Shrewsbury is the latest city within Saint Louis County to consider Tax Increment Financing (known as TIFs) to subsidize a new Walmart. TIFs have been ravaging our region for twenty years, despite strong evidence they don’t help the economy. A study of TIF use in Chicago suburbs found that cities that did not use TIF grew faster than those that did, while a study of TIF in Iowa found no evidence of economy-wide benefits from its use.
The Tax Increment Financing Commission of a St. Louis County town is opposing $15 million in subsidies for a planned Walmart Super Center, but the project might still get the go-ahead.
The St. Louis Post-Dispatch reports the issue is generating strong feelings in Shrewsbury, where more than 200 people attended a commission meeting Wednesday night. Though the commission denied a recommendation for the subsidies, the Board of Aldermen will ultimately have final say, and many expect the board to override the commission.
Monsanto says its net income nearly tripled in the agricultural products company's first quarter as sales of its biotech corn seeds expanded in Latin American countries.
The company, which is based in St. Louis, is also raising its profit guidance for the year, and shares are up 4 percent in premarket trading. Monsanto said Tuesday that it earned $339 million, or 63 cents per share, in the three months ended November 30, from $126 million, or 23 cents per share, in last year's quarter.
Updated at 2:20 pm with comments from Gov. Jay Nixon.
Federal officials say they're confident that they'll be able to keep a crucial stretch of the drought-starved Mississippi River open to barge traffic and avoid a shipping shutdown that the industry fears is imminent.
Update 1:00 with comments from St. Louis Mayor Francis Slay.
A design, engineering, architecture and construction firm is moving its corporate headquarters from St. Louis to Chicago.
Chicago Mayor Rahm Emanuel's office says Clayco's decision to relocate its headquarters will create about 300 new jobs in Chicago in the next few years. Clayco already has 280 employees in the Chicago area. The company plans to keep its office in St. Louis and no layoffs are planned.
The barge industry again raised concerns Wednesday about the impact low water levels on the Mississippi River will have on shipping.
According to a new report from American Waterways Operators, low water could affect more than 8,000 jobs along the river. The group's spokeswoman, Ann McCulloch, says the situation isn't expected to improve any time soon.
"We're definitely worried about the immediate impact if commerce is severely impaired," said McCulloch. "We're at that stage already and at this point it can only get worse."