Missouri considers tax credits for Gateway Arch
June 17, 2014
(JEFFERSON CITY, Mo., AP) — Missouri officials are considering whether to grant up to $15 million of tax credits to help finance the redevelopment of the Gateway Arch in St. Louis.
The tax credits would be used to leverage private contributions for the renovation and expansion of a museum at the Arch.
The Missouri Development Finance Board is to consider the tax credits Tuesday.
The Gateway Arch was completed in 1965 and attracts about 2.5 million visitors annually. The National Park Service and St. Louis officials are hoping to complete a $380 million renovation of the Arch and its surrounding grounds.
The museum project would cost about $169 million. The tax credits would cover half of the value of private contributions, meaning $15 million of tax credits could leverage up to $30 million of donations.
The Missouri Development Finance Board is to consider the tax credits Tuesday.
The Gateway Arch was completed in 1965 and attracts about 2.5 million visitors annually. The National Park Service and St. Louis officials are hoping to complete a $380 million renovation of the Arch and its surrounding grounds.
The museum project would cost about $169 million. The tax credits would cover half of the value of private contributions, meaning $15 million of tax credits could leverage up to $30 million of donations.
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