
The City of St. Louis and SLDC are taking bold steps to close the digital divide and achieve digital equity in St. Louis. To encourage collaboration and cooperation with technology-driven businesses and community stakeholders, in 2023, we formed a Digital Equity and Inclusion Coalition called ConnectSTL, which seeks to encourage collaboration and cooperation with technology-driven businesses and community stakeholders interested in helping to bridge the digital divide in St. Louis. The #ConnectSTL Coalition continues to meet quarterly to further digital equity in the City.
#ConnectSTL
Downtown Retail Incentives Program
With a goal to invest $350,000 in grant dollars to 15 businesses located in Downtown St. Louis, in April 2024, SLDC and Greater St. Louis, Inc., launched a new Downtown Incentive Program to attract retail businesses to the City core. By August 2024, the first group of businesses receiving funding through the Downtown Retail Incentive Program were announced. Awardees included cocktail lounges, restaurants and beauty and skin care businesses renovating or expanding street-level spaces Downtown. To date*, $303,300 in grant dollars have been deployed to 11 businesses in partnership with Greater St. Louis, Inc.
* January 2025
CITY OF ST. LOUIS, BUSINESS COMMUNITY ESTABLISH PUBLIC - PRIVATE PARTNERSHIP TO FOCUS ON ACCELERATING THE REVITALIZATION OF DOWNTOWN
With a focus on accelerating efforts to make Downtown St. Louis “safe, vibrant, and beautiful,” in May 2024, leaders from the City of St. Louis and the metro’s business community came together to announce the establishment of a public-private partnership to focus on accelerating the work needed to revitalize the heart of the metro.
The partnership between Greater St. Louis, Inc. and SLDC was to focus on revitalizing key corridors and vacant properties that have been hurdles to Downtown St. Louis reaching its true potential. Specifically, Mayor Jones asked SLDC and GSL to — within 120 days — develop a plan for bold action to address two properties that are holding Downtown back: the Railway Exchange Building and the Millennium Hotel.
By September 2024 when GSL and SLDC delivered their “120-Day Report” to Mayor Jones, tremendous progress had been made thanks to bold action already taken to address two major vacant Downtown properties. Securing control of both sites was imperative so they are in the hands of local owners who will keep them secure and advance plans for redevelopment that will benefit St. Louis. Local site control of both properties was being addressed:
• Millennium Hotel. Local non-profit, Gateway Arch Park Foundation, was under contract to purchase the Millennium Hotel, and is working with GSL and SLDC on a redevelopment plan that addresses the future of the property, creating positive impact for the people of St. Louis.
• Railway Exchange Building. In August 2024, the City – through the Land Clearance for Redevelopment Authority – initiated the eminent domain process to take possession of the building, bringing it under local control. That process continues to move forward with LCRA formally purchasing 10 parcels that make up the vacant parking garage and surface lot that comprise the city block directly south of the Railway Exchange building in March 2025.
URBAN LAND INSTITUTE REPORT SAYS ELEVATE GATEWAY MALL AS ST. LOUIS METRO’S “CENTRAL SOCIAL DISTRICT”
To strengthen the work underway to make Downtown St. Louis safe, vibrant, and beautiful, the Gateway Mall — the continuous stretch of green space anchored by the Gateway Arch on the east and Energizer Park, formerly CITYPARK Stadium on the west, bound by Market Street on the south and Chestnut on the north — should be elevated as the metro’s “central social district” and a spine for Downtown’s cultural economy, according to a new report from leading national land use organization the Urban Land Institute, which was funded by SLDC and Greater St. Louis, Inc.
Workforce Development at The Monarch on MLK Campus for Economic Mobility
In October 2023, the Land Clearance for Redevelopment Authority of the City of St. Louis (LCRA) — a development board staffed by SLDC — purchased a 150,000-square-foot industrial building at 3940 Dr. Martin Luther King Drive in North St. Louis, along with 29 surrounding vacant parcels. Once redeveloped, the 15.39-acre site will transform into an innovative transit-accessible workforce and training campus for manufacturing and other high-paying, in-demand careers. Since then, $3.2 million of the allocated $8.75 million has been spent, with an expected $30 million or more in total investment. SLDC anticipates the first phase of The Monarch on MLK will welcome its first tenants in 2025.
Industry & Business Development
Companies already located in St. Louis are vital to the local economy. That’s why SLDC is part of Business Retention, Expansion and Attraction (BREA) team that meets with local businesses to identify issues and challenges and provide solutions to help companies expand or relocate within the City. BREA is an important component of St. Louis’ economic development ecosystem and SLDC staff is available to help facilitate the expansion and retention of businesses of all sizes in the City of St. Louis.
2024 Retention and Expansion Projects Won
$983,200,000 Total Capital Expenditures
956 Full-time Jobs
• ICL – $574M investment, 153 new jobs
• MilliporeSigma – $76M investment, 170 new jobs
• Anheuser Busch – Project Lunar, $52M
• C2N – Project Think, $93M, 150 employees
• Serioplast – $14M investment, 89 new jobs
• Anders CPA – $2.2M capital investment, 234 new jobs
• Logic Systems – $22M investment, 160 new jobs
• Tierpoint – $150M
2024 Downtown Business Retention
In partnership with Greater St. Louis, Inc. (GSL) and Missouri Department of Economic Development (DED) our team negotiated an 85% earnings tax rebate to enable Anders CPAs + Advisors to invest $2.2M for tenant improvements and create 234 new jobs in Downtown St. Louis.
Site Assemblage and Predevelopment
In 2022, SLDC identified several key Development Board-owned priority sites and projects within the Economic Justice Demonstration Areas that will catalyze equitable economic growth. Using our Roadmap for Redevelopment, SLDC continues to focus our efforts on a handful of those sites, which are in varying stages of community engagement and stabilization. SLDC continues to progress toward its goal to invest $13.5 million into the acquisition of strategic properties, environmental remediation and stabilization of properties suitable for community-focused commercial development. To accomplish this, $400,000 has been spent; 2 properties have been acquired; 2 options are being negotiated; multiple offers are pending; additional acquisitions have been identified; $8.5 million identified/targeted for environmental remediation, demolitions and building stabilization and 100% of funding budgeted. Examples include the Railway Exchange Building, the Wainwright Building and the Goodfellow Corridor.
SLDC COMMISSIONS DIGITAL TWIN OF MLK CORRIDOR
In May 2024, SLDC engaged an urban planning and geospatial design firm to develop a hyperlocal digital twin of the MLK Corridor, which has been identified as a priority demonstration area in the Economic Justice Action Plan. The twin highlights several initiatives including the former Killark Electric site that will become home to The Monarch on MLK Campus for Economic Mobility, AMICSTL and the 4theVille Cultural Boulevard neighborhood plan helping to articulate a vision for the future that residents and stakeholders can interact with more effectively.
RENOVATION OF HISTORIC BUTLER BROTHERS BUILDING TRANSFORMS DOWNTOWN WEST CITY BLOCK INTO LIFESTYLE APARTMENT RESIDENCES: THE VICTOR
Thanks to the vision and investment of Memphisbased Development Services Group (DSG), a 117-yearold building in Downtown West that sat vacant for over two decades has been reactivated from the inside out. The completed redevelopment of the 735,000-square-foot historic Butler Brothers building began when DSG purchased the property in late 2020. Construction began in March 2022, with ambitious plans to transform the prominent building into mixed-use residences with 384 apartments offering residential amenities like in-building parking, an expanded interior courtyard and a rooftop pool and outdoor pickleball court, along with coworking spaces and retail/restaurant and bar space on street level to leverage the momentum of the nearby MLS Stadium — Energizer Park, formerly CITYPARK — and connect existing assets in Downtown and Midtown.
In June 2023, DSG’s plans were realized when the high-end lifestyle apartment complex — called The Victor — opened to residents.
BUSINESS RETENTION & EXPANSION HIGHLIGHT: INTRAMOTEV
In August 2023, SLDC and its Business Retention, Expansion and Attraction (BREA) partners visited Intramotev, a St. Louis start-up company developing autonomous rail cars in the heart of North St. Louis. Launched in January 2020, Intramotev has been focused on the development of its primary product, the TugVolt, a battery electric self-propelled rail car that enables freight to move with the flexibility of a truck, without breaking the existing model of rail operations.
New Markets Tax Credits Program (NMTC)
NMTCs incentivize community development and economic growth through the use of tax credits that attract private investment to low-income and distressed communities. By closing project financing gaps, the NMTC Program enables investors to make larger investments than would otherwise be possible.
Since the inception of the NMTC Program in 2003, SLDC has been awarded 13 allocations totaling an incredible $568 MILLION in tax credit authority.
Over the life of the program, SLDC has used its allocation to finance 111 real estate developments and businesses, both for-profit and not-for-profit, resulting in the creation and retention of approximately 7,250 JOBS in the City of St. Louis.
In 2024, SLDC closed on the financing for four transactions totaling $16 million in allocation with total project costs of $24 million.
Upon completion of construction, the 2024 projects will create the following impacts:
186 Construction Jobs
33 Permanent Jobs Retained
235 New Permanent Jobs Created
BENEFICIARY OF SLDC’S NMTC PROGRAM
Delmar Stage and Studios
An arts foundation is planning to build an arts and entertainment facility in St. Louis’ Downtown West neighborhood thanks to $5 million in New Markets Tax Credits allocated by SLDC’s Board of Directors in November 2024 to develop Delmar Stage and Studios at 2233 Delmar Blvd. A project totaling $6.25 million. The current tenant will vacate the space, allowing the Kranzberg Arts Foundation (KAF) to buy the property and develop the building. KAF intends to lease the property to Logic Systems Holdings, which owns an audio, lighting, and video production company based in Valley Park, Missouri. Logic Systems Holdings will relocate roughly 150 employees to the City of St. Louis, including up to 100 more part-time employees depending on the season. Future phases and plans include new stages for film, television, and music. KAF will embed its workforce development program in the facility as well.
Sports Entertainment Attraction Fund
In June 2024, SLDC partnered with the St. Louis Sports Commission to establish a fund to provide a financial backstop as the Commission pursues bringing high-profile sports events to St. Louis. Shortly after SLDC’s $500,000 investment, St. Louis was selected to host the 2026 U.S. Figure Skating Championships and the 2027 NCAA Wrestling Championship. Combined, the events are expected to generate up to $30 million in economic impact.
Neighborhood Transformation
Leverage community assets to transform physical, social and economic aspects of historically disinvested and marginalized neighborhoods to build their collective capacity and wealth-building opportunities.
TOTAL NEIGHBORHOOD TRANSFORMATION INVESTMENTS:
$32.84 million of $100 million target ARPA investment
Housing Development Fund
In 2022, SLDC created a $14 million Housing Access and Neighborhood Stabilization Revolving Loan Fund, which leverages American Rescue Plan Act (ARPA) capital and New Markets Tax Credits (NMTC) to finance the creation of 40 for-sale homes targeting households earning less than 80 percent of Area Median Income (AMI). Since then, seven homes have been completed and 25 are under construction.
HomeSTL: Homebuyer Assistance
To make homeownership affordable for credit qualified first time homebuyers at or below 80% AMI ($82,550 for a family of four) purchasing a home in the City of St. Louis, SLDC has created a Homebuyer Assistance Program: HomeSTL. By investing $3.8 million of ARPA dollars in HomeSTL, SLDC expects to support 90 new homebuyers — generating $20 million in mortgages. Since launching in March 2024, SLDC has welcomed eight mortgage lenders into the program, approved 53 borrowers for the program, funded 35 borrowers, totaling $6.1 million in mortgages originated and $1.59 million of Homebuyer’s Assistance grants funded.
30% AMI Rental Program
SLDC has launched a program with a $4 million ARPA investment to support six development projects to produce and preserve 453 Low Median Income (LMI) forrent housing units, of which 211 are for households earning at or below 30% AMI or $30,950 for a family of four. The loan due diligence process is currently underway.
ST. LOUIS SELECTED FOR BLOOMBERG AMERICAN SUSTAINABLE CITIES
In March 2024, Bloomberg Philanthropies announced its selection of the City of St. Louis as one of 25 U.S. cities to join Bloomberg American Sustainable Cities. Bloomberg American Sustainable Cities is a three-year initiative designed to leverage historic levels of federal funding to incubate and implement transformative local solutions to build low-carbon, resilient and economically thriving communities. St. Louis was chosen for Bloomberg’s American Sustainable Cities based on its leadership and ambition to build resilient, equitable communities. Despite facing significant vulnerabilities, the City has persisted in advancing community prosperity and economic development amid the climate crisis.
LRA Beautification Program Progress
With a goal of Investing $6.5M of ARPA dollars towards the beautification of 2,100 unoccupied properties, the LRA has already secured 7 property maintenance contractors, reducing the Burden of the City’s Forestry division on 1,790 lots in 2024. 6 out of 7 Contractors are MBWE Certified and reside in the city - empowering both the community through enhancing lot beautification and growing City businesses. 1,790 lots were maintained in 2024, with 6,405 individual lot cuts and/or debris removals performed in priority demonstration areas across North St. Louis, obligating $1.75M or 27% of the program’s funds in 2024.
Financial Progress:
Expenditures:
• $1,514,956 Total Expended to date
Obligated:
• $1,750,000 Total Obligated to date (27% of Total Program Funds)
• Projected to obligate and expend the remaining program funds of $4.25M by spending $2.166M in 2025 and $2.166M in 2026
*obligated via contract between CDA and LRA
DED Funded Demolition Program Progress
With a goal of investing $15M of state ARPA dollars to remove approximately 1,000 unoccupied structures, LRA is well underway. Since the program launched in 2024, we demolished 178 structures, have placed 231 structures under contract (includes those demolished or scheduled for demolition), conducted 289 property condition assessments, 186 environmental inspections and have already contractually obligated $6.88M or 46% of the program’s funds, and at least 5 properties recently demolished have been sold with development plans underway.
Financial Progress:
Expenditures:
• $2,264,247 on completed demolitions
• $175,304 on environmental assessments
• $47,150 on property condition assessments
$2,486,701 Total Expended to date
Obligated:
• $5,038,000 in executed demolition contracts
• $1,600,000 in environmental contracts
• $250,000 in property condition assessment contracts
$6,888,000 Total Obligated to date (46% of Total Program Funds)
LRA Infill Housing
Goal: Invest $6.5 million in the construction of 20 houses on LRA-owned property to provide homeownership opportunities for families at or below 80% AMI or $82,550 for a family of four. Progress: Request for Qualifications (RFQ) issued in October 2024; Project expected to begin in Summer 2025.
Brownfields Program Advances Environmental Justice
To cleanup and reuse Brownfield properties to create jobs, increase the tax base, remove potential threats to public health and the environment, productively reuse idle, abandoned or underutilized properties, SLDC has been awarded $4.25 million in EPA Revolving Loan Funds for environmental remediation of contaminated sites. In 2024, four sites were assessed, with an additional four assessments planned. Cleanup planning is being completed on two sites, with remediation to follow. Additional cleanup planning and remediation is being identified.
Project Connect
Spearheaded by SLDC, Project Connect ensures coordination and collaboration between neighborhood revitalization, transportation/infrastructure improvements and other redevelopment efforts — and the City of St. Louis’ investments to support the Next NGA West Campus — in six North St. Louis neighborhoods: St. Louis Place, Old North St. Louis, JeffVanderLou, Carr Square, Columbus Square and Hyde Park.
Through Project Connect, SLDC is working to ensure disinvested areas don’t get left behind during future growth and development — and that residents, business owners and community stakeholders have their voice and vision heard during the planning and redevelopment process.
To ensure the Project Connect Neighborhood Plans better reflect the voice, values and vision of the community, in FY24 — based on feedback from members of the Project Connect community — the Neighborhood Planning process transitioned to a new consultant. To identify the consultant, in partnership with the community-led planning committees, the Project Connect team collaborated with neighborhood leaders to co-create a Request for Proposals (RFP) to identify and onboard the new planning consultant — Interboro.
The Neighborhood Planning process is extremely important to the future of the Project Connect neighborhoods. By actively engaging with Interboro, we remain committed to supporting the creation and implementation of community-driven plans that bring the community-led vision for the Project Connect neighborhoods to life.
Economic Justice Accelerator
In March 2023, SLDC formed the Economic Justice Accelerator, a fund designed to leverage public funding, private equity and philanthropic investment to sustain the Economic Justice Action Plan through and beyond 2026. With a goal of investing $1 billion toward Economic Justice initiatives by 2030, tremendous progress has been made to combine additional public, private and philanthropic funds. So far, SLDC has secured commitments for $305 million out of $400 million in public funds, $34 million out of $500 million private funds and $2.5 million out of $100 million in philanthropic funds have been committed.
MASTERCARD COMMITS $1 MILLION TO ECONOMIC JUSTICE ACCELERATOR
The Mastercard Impact Fund, with support from the Mastercard Center for Inclusive Growth, was the first private donor to commit to the Economic Justice Accelerator Fund through a $1 million grant, which supports small business programming at the Northside Economic Empowerment Center.
Development Boards
SLDC helps promote development and job growth through tools that support our community and the businesses that want to thrive here. To encourage development and investment in new commercial and residential construction in the City, SLDC offers various economic development incentives. These incentives can help spur job growth and real estate investments throughout St. Louis for years to come.
SLDC houses and professionally staffs the Development Boards that facilitate and regulate redevelopment and capital investment in St. Louis. As the economic development agency serving the City of St. Louis, SLDC is charged with evaluating applications for incentives for development and redevelopment projects. SLDC also administers these incentives as recommended by the various development boards it staffs and authorized by the Board of Aldermen.
Incentivized Project Impacts*
Between 2021 and September 2024, over $2.2 billion of total investment has been generated by 73 Projects with Approved Redevelopment Plans/Parcel Development Agreements or Developer Designations, resulting in:
3,256 Estimated Number of Jobs
2,782,977 Approximate Commercial Square Feet
1,060 New Hotel Rooms
*Numbers are estimated based on original approval by SLDC development boards. Some projects may change, be delayed and/or not be developed.
Estimated Impacts of FY24 (July 1, 2023 – June 30, 2024) SLDC-Supported Projects:
1,891 New Jobs
753,159 New Commercial Square Feet
726 New Hotel Rooms
3,541 New Residential Units
$1,364,259,000 Total Project Costs
SLDC PRODUCES EDUCATIONAL VIDEOS TO EDUCATE PUBLIC ON ECONOMIC DEVELOPMENT & INCENTIVES
To educate developers and the public about economic development incentives and how they are awarded in the City of St. Louis, in 2024 SLDC produced videos explaining property tax abatement and Tax Increment Financing (TIF) — which are the most commonly utilized tools SLDC uses to encourage development and investment in new commercial and residential construction in the City.
Land Clearance For Redevelopment Authority
The LCRA consists of a five-member board and SLDC support staff that oversees many aspects of public and private real estate development in the City. One of the primary functions of LCRA is to review development proposals that include requests for public assistance in the form of tax abatement or taxexempt revenue bonds.
Approved Redevelopment Plans: FY24 (July 1, 2023 – June 30, 2024)
161 Proposed jobs
12 Redevelopment plans approved
$235,999,000
Estimated project costs
246 Residential units
570 Hotel rooms
18,900 Commercial square feet
IMPROVEMENTS TO 7TH STREET IN DOWNTOWN ST. LOUIS
A long-anticipated infrastructure improvement project in Downtown St. Louis began taking shape in 2024 when work began on $3.5 million of improvements to a critical stretch of 7th Street between Busch Stadium and America’s Center. The project includes building a pedestrian and bicycle-friendly connection between the two major Downtown anchors, along with new streets, sidewalks, streetscaping, lighting, trees and other enhancements.
Designated Developers: FY24 (July 1, 2023 – June 30, 2024)
16 Projects
1,264 Proposed Jobs
$1,100,110,880
Estimated construction value
1,110 Residential Units
313,950 Commercial square-feet
LCRA ADOPTS COMMUNITY - LED REDEVELOPMENT PLAN TO ADDRESS BLIGHTING IN NORTH ST. LOUIS NEIGHBORHOODS
In November 2023, the Land Clearance for Redevelopment Authority of the City of St. Louis (LCRA) advanced a community-led Redevelopment Plan for approximately 820 acres in portions of the Carr Square, JeffVanderLou and St. Louis Place Neighborhoods to the Board of Aldermen. In March 2024, the City of St. Louis adopted Ordinance 71795 (Board Bill 174) empowering LCRA to allow existing residents in the JeffVanderLou and St. Louis Place redevelopment area to use tax abatement for property improvements, as well as guarantee that eminent domain will not be used against homes that are being maintained.
Land Reutilization Authority
The Land Reutilization Authority (LRA) of the City of St. Louis is a development agency staffed by SLDC. It was established in 1971 to manage, maintain, market and sell vacant and abandoned buildings and property owned by the agency. LRA is responsible for the stewardship and sale of previously abandoned and foreclosed properties. With programs designed to convert unoccupied properties back into productive use, LRA strives to provide housing, new industry and jobs for citizens, and returned tax revenues for the City of St. Louis. The LRA owns and manages nearly 10,000 parcels (vacant lots and buildings) in the City that are available for purchase, lease or community projects. Purchasing LRA-owned property is an effective way to bring these properties back into productive and effective use and invest in the growth of neighborhoods.
LRA Highlights: FY24 (July 1, 2023 – June 30, 2024)
187 Parcels (Vacant Lots) Sold
~37 Buildings
237 Parcels Added to LRA Inventory Through Tax Sales and Donations
Additional highlights about LRA’s ARPA-funded programs can be found on page 18.
LRA LAUNCHES NEW WEBSITE & EDUCATIONAL VIDEO
To help residents, rehabbers and developers understand how to make offers to purchase LRA properties, SLDC created and launched a new website. Visit www.lrastl.org to learn more. To further help demystify the LRA programs and processes for the community, we have also produced a video explaining the process in September 2024.
Ready-to-Rehab Program & Properties
The LRA has properties primed and positioned for rehabbers looking for a home to fix up. The Readyto-Rehab Program provides guidelines for the sale of residential buildings (up to six units) that have received stabilization investments for the purpose of building rehab and residential occupancy. There are two paths to purchase Ready-to-Rehab properties:
Prop NS
LRA has properties primed and positioned for rehabbers looking for a home to fix up. The Prop NS Program, established in 2017 by the voterapproved Proposition Neighborhood Stabilization (Prop NS), utilizes bond funding to stabilize, secure and sell vacant LRA-owned residential buildings of no more than six (6) units. Upon completion of stabilization, competitive bids are accepted within 21-day bid windows.
Prop NS Highlights: FY24 (July 1, 2023 – June 30, 2024)
$1,431,511
$42,103
29
StabilizeSTL
The Ready-to-Rehab StabilizeSTL Sales Policy provides guidelines for the sale of buildings that have received stabilization investments from public sources, including the Building Division’s Stable Communities STL program (Executive Order #76). StabilizeSTL properties are stabilized before arriving in LRA’s inventory, generally receiving more extensive stabilization investment than is currently permitted under the Prop NS program.
Green City Coalition
Green City Coalition (GCC) is a formal partnership between the City of St. Louis, St. Louis Development Corporation, Missouri Department of Conservation, and Metropolitan St. Louis Sewer District working collaboratively with member organizations and neighbors to convert vacant and abandoned properties to new community-owned green spaces that promote healthy, biodiverse, and resilient neighborhoods.
FY24 Green City Coalition Highlights
• $476,000 deployed to complete Phase I of Peace Park, a conversion of vacant lots into a community park
• 175+ volunteers engaged
• 650+ trees planted
• 21% increase in annual financial contribution from coalition partners
• 2 large scale Green Stormwater Infrastructure Projects approved to be constructed in 2025 ($900,000 investment)
• 650th vacant building sustainably demolished as part of Urban Greening Program
• $100,000 in grant funds secured to support Resident Green Stewards and GCC site enhancements
GREEN CITY COALITION CELEBRATES PEACE PARK GROUNDBREAKING
In July 2023, College Hill neighbors and friends joined GCC and other community leaders to celebrate the kick-off of the first phase of construction — nearly six years after residents launched their plan to revitalize Peace Park. A year later, the community again came together for Clean Up Build Up at Peace Park. The community event focused on installing equipment and planting at the park and other clearing, mowing and clean up activities. Several St. Louis area contractors and organizations gave back by providing volunteers, equipment and expertise to develop Peace Park, a collaborative effort to transform a block of vacant lots into a vibrant community gathering space for the College Hill neighborhood.
Click to Watch the Video
Clean Energy Development Board
Finances residential and commercial energy efficient/renewable energy projects through Property Assessed Clean Energy (PACE) programs.
FY24 Brownfield Assessments
25 Parcels Assessed Through EPA Gant Funds
$2.5M Awarded by EPA for Revolving Loan Fund
PACE 2024 Summary – Commercial
One project totaling over $7.3 million in PACE funding and total project construction costs of over $64 million, creating over 176 jobs (estimate) and over 17,534,220 kwh’s in energy savings over the life of the equipment.
EPA ANNOUNCES $500,000 ASSESSMENT GRANT FOR ST. LOUIS BROWNFIELD SITES
In May 2023, SLDC and partner agency, Community Development Administration (CDA), announced that the U.S. Environmental Protection Agency has selected the City of St. Louis for a Brownfields Assessment Grant. Grant funds will be used to develop seven cleanup plans and support training activities. The target area for this grant is the City of St. Louis with a focus on Chouteau’s Landing and many neighborhoods in the northern part of the City. Priority sites include a vacant 2-story residential building built in 1914 that has been condemned for structural issues and is surrounded by vacant lots.
This assessment grant is part of the $315 Million Through Investing in America Agenda for Cleanup and Technical Assistance at Polluted Brownfield Sites, the EPA’s largest investment ever in brownfields communities made by President Biden’s Investing in America Agenda.
U.S. ENVIRONMENTAL PROTECTION AGENCY AWARDS $2.5 MILLION BROWNFIELDS GRANT TO SLDC FOR COMMUNITY REHABILITATION AND REVITALIZATION
In May, the U.S. Environmental Protection Agency (EPA) announced over $300 million in grant awards from President Biden’s Investing in America agenda to help States, Tribal Nations, local governments and non-profit organizations assess and clean up polluted brownfield sites across the country. These investments through EPA’s Brownfields Multipurpose, Assessment and Cleanup (MAC) Grant Programs and Revolving Loan Fund (RLF) Grant Programs will help transform once-polluted, vacant and abandoned properties into community assets, while helping to create good jobs and spur economic revitalization in overburdened communities.
As an existing Revolving Loan Fund (RLF) Grant recipient who has demonstrated success in its work to clean up and redevelop brownfield sites, St. Louis Development Corporation (SLDC) was selected to receive $2.5 million in supplemental funding. Supplemental funding for RLF Grants is available to recipients that have depleted their funds and have viable cleanup projects ready for work. RLF supplemental funding will help sustain and increase the great progress SLDC has made in cleaning up brownfield sites, while also helping St. Louis to become stronger, healthier and more economically competitive.
“St. Louis Development Corporation is thrilled to accept this $2.5 million award from our long-standing partners at the U.S. EPA,” said SLDC’s President and CEO, Neal Richardson. “St. Louis has a number of sites where redevelopment is hindered by environmental concerns. These funds will be the catalyst for these long vacant sites to see new life and revitalize the surrounding areas.”
Enhanced Enterprise Zone
The Enhanced Enterprise Zone Board (EEZB) recommends tax abatement for businesses in the Enhanced Enterprise Zone to the St. Louis Board of Aldermen.
Approved Redevelopment Plans: FY24
$549,000 In estimated construction value
8 Jobs retained 2 Jobs Created
Planned Industrial Expansion Authority
The Planned Industrial Expansion Authority (PIEA) recommends incentives including real estate tax abatement and property acquisition, relocation, and planning assistance for development in areas designated under Chapter 100 by the Board of Aldermen. PIEA can also issue revenue bonds to assist in the financing of larger projects.
In FY24, PIEA approved one project for tax abatement:
Approved Redevelopment Project: FY 2024
$27.6 Million In estimated construction value
119 Proposed
jobs
220,000 Manufacturing square feet
GLOBAL COMPANY ADDS TO NORTH ST. LOUIS ADVANCED MANUFACTURING FOOTPRINT
ICL Group LTD (ICL), an international company specializing in sustainable agriculture and industrial production, is expanding to North St. Louis.
ICL, which already has multiple sites in the St. Louis area, is utilizing incentives offered by the St. Louis Development Corporation (SLDC) and the City of St. Louis to build a projected $547 million electric vehicle battery plant at 460 East Carrie Avenue along North Riverfront in St. Louis.
In November 2024, SLDC’s Planned Industrial Expansion Authority (PIEA) approved tax abatement for ICL. This incentive package was key to keeping and attracting jobs in the City of St. Louis, as competitive offers were received across the country.
“We commend ICL on its commitment to expanding in the City of St. Louis,” said Neal Richardson, President and CEO of St. Louis Development Corporation (SLDC). “In addition to the 150 new full-time, well-paying manufacturing, maintenance and support jobs that will be created by ICL’s half-billion dollar investment in North City, construction of the new facility will bring more than 1,000 construction jobs over a two-year period, having a positive impact on St. Louis area contractors, diverse/minority suppliers and the entire region.”
This project is part of the city’s Economic Justice Action Plan to invest in marginalized areas in St. Louis. ICL’s new site will be close to Procter and Gamble’s expansion site in North City. In September, city leaders celebrated P&G’s $180 million expansion in North City, after the state and local entities, including SLDC’s Port Authority, supported economic incentives to add 100 new P&G jobs and retain 530 existing jobs.
SLDC is slated to open The Monarch on MLK in 2025. The Monarch is a workforce and training campus for advanced manufacturing and other high-paying, in-demand careers. Its location to manufacturing plants in North City will provide residents with the opportunity to learn and work in their community.
The Advanced Manufacturing Innovation Center St. Louis (AMICSTL) is already operating in North City and building its new facility in the nearby Vandeventer neighborhood.
“We are excited to witness the growth of manufacturing in our region, particularly in North City,” said Tracy Henke, AMICSTL Deputy Executive Director and COO. “AMICSTL looks forward to collaborating with ICL and other leaders in advanced manufacturing to drive innovation, expand opportunities, and strengthen the future for individuals, families, and communities across our region.”
“This next phase of ICL’s expansion in St. Louis adds to its already robust presence in the metro,” said Maggie Kost, Chief Business Attraction Officer for Greater St. Louis, Inc. “Its commitment of more than half a billion dollars here, home to its North American headquarters, will not just grow high-quality jobs but expand the depth and breadth of our manufacturing capacities–and grow key industry sectors in the process.”
Port Authority
The Port Authority manages about 45 leases along the city’s 19-mile riverfront. Since 1999, all of them have been renegotiated up to market rate while new leaseholds have been developed. Revenue has increased from around $1M to almost $3M.
The Authority is creating new leasehold income by:
• Partnering with the Streets Department to redevelop a south riverfront parcel currently occupied by the South Refuse facility for maritime commerce
• Funding comes from a $5.76M ARPA grant and $4M in state grants
• Talking to railroads about potential uses of the current NGA site on Arsenal, to be vacated by 2026
The Authority also leases out operations at the city-owned Municipal River Terminal (MRT), a multipurpose public dock, the adjacent Tyler Street dock and on the dry side of the flood wall, a large warehouse at #5 Clinton. The current operator, Ingram Barge, is expanding rail access there by:
• Executing a $9M grain transloading operation at Tyler Street using federal BUILD funds and Ingram’s match
• Extending existing rail access north of the MRT and south if Tyler Street using its own funds.
• Upgrading MRT conveyor systems at Ingram’s expense to transload more goods between rail and river
• All told about $30 million will be invested in the MRT and its environs such that two unit trains can be handled there
In concert with other stakeholders, the Port Authority promotes riverfront tourism. It leases Arch mooring to local river cruiseboats and coordinates one- and two-day stops at the levee in front of the Arch by visiting cruiselines. 14 such dockings are planned for 2025. The Authority is also working with Gateway Arch Riverboat Cruises to upgrade its docking facility and to add berths for visiting cruiseboats.
To promote greater Arch levee security:
• Great Rivers Greenway is finishing a gates and bollards project to better control vehicular access
• The Authority deploys Special Services, Inc., for patrols by off-duty police officers during overnight cruiseboat stays
The Port Authority’s federal and state lobbying firms continue to provide significant support for governmental relations and grant applications. The Authority worked with our federal lobbyist and the US Coast Guard to bring Coast Guard recruitment and training offices to Laclede’s Landing. We also participate in numerous industry events put on by Inland Rivers Ports & Terminals, Missouri Port Authorities Association, Mississippi River Cities & Towns Initiative and the St. Louis Regional Freightway.
ST.
LOUIS LEADERS CELEBRATE
PROCTER AND GAMBLE’S $180 MILLION EXPANSION IN NORTH CITY
In 2022, St. Louis won a competitive search to retain and expand Procter and Gamble’s existing home products facility at 169 E. Grand Ave. In September 2024, representatives from St. Louis Development Corporation (SLDC) and the St. Louis Economic Development Partnership (STL Partnership) joined Mayor Tishaura O. Jones and P&G’s leadership to celebrate the company’s $180 million expansion, which will result in the creation of new jobs at the 17-acre North St. Louis campus where the company produces Cascade, Mr. Clean, Swiffer and Febreze products.
In collaboration with Missouri Department of Economic Development and STL Partnership, through the Port Authority, SLDC supported P&G with access to economic development incentives. The Port Authority issued $180 million in industrial revenue bonds to help fund the expansion as part of an incentive package that provides a sales tax exemption for construction materials and a personal property tax abatement for purchasing new equipment. P&G’s investment in St. Louis is expected to create approximately 100 additional jobs at an average annual wage of $65,000 and retain 530 existing jobs.
Industrial Development Authority
The Industrial Development Authority of the City of St. Louis (IDA) issues tax-exempt revenue bonds to finance large-scale industrial, multi-family residential, nonprofit development projects. Bonds for the following projects closed in FY24. More were induced and approved, which will be reflected in the next FY metrics.
Aboussie Pavilion Apartments: IDA issued $42,000,000 in bonds to assist with the acquisition and rehabilitation of two commercial residential buildings located at Aboussie Pavilion, which will offer 270 senior, affordable, and market rate units with a total estimated project cost of just under $77,800,000.
Crossroads Senior Living at Bevo Mill: IDA issued $11,000,000 in bonds to help finance construction of a new senior living facility in the Bevo Mill area, which will offer 64 units of housing to seniors age 62 and older with a total estimated project cost of $21,700,000.
Union Station: IDA issued just over $37,000,000 in bonds to reimburse and monetize income streams from special taxing districts and the City, to reimburse the Union Station redeveloper and allow access to additional upfront capital to facilitate Union Station’s redevelopment.
Local Development Company
The St. Louis Local Development Company (LDC) is a not-for-profit corporation that provides low interest loans to businesses located in the City of St. Louis to help small businesses grow and create jobs. The loans are funded with federal, state, and private funds and may be used by the borrower for the purchase of real estate, furniture and fixtures, equipment, and inventory or for working capital needs. The LDC also serves as a Certified Development Company (CDC) for the U.S. Small Business Administration, helping to facilitate SBA 504 loans for the purchase of real estate and fixed assets.
Tax Increment Financing Commission
Oversees the establishment of TIF districts and makes recommendations to the St. Louis Board of Aldermen on projects seeking TIF. In the 2024 calendar year, the TIF Commission approved 1 project: Cortex RPA 4.
Cortex RPA 4
Location
Report 04
How SLDC Receives & Expends Funds
Although St. Louis Development Corporation (SLDC) is the economic development agency that serves the City of St. Louis, SLDC is not a City department. It operates independently from the City of St. Louis as a 501(c)(4) non-profit corporation and legally separate corporate entity. SLDC is not affiliated with a political party and is considered a quasi-governmental organization.
SLDC establishes its own operating budget, which is approved by a volunteer Board of Directors that governs the organization. SLDC also manages grant and other dollars on behalf of the City of St. Louis subject to contractual agreements with CDA. SLDC’s operations are funded from economic development sales tax revenue, federal grant revenue, federal grant administration fees, fees charged on tax credits, and contributions derived from leases, parking, bond issuances, land sales, tax abatements, TIF financing, loans, and other income sources.
SLDC generates operating revenue from a number of sources, including:
• CDBG revenues, ARPA administrative fees, and Economic Development Sales Tax revenue
• Fee income generated by bonds issued by LCRA, the Port Authority, PIEA, and IDA
• Community Development Entity (CDE) fee income generated by SLDC as an allocatee under the federal New Markets Tax Credit program
• Other income sources
SLDC spends that revenue to cover three general expense categories:
• Personnel
• Consulting Fees
• General Office Expenses
Revenues not used to cover expenses are reinvested in the business operations for the following fiscal year.
SLDC’s fiscal year operating budget is reviewed and approved by the SLDC Board of Directors every summer.
FLOW OF FEDERAL GRANT FUNDING
On behalf of the City of St. Louis, SLDC administers grant programs related to economic development:
The U.S. Treasury Department approves federal grant programs and distributes them to states and cities across the country
The City of St. Louis receives grant funding for ARPA programs from U.S. Treasury and CDBG funds from HUD
Additionally, SLDC and its entities manage other federal funds outside of CDA including EPA loans and Port grants
The Board of Aldermen, with approval from the Board of Estimate and Apportionment, approves how the grant funds are to be used, and allocates those funds to the Community Development Administration (CDA) for further distribution
Grant dollars approved for administration flow back to SLDC to cover expenses
SLDC and CDA enter into subrecipient agreements that govern how the grant funds are to be spent
The majority of the allocated grant funds are distributed into the community to advance economic development
OTHER SPECIAL DISTRIBUTIONS FROM THE CITY
From time to time, the City of St. Louis will ask SLDC to administer specially designated funds and programs related to economic development:
The City of St. Louis receives special purpose funds from external sources
The Board of Aldermen, with approval from the Board of Estimate and Apportionment, approves how those dollars are to be used, and allocates those funds to the Community Development Administration (CDA) for further distribution
SLDC and CDA enter into subrecipient agreements that govern how the special purpose funds are to be spent
Any special funds not available to SLDC to fund administrative expenses go into the community as directed by the Board of Aldermen and CDA.
St. Louis Development Corporation BALANCE SHEET – GOVERNMENTAL FUNDS
June 30, 2024
ASSETS
LIABILITIES AND FUND BALANCES
*Of SLDC’s “cash, cash equivalents, and investments” at the end of the 2024 fiscal year, approximately $1.5 million is related to the Port Authority and LRA, and is therefore classified as “held in escrow by the City of St. Louis”. SLDC’s policy is to use these restricted funds before it uses any unrestricted funds. The remaining unrestricted assets include federal grant funds that SLDC has received and is under contractual obligation to spend and administer.
A Look Ahead 05
A Look Ahead from Neal Richardson, President and CEO
Empower. Develop. Transform. These three words define the essence of the St. Louis Development Corporation (SLDC). Since its inception in the 1970s, SLDC has been a driving force for economic growth and community development. As someone who grew up in the Lewis Place neighborhood and worshiped at Antioch Baptist Church in the Ville neighborhood of North St. Louis, I intimately understand the significance of organizations like SLDC in fostering meaningful change. Under my leadership, SLDC is doubling down on its mission to bridge the socioeconomic gaps that have held St. Louis back for too long. Together with our partners, we are turning vision into action daily through the Economic Justice Action Plan.
Today, I am inspired by the transformative power of collaboration. St. Louis is at a crossroads. Decades of disinvestment and inequities have left scars on our communities, with cycles of poverty and exclusion impacting countless lives. But we stand on the brink of change. At SLDC, we see opportunities where others see challenges. We see the chance to rewrite St. Louis’ story and pave the way for a more inclusive and prosperous future.
Our HomeSTL Homebuyer Assistance Program is just one example of an innovative initiative that helps build wealth and stability for families. By providing financial assistance to firsttime homebuyers, particularly in historically underserved areas, this program has already empowered 35 families with nearly $1.6 million in support, generating $6.1 million in mortgages. These new homeowners aren’t just purchasing properties; they are building legacies and planting roots that will strengthen our city for generations to come.
Economic empowerment also means creating opportunities for small businesses and contractors, the backbone of our local economy. Through MobilizeSTL, we’ve committed $1.4 million and aim to raise $3.6 million more to provide bridge loans for minority- and womenowned contractors. These funds are essential for navigating funding delays in large-scale projects, ensuring that small businesses thrive while contributing to the growth of our city.
In addition, our ScaleUpSTL loan program is a beacon of hope for entrepreneurs and nonprofits. Backed by seed funding from the James S. McDonnell Foundation and BJC HealthCare, this program is designed to provide $25 million to over 50 small businesses by 2026. With partnerships like these, we’re proving that when public, private, and philanthropic entities unite, the results can be transformative.
Philanthropic leaders, such as the St. Louis Community Foundation, other local foundations, anchor institutions, and national funders, are playing an important role in this effort. Together we’re building a multi-faceted initiative to revitalize neighborhoods, increase access to quality jobs, and expand economic opportunity. This collaborative spirit is the heartbeat of our shared vision for a stronger, more equitable St. Louis.
We know that the challenges facing our city are deeply rooted in history. Generations of systemic injustice have left an undeniable mark. But as Sam Cooke once sang, “A Change is Gonna Come.” That change is already underway. It’s in the determination of new homeowners finding security for their families. It’s in the resilience of small business owners creating jobs in their neighborhoods. And it’s in the partnerships we’ve forged to ensure every resident, regardless of their zip code, has a fair shot at success.
At SLDC, we’re not just planning for the future— we’re building it. Together, we will empower, develop, and transform St. Louis into a place where everyone can thrive. Let this be our call to action: to lead with courage, to invest with purpose, and to dream boldly. The best days for St. Louis are ahead, and we are ready to build.
The Northside Economic Empowerment Center, Monarch on MLK, ScaleUpSTL, MobilizeSTL, ConnectSTL and HomeSTL programs are funded wholly or in part with Coronavirus State and Local Fiscal Recovery Funds (SLFRF) passed through the City of St. Louis Community Development Administration (CDA).