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City Allocates $65M in Tax Credits

ST. LOUIS-Triple Net Properties received $10 million, however the deal hinges on Peabody Energy Corp. renewing its lease within the facility.

By Katie Hinderer | Updated on January 25, 2010

ST. LOUIS-The city has recommended $65 million in New Markets Tax Credits be given to 10 local projects. According to the St. Louis Business Journal , the developers have 90 days to move toward securing financing otherwise other projects that applied for the tax credits will receive the funding.

The largest sum, $10 million, has been given to Triple Net Properties, owner of 701 Market St., however the deal hinges on Peabody Energy Corp. renewing its lease within the facility. A portion of the money, roughly $2 million, will go toward improving and expanding the coal company’s headquarters facility.

The company, whose lease expires at the end of 2011 has been actively seeking a new location and is said to be looking for 200,000 square feet. The company has been looking at suburban locations or considering a new proposed office tower by Koman Properties.

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