A new state law could give the St. Louis Port Authority access to a new revenue stream for redevelopment and infrastructure along the Mississippi River.
The city’s Port Authority Board passed a resolution Tuesday authorizing the creation of an Advanced Industrial Manufacturing Zone, a designation recently established by Missouri lawmakers.
The new law, first passed in 2016 and amended during this year’s legislative session, lets Missouri’s port authorities capture half of the state withholding taxes paid from new jobs added within the port district, provided those workers make at least the state’s average wage.
State taxes captured from new employees could be used for nearly any activity within the Port Authority’s boundaries, including redevelopment costs, bond payments and professional services.
The taxes would be put into a special fund administered by the state, and local port authorities would have to submit annual budgets to the state detailing how the funds will be spent.
The law still must be signed by Gov. Eric Greitens. If it is, the law takes effect Aug. 28.
Read more: St. Louis Post-Dispatch