FOR IMMEDIATE RELEASE
Thursday, September 8, 2005
Contact: Spence Jackson, 573-751-0290
Blunt Lauds Express Scripts for Choosing Missouri as Site for New Headquarters
ST. LOUIS—Gov. Matt Blunt today joined Express Scripts CEO George Paz to announce the company’s decision to locate its new headquarters on the campus of the University of Missouri-St. Louis where it will serve as a national model for job creation through an innovative public/private collaboration that is the first to utilize the Missouri Quality Jobs Act.
"This unique collaboration of private, government and university sectors is a significant first step in Missouri’s innovative approach to economic development that can both attract jobs to our state and keep them here as well," Blunt said. "I want to thank Express Scripts for sharing in our vision for creating high quality jobs and expanding economic opportunities for all Missourians."
The agreement between Express Scripts and the state maintains the current Missouri work force of more than 1,100 corporate headquarters workers and supports the creation of as many as 480 additional jobs at its new $34 million facility over the next five years. Express Scripts’ current headquarters is located in Maryland Heights.
Express Scripts will receive $1 million annually in tax credits for five years under retention provisions of the Missouri Quality Jobs Act first announced by Blunt in March and passed overwhelmingly by the Missouri Legislature. The company will also receive new jobs incentives estimated at $7.5 million for five years in a combination of retained state withholding taxes and tax credits. However, the actual amount of Quality Jobs Act incentives may vary depending upon the actual, net new jobs created by this project over the next five years.
"This is the first of what I believe will be a series of major economic development opportunities that will be created by the Missouri Quality Jobs Act," Blunt said. "Clearly, business decision makers are taking quick notice of our efforts to create jobs and improve Missouri’s business climate. Missouri is not only good for business but it means business."
The Quality Jobs Act, which went into effect Aug. 28, allows withholding tax incentives to be used to target three vital economic development areas important to Missouri’s future—small and expanding businesses, new technology companies, and high impact projects.
The new law also requires qualifying businesses to create a minimum number of jobs at competitive wage levels, offer health insurance to these new employees, and pay at least half their premiums.
The portion of the law utilized by Express Scripts provides retention incentives to companies that employ at least 1,000 people at competitive wages, provide health insurance and can demonstrate that the company is getting ready to leave Missouri.
Today’s announcement comes just three weeks after General Motors announced that it was investing $30 million to upgrade its Wentzville facility. Meanwhile, Missouri’s exports are $500 million ahead of last year’s record pace while 40,500 new jobs have been created in the state since January.
"While we are encouraged by these results, we will continue to work to build on this positive economic momentum, create jobs and enhance our ability to compete in the global economy," Blunt said.
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