Show-Me State Times

The Missouri Chamber of Commerce and Industry is backing legislation aimed at repurposing vacant office buildings in downtown areas. The House Economic Development Committee recently reviewed SB 35, introduced by Sen. Steven Roberts (D-St. Louis). The bill, referred to as the Revitalizing Missouri Downtowns and Main Streets Act, has already passed the Senate.

The proposed legislation intends to provide developers tax credits for transforming office spaces into residential, retail, or commercial premises. The credits are capped at $50 million annually, with an additional $50 million for projects exceeding 750,000 square feet. Furthermore, 25 percent of the funds are allocated to projects within qualified Main Street districts.

“Missouri can be a national leader in assisting both urban and rural communities with this legislation,” Roberts stated. “Many of our state’s historic main streets and small downtowns have been hollowed out by decades of disinvestment and a lack of access to capital. With SB 35, we hope to breathe life back into the downtowns of Missouri’s biggest cities, as well as its smallest towns.”

Cade Tremain, the Missouri Chamber's manager of governmental affairs, remarked, “We believe this bill allows communities to breathe new opportunities into historical areas. It would positively impact economic development efforts and expand access to residential and retail space.”

Additionally, companion bills HB 610 and HB 900, proposed by Rep. Travis Wilson (R-St. Charles) and Rep. Marty Joe Murray (D-St. Louis), respectively, have been approved by the committee and are pending further deliberation in the House.

For further details, Tremain can be reached at ctremain@mochamber.com or 573-634-3511.