ST. LOUIS-The city has recommended $65 million in New Markets Tax Credits be given to 10 local projects. According to the St. Louis Business Journal, the developers have 90 days to move toward securing financing otherwise other projects that applied for the tax credits will receive the funding.

The largest sum, $10 million, has been given to Triple Net Properties, owner of 701 Market St., however the deal hinges on Peabody Energy Corp. renewing its lease within the facility. A portion of the money, roughly $2 million, will go toward improving and expanding the coal company’s headquarters facility.

The company, whose lease expires at the end of 2011 has been actively seeking a new location and is said to be looking for 200,000 square feet. The company has been looking at suburban locations or considering a new proposed office tower by Koman Properties.

Other projects that received tax credits include:

The Lawrence Group received a $9 million allocation for its $100 million Park Pacific. The project, which has been on hold for a number of years, is renovating the vacant 450,000-square-foot building at 210 N. 13th St.

The city allocated $8 million to Green Street Properties for two of its projects; an industrial project at Carrie Avenue and Third Street and a redevelopment of the former Carondelet Coke facility.

Goodco received $7 million to renovate six buildings it owns in Lafayette Square.

The Regional Housing and Community Development Alliance has also received $7 million for the $24 million renovation of 3550-58 Gravois, turning it into apartments and retail space.

To read more from the St. Louis Business Journal click here.

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