The city of Warrenton could stand to gain from a new state initiative designed to promote economic development projects.
The time zone designation, as it is known, was presented at the April 4 …
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The city of Warrenton could stand to gain from a new state initiative designed to promote economic development projects.
The time zone designation, as it is known, was presented at the April 4 Warrenton Board of Aldermen meeting.
Steve Etcher, representing the Warren County Economic Development Council, said the state program was created last year and focuses on targeted industrial manufacturing tax credits. The designation allows for the creation of particular geographic areas -- such as for the communities along Interstate 70 in Warren County -- that retain 25 percent of the state payroll withholding tax to support economic development efforts.
Etcher told the board the Missouri Department of Revenue fashioned the initiative to benefit reinvestment in infrastructure.
“It has to be a multijurisdictional application” with a certain project selected, he said.
The designation is available on a first-come, first-served basis and contains a $5 million pot of funds statewide. The initiative can mean new jobs for the communities involved, Etcher said.
The designation would be configured to follow targeted communities along the I-70 corridor through Warren County, such as Warrenton and Truesdale. A seven-member board would provide the governance.
“We think that approach allows us to work collaboratively,” said Etcher.
The key issues for the corridor members would be directed toward roads, water, and wastewater systems. City governments such as Warrenton’s would have to hold a public hearing and draft a resolution to designate the request.
“That’s where our needs are,” Etcher said of the project list.
Hypothetically, based on the state’s information, the zone designations could last for 50 years and available funds could be increased.
“This one’s likely going to be popular,” Etcher told the board.
He plans to continue meeting with all potential Warren County communities about the idea. However, the participation of all the county’s I-70 cities is unneccessary in order to set up the designation.
After the presentation, there was no disagreement among board members for pursuing the next steps leading toward participation in the time zone proposal.
