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Feds Award Tax Credits to St. Louis Region

By Kevin Lavery, KWMU

St. Louis – St. Louis' regional economy is getting a shot in the arm. Tuesday, the U.S. Treasury awarded $52 million worth of tax credits to the St. Louis Development Corporation.

The credits will be used to lure economic development to distressed areas of the region.

SLDC executive director Rodney Crim says the program will create a climate for both startup and expanding businesses.

"Because now you have an incentive for more private dollars to come into the city," Crim said. "And with that, for the everyday person that means more jobs. All of that leads to a better quality of life."

Crim says the credits may go towards developing retail and office space and biotechnology initiatives.