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Parson announces incentives plan to lure GM

(Missourinet) Governor Mike Parson, a Republican, has announced a proposed incentives package aimed at growing Missouri’s automotive industry, including a potential $1 billion expansion at GM’s plant in Wentzville. Elected officials have been working for the past few days on putting together the plan that includes:

• Missouri Works – Deal Closing Fund: Gives Missouri a negotiating tool to close deals with companies by granting tax credits earlier in a business expansion, and includes a clause requiring credits to be repaid if certain conditions are not met
• Automotive Economic Development Tools: Helps retain automotive jobs by granting $5 million in tax credits annually to automotive manufacturers that invest $500 million or more in plant upgrades and agree to retain current workers
• Missouri Fast Track: Fills workforce gaps through financial aid for adult learners pursuing education and training in high demand industries
• Missouri One Start: Improves Missouri’s workforce programs that help businesses recruit, onboard, and train large numbers of job applicants during major expansions

Last week, Senate President Dave Schatz, R-Sullivan, said additional road improvements in the Wentzville region are expected to be a part of the plan.

“Specifically, to traffic issues that revolve around Wentzville. So, there will be some of the cost share funds that are in the current budget right now that could be utilized to address some of those issues,” says Schatz.

The press release from the governor’s office did not mention the infrastructure improvements.

According to GM’s website, the General Motors plant in Wentzville has about 4,600 workers.

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