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Issue: 1125 Date: 3/15/2012
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Port Authority Awards $2.6M to Eight Community Groups
St. Louis County Port Authority Community Reinvestment Fund Supports Community Groups in Lemay
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St. Louis, March 5, 2012- In its largest grant awarding yet, Port Authority, an affiliate of St. Louis County Economic Council, has awarded the latest round of grants from its Community Reinvestment Fund.
The Community Reinvestment Fund was created with revenue generated by the lease of the former National Lead site to Pinnacle Entertainment for the operation of River City Casino. The Port Authority has pledged to reinvest 75 percent of lease payments received from River City Casino directly into the community of Lemay for the first five years of the casino's operation.
The Community Reinvestment Fund represents a commitment to the residents, not-for-profits and businesses in St. Louis County. The grants are awarded on the merits of the project and the anticipated economic benefit to the region.
Award Recipients
American Legion Post 162, $19,500, Capital improvements to facilities
Feed My People, $180,000, Construction of new building fa蓷de
Friends of Jefferson Barracks, $250,000, Restoration of north entry gate to Jefferson Barracks
Lemay Child and Family Center, $350,000, Procurement of new playground equipment and facility improvements
Lemay Development Corporation, $1,600,000, Pre-development costs and loan for property acquisition
The Lemay Development Corporation (LDC) serves as the local development entity for the Lemay community. With the completion of the 2011 Lemay Market Analysis and hiring of a full-time Economic Development Director, LDC is poised to increase its redevelopment efforts in Lemay. St. Louis County Port Authority has granted LDC $100,000 for pre-development costs and made available a $1,500,000 line of credit for property acquisition.
Non-Lemay Recipients
Information Technology Entrepreneur Network (ITEN), $150,000, Develop new funding streams for entrepreneurs, expand institutional collaboration, build investor relationships and expand staff
justine PETERSEN, $95,000, Establish a micro-lending program funded by the Small Business Administration and hire a small business counselor
Spanish Lake Community Association, $29,978, Interior improvements and renovations to the historic Twillman House
Grants are distributed semiannually by the St. Louis County Port Authority through the Community Reinvestment Fund. Applications for the next round of funding will be available April 1, 2012.
To learn more about this program and for a complete list of past grantees, visit www.LemayNow.com. |
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