St. Louis County Port Authority
Community Reinvestment Fund
St. Louis County, MO
The City of Wellston was historically a major employment and retail center for the St. Louis Region. General Electric, Wagner Electric, Abex Foundry, ViJon Labs and other major employers provided a range of manufacturing jobs along a central corridor within the community. The closing of most of these companies left the city with an industrial corridor of vacant, deteriorated and environmentally contaminated properties.
Prior to the creation of the Fund, limited CDBG funds were available to organizations working in the area to support capacity building and redevelopment. The Fund was structured to mirror and operate like the CDBG program, which was familiar to many organizations.
$3M to support Biotech startups
$20M in Grants awarded in first 5 years
30 non profits received grants in first 5 years
During the first five years of the program, $20 Million in grants were provided to over 30 non-profit community based organizations providing them with resources to leverage and match other public/private funding secured for a broad range of projects. The funds were used to support projects ranging from the acquisition and demolition of vacant residential structures to facilitate the construction of 67 new homes, acquisition and renovation of a community center for senior citizens, renovation of five buildings to create museums focused on military history at Jefferson Barracks, a community education program at the High School, the assemblage of derelict commercial properties for redevelopment and renovation of a community food bank.
To facilitate and encourage the development and expansion of early stage bio-science and technology companies a $3 Million equity investment fund was created and managed by the CED-Solution principals.