2002 Section 108 Project Summary - Missouri

Economic Development

VACANT PLANT TO BE DEVELOPED FOR RE-USE, CREATING 100 NEW JOBS
Kansas City MO Weld Wheel Project $2,500,000

The City of Kansas City will redevelop a vacant industrial plant by utilizing $2,500,000 in Section 108 loan guarantee assistance for the purchase of the former Rival Plant, which be leased to Weld Wheel Industries, Inc. The City's Department of Housing and Community Development will direct the funds to the Land Clearance for Redevelopment Authority (LCRA), which will purchase the 260,000 sq. ft. facility. This intra-city relocation will allow for the creation of up to 100 new jobs within the first three years, according to Weld. Total project costs are estimated at approximately $15,000,000, which includes the property acquisition costs.

RIVERFRONT INDUSTRIAL PROJECT TO RECLAIM 244 ACRES OF BROWNFIELD, CREATE UP TO 1000 JOBS
St. Joseph MO Riverfront Industrial Project $10,500,000

The City of St. Joseph will utilize $10,500,000 in Section 108 loan guarantee assistance to finance the development of a 54-acre business park, which will contain approximately 948,000 square-feet of light manufacturing and distribution space. Section 108 funds will be used for acquisition, site preparation, and construction of a new 6th Street interchange, which will provide enhanced accessibility to the business park. Section 108 has been made in conjunction with a $1,200,000 HUD Brownfields Economic Development Initiative (BEDI) grant. The BEDI funds will be used toward interest payments on the Section 108 loan. The business park is part of a broader redevelopment of the City's Riverfront Industrial Area that will ultimately reclaim 244 acres of contaminated land. The business park project is estimated to cost $26,800,000 and is expected to create 930 full-time jobs, principally for low- and moderate-income persons.