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St. Louis awards $5 million in federal tax credits to Deaconess Foundation

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The St. Louis Development Corp., the city’s economic development arm, has awarded $5 million in New Markets Tax Credits to help finance the Deaconess Foundation’s new headquarters near Grand Center.

The SLDC board of directors voted Thursday to approve the assistance. It comes out of a $75 million allocation the federal government awarded to St. Louis in November.

The Deaconess Foundation hopes to use the credits to obtain funding through the United Church of Christ Church Building & Loan Fund or the UCC’s Cornerstone Fund, according to an SLDC report on the project.

The new $8.5 million, 20,000-square-foot building is planned for 1000 North Vandeventer Avenue.

It will house space for programming near Deaconess community partners and serve as the nonprofit’s head office, which is currently downtown. Two other nonprofits, Vision for Children at Risk and Neighborhood Houses, will also be located in the building.

Some preliminary site work has been performed, according to SLDC. Deaconess hopes to be in the new facility by October.

Also Thursday, the SLDC voted to use $13 million in its New Markets Tax Credits to establish a revolving loan fund for business finance with Enterprise Bank & Trust and Advantage Capital Partners.


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