YOUR BUSINESS AUTHORITY
Springfield, MO
YOUR BUSINESS AUTHORITY
Springfield, MO
The Missouri Department of Economic Development announced June 2 that it approved enhanced enterprise zone status for Loren Cook Co., allowing the industrial and commercial fan and blower manufacturer to receive tax credits for the $10.6 million expansion of its 2707 N. Barnes plant. The company expects to create 74 jobs with average salaries of $30,160 as a result of the expansion.
Loren Cook Co. Executive Vice President Steve Burney said the expansion project, which began in March 2005, is nearing completion, and workers have begun moving into the new 170,000-square-foot space. The tax credits will be used to make finishing touches.
“The building itself is done, but there will continue to be other pieces of equipment and other capital investments that we’re going to make,” he said.
The enterprise zone’s boundaries include the company’s North Barnes plant and its 2015 E. Dale location. The zone has an eight-year lifespan.
“The enhanced enterprise zone program will help further support this southwest Missouri community’s economic development efforts and give them a competitive edge in attracting new business opportunities,” Gov. Matt Blunt said in a DED news release.
The state’s enhanced enterprise zone program began in 2004. Zones are specified areas based on certain demographics and their potential to create jobs and spur development.
This story originally appeared in SBJ’s June 7 free e-news Daily Update. Click here to register.[[In-content Ad]]
April 7 was the official opening day for Mexican-Italian fusion restaurant Show Me Chuy after a soft launch that started March 31; marketing agency AdZen debuted; and the Almighty Sando Shop opened a brick-and-mortar space.