The city gives final approve to what could be a highly-lucrative data center project.
St. Louis Public Schools and city coffers are set to receive hundreds of millions of dollars from the Armory-area data center project.
The city's Land Clearance for Redevelopment Authority approved the community benefit plan for the 3-billion-dollar TerraWatt development on Market St in the old Famous-Barr warehouse, with offices in the Armory.
Project consultant Nick Hartzler told the board, "What this project produces and provides for the city is immense tax revenue resources. Within the first full year of operations this project would produce about 74 million dollars in tax revenue for the city and all other tax revenue jurisdictions."
Over ten years, total tax revenues are projected to hit 430 million dollars—with 226 million going to St. Louis Public Schools and 139 million to the city.
On top of standard real estate and utility taxes, TerraWatt will pay an extra 15.7 million dollars directly to city community funds.
The deal mandates 50 permanent jobs by year two, 100 jobs eventually, and 100 percent renewable energy by 2039.
Construction should start next August.
Construction should start next August.
