Wed March 2, 2011
Peabody Energy to stay downtown, expand
St. Louis-based Peabody Energy announced today that it will keep its headquarters in downtown St. Louis for at least another 15 years.
Peabody is a Fortune 500 company employing more than 600 people in St. Louis.
The company had been offered a package of $10 million in Federal New Market tax credits to fund upgrades to their downtown high-rise.
However, Peabody CEO Gregory Boyce said the company has decided to return those credits the city for use on other projects.
"At the end of the day, it's our firm commitment that a vital downtown is critical to regional health," Boyce said. "And as we recruit around the globe for talent, we need to have a vital, vibrant community and a vibrant downtown area."
The gesture to return the credits, Missouri Governor Jay Nixon said, is all too rare in the corporate world.
“To have an organization of this magnitude give back those New Market credits to be used for others, that is an incredible bit of economic development generosity,” Nixon said.
Additionally, Peabody says it has plans to expand to another 3 floors and will commit $25 million of its own money for building upgrades.