ST. LOUIS – St. Louis City Mayor Francis Slay issued Executive Order #46 Wednesday that’ll require workforce goals for companies that receive tax increment financing. The order extends the already existing goals on City public works projects, to all TIF projects $1 million or larger.
Some of the workforce goals include making 25% of labor hours performed by minorities, 5% of labor hours performed by women and 20% of labor performed by City residents (although those hours can also be counted towards the first two goals).
The first project will be the CORTEX project in the Central West End which is beginning a $186 million project that will bring 1,400 new jobs.
“This is something that is important to CORTEX and to the City of St. Louis,” Mayor Slay said. “But, it is also good for our region. We certainly hope that both the public and private sectors in the suburbs follow our lead.”
These goals will remain in place until the summer when a new study will reset the goals.