A new development agreement would provide Centene Corp. $75.6 million in tax abatements for its planned $755 million expansion in downtown Clayton.
Abatements spread over 20 years are part of a public-private partnership Clayton aldermen are scheduled to consider at their meeting Nov. 15.
City Manager Craig Owens said Wednesday that the abatements — totaling $38.9 million in “net present value” — are less than the Clayton-based managed care company initially sought.
He said the St. Louis region will benefit from the new offices, residences and other Centene project elements, including a $103 million, 1,000-seat corporate-training auditorium that also would be available for public events.
According to the city’s analysis, the Centene project would generate $110 million in additional real and personal property tax revenue over 20 years, including $50 million for Clayton schools. The project would also create at least 1,000 new jobs in Missouri, according to the development agreement.