Seymour launches enterprise zone

Missouri’s Department of Economic Development Aug. 26 approved Seymour’s application for the zone, which makes available state tax credits and local tax abatements to eligible businesses within the zone – in Seymour’s case, a 100-square-mile area. Eligibility is based on employment and wage levels.

This is a first for Seymour, located 30 minutes east of Springfield on U.S. Highway 60 with a population of about 1,800.

"I applaud the city of Seymour for taking a proactive approach to improve local economic development efforts," Missouri Gov. Matt Blunt said in a news release. "We look forward to working with city officials as they use this new incentive tool to support existing business partners, attract new industries and create new jobs locally."

Seymour is still trying to overcome significant job losses from the 300-employee Lee Jeans plant closure in 1998 and the 100-employee Executive Coach Builders plant relocation in 2004.

“Seymour has needed a tool to work with for economic development,” said Skye Johns, a city administration employee. “This is an excellent tool.”

Seymour’s enhanced enterprise zone has a 25-year lifespan. Businesses are required to invest $100,000 and create at least two jobs.

The state tax credits – available to companies that pay higher than the county average wage – $11.64 hourly and $24,202 annually – must be used for the tax year issued. They also could be sold or refunded.

For more information about Seymour’s enhanced enterprise zone, see the Sept. 5 issue of SBJ.