Distribution Management, Inc. recently requested assistance in building a 375,200-square-foot warehouse and distribution facility in the Premiere 370 Business District. The city of St. Peters had agreed to the development, with repayment to be accomplished through payments in lieu of taxes under Missouri Chapter 100 rules. The facility has been built.
Distribution Management will lease the facility from Duke Realty Limited Partnership, which will lease the facility from the city of St. Peters for the duration of the bond repayment.
As part of the agreement, DMI agreed to provide a certain number of quality jobs during the 10-year tax abatement period. This includes 111 quality jobs by 2020, with an additional ten jobs ten jobs to be added each year leading up to a targeted 151 quality jobs by 2024-2029.
At their Nov. 12 meeting, the Board of Aldermen approved Bill No. 20-137 for the issuance of $17 million of taxable industrial revenue bonds to pay for the project. The vote was 5-0. Absent from the vote were Aldermen Patrick Barclay (Ward 4), Rocky Reitmeyer (Ward 1), and Melissa Reimer (Ward 3).