The City Council of the City of Arnold is the approving body for all projects that make use of economic development incentives. The City Council reserves its power to judiciously review the merits of all development projects on a case by case basis. Under no circumstances will incentives be approved without approval by the City Council. To discuss your specific development project, please contact Interim Community Development Director and Senior Planner, Sarah Turner.
Overview of Financial Tools and Incentives
Purpose
Economic development incentives are a means to reduce or redirect taxes for businesses in exchange for specific desirable actions or investments that might not otherwise be financially feasible. To qualify for incentives, a project must demonstrate an ability to meet the City’s targeted outcomes.
Special Taxing Districts
The City may establish or approve the establishment of special districts that can impose special assessments and/or taxes in order to pay for public improvements and/or to eliminate blight. These districts are typically geographic areas such as a neighborhood or corridor that are contiguously connected. The most common special taxing districts are Neighborhood Improvement Districts (NID), Community Improvement Districts (CID), and Transportation Development Districts (TDD).
Property Tax Abatement
Tax abatement is offered through a variety of programs geared to job creation, private investment, and redevelopment. Typically, property taxes continue to be paid on land and improvements based on their value prior to the new investment. All, or a portion, of the incremental increase in property taxes is abated for an established period of time. This incentive is sometimes referred to by the respective Missouri Statute as Chapter 99 (Land Clearance for Redevelopment Authority), Chapter 100 (Industrial Development Bonds), or Chapter 353 (Urban Redevelopment Corporation).
State Incentives & Assistance Programs
- Building Use Incentives for Large-Scale Development (BUILD)
To help companies embark on major investment and job creation expansions, this program provides funding to reduce necessary infrastructure and equipment expenses through the form of bonds. To view details on eligibility requirements and benefits provided by this program, please visit here.
- Missouri Works Program
As the state’s number one incentive tool for expansion and retention, this program helps businesses access capital through withholding’s or tax credits to embark on facility expansions and create jobs. This program can also help businesses purchase equipment to maintain its facility in Missouri. To view details on eligibility requirements and benefits provided by this program, please visit here.
- Business Facility Tax Credit Program
New or existing Missouri companies looking to embark on locating or expanding their headquarters in the state may be able to access incentives based on the number of news jobs and investment associated with the project. To view details on eligibility requirements and benefits provided by this program, please visit here.
- Work Opportunity Tax Credit
To encourage the hiring of Missourians with barriers to employment, such as unemployed Veterans or former felons, employers can access tax credits for wages paid to new employees. There is no limit on the number of hires through this program. To view details on eligibility requirements and benefits provided by this program, please visit here. https://jobs.mo.gov/employer/incentives/work-opportunity-tax-credit
For a full list of State-authorized development incentives, please visit the Missouri Department of Economic Development.