Missouri approves brownfield tax credits to redevelop commercial building
Spacegrove LLC has been awarded approval of $124,595 in brownfield tax credits to renovate an 84-year-old, 7,500-square-foot building in St. Louis, Missouri. The building was last occupied by WRM Tape and Label Manufacturing, which closed 10 years ago, and was also used by a roofing and siding business as well as an appliance service center.
The tax credits approved by the state will help Spacegrove perform the necessary asbestos abatement and lead-based paint remediation on the building so that it can be turned into office space. The Brownfield Redevelopment Program is in place to provide financial incentives for companies to redevelop industrial and commercial sites that have been abandoned or underused for a minimum of three years and are contaminated with hazardous substances like asbestos. Asbestos was used in many older buildings as insulation and fireproofing material, but inhaling its fibers can cause serious illnesses like lung cancer and mesothelioma, a rare form of cancer that attacks the lining of the chest and abdomen.
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