Developer:  Communities need to be on their marks if Missouri Innovation Zones get the Governor's signature

SAINT LOUIS, MO (KMOX) - A newly approved measure is the next hope for urban renewal in the St. Louis region. KMOX has been following creation of Missouri Innovation Zones. One key feature is a tax incentive plan for converting offices to residential spaces. A veteran developer says cities need to get their ducks in a row now. "I think that there's a real advantage there for small towns that have a master plan," points out John Berglund, founder of River City Asset Advisors. He led the $75 million restoration of The Post Building. He's written a new blog post Missouri Innovation Zones: The Communities That Prepare Will Win. He joined Megan Lynch on Total Information AM and you can listen below

Berglund writes: "While final regulations are still being developed, there is already meaningful work that can be done. The Statute requires cites to create a masterplan which designates both the boundary as well as how the resources will be used. Further, the way the legislation is written, the process will run through the Mayor/City Manager’s office – but the City Council will certainly be integral to the outcome. All of this will take time."

He tells KMOX a streamlined process promised by the legislation will be welcomed by private investors. When it comes to preparing a proposal for incentives, he says it will be essential to get stakeholders to the table. "It's alignment of those political forces as well as the developers and getting everybody in a room."

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