Applications are now open!
Economic Development Retail Sales Tax Fund Applications Now Available
(UNIVERSITY CITY, MO/ April 24, 2019) – The City of University City is pleased to announce that applications are now being accepted through May 31, 2019 to request funds to assist with economic development initiatives in the City.
In August 2006, the City of University City levied a one-quarter (1/4) percent sales tax on retail sales to be used for economic development purposes. This revenue is based on the amount of sales tax generated through point of sales within the City limits and fluctuates from year to year.
Through the Economic Development Retail Sales Tax (EDRST), funds are being invested in University City programs and projects that encourage the physical and economic redevelopment of major corridors, improve infrastructure, support existing successful business districts, and enhance efforts toward business retention, expansion and attraction. The use of revenues generated by the tax are generally for project administration, land acquisition, infrastructure, water and wastewater treatment capacity, matching state or federal grants related to long-term economic development projects, marketing, training, equipment and infrastructure and other specified uses.
A nine-member volunteer Economic Development Retail Sales Tax Board helps to oversee the use of the EDRST and serves in an advisory capacity to City Council. The evaluation criteria, subject to City Council approval, considers the following:
• Alignment of the project with the City’s Comprehensive Plan or other approved planning documents.
• Ability of the applicant to leverage additional financial resources.
• Ability to of the project to be long-lasting and value added.
• Ability of the project to redevelop vacant or underutilized commercial and industrial properties located in target redevelopment areas.
• Potential for the project to create permanent, full-time jobs and pay good wages.
• Potential for the project to address unmet needs.
• Appropriate alignment of business fit with the target area.
The application and complete guidelines can be found on the City’s web site at http://www.ucitymo.org/673/Economic-Development-Retail-Sales-Tax. For more information contact Libbey Tucker, Director of Economic Development at 314-505-8533 or [email protected]
Photo Courtesy: University City, Missouri
