Governor Mike Parson, a Republican, has announced a proposed incentives package aimed at growing Missouri’s automotive industry, including a potential $1 billion expansion at GM’s plant in Wentzville. Elected officials have been working for the past few days on putting together the plan that includes:
• Missouri Works – Deal Closing Fund: Gives Missouri a negotiating tool to close deals with companies by granting tax credits earlier in a business expansion, and includes a clause requiring credits to be repaid if certain conditions are not met
• Automotive Economic Development Tools: Helps retain automotive jobs by granting $5 million in tax credits annually to automotive manufacturers that invest $500 million or more in plant upgrades and agree to retain current workers
• Missouri Fast Track: Fills workforce gaps through financial aid for adult learners pursuing education and training in high demand industries
• Missouri One Start: Improves Missouri’s workforce programs that help businesses recruit, onboard, and train large numbers of job applicants during major expansions
Last week, Senate President Dave Schatz, R-Sullivan, said additional road improvements in the Wentzville region are expected to be a part of the plan.
“Specifically, to traffic issues that revolve around Wentzville. So, there will be some of the cost share funds that are in the current budget right now that could be utilized to address some of those issues,” says Schatz.
The press release from the governor’s office did not mention the infrastructure improvements.
Wentzville is one of Missouri’s fastest-growing cities. Its current population is about 40,000. The city’s website says the city’s population skyrocketed from 6,896 in 2000 to 29,070 in the 2010 census.
The GM plant, which opened in 1983, was outfitted so it can produce both vans and mid-size trucks on a single line. The union factory also has an on-site stamping facility that produces most of the parts used in production of the Chevy Express and GMC Savana vans. According to GM’s website, the General Motors plant in Wentzville has about 4,600 workers.
The Missouri Legislature will have to fast track the plan. The last day of the regular session is next Friday. Republican leadership in both chambers is confident the package will make it to the governor’s desk by the end of the session.
Copyright © 2019 · Missourinet