MO: DED awards $81,991 in Enhanced Enterprise Zone Tax Credits to Chillicothe Business
28 Jun, 2010
The Missouri Department of Economic Development (DED) has announced approval of state tax credits for a Chillicothe business under the Enhanced Enterprise Zone (EEZ) program to assist in the creation of new jobs and investment.
Cloverleaf Cold Storage, Chillicothe, has been approved for $81,991 in EEZ tax credits over a five-year period for the creation of five new jobs and new investment of $2,760,000 for the expansion facility located at 500 Corporate Drive, Chillicothe. The business operation will be a warehouse facility.
“The Enhanced Enterprise Zone program has proven to be a vital economic development tool that continues to play a leading role in Missouri‘s ongoing economic rebound,” Missouri Department of Economic Development Director David Kerr said. “DED is pleased to utilize it to assist Chillicothe’s economic development efforts."
The Enhanced Enterprise Zone program was implemented in 2004. Enhanced enterprise zones are specified geographic areas designated by local governments and certified by the Department of Economic Development. Zone designation is based on certain demographic criteria, the potential to create sustainable jobs in a targeted industry and a demonstrated impact on local cluster development.