FROM THE OFFICE OF PUBLIC AFFAIRS

May 11, 2004
JS-1537

Remarks Of Treasury Deputy Assistant Secretary Dan Iannicola Jr., To Award A $52 Million New Market Tax Credit Award In St. Louis, Missouri

It is great to be here with all of you

Today is a great day for St. Louis. It is a great day for me, too. Because as a native St. Louisan I am just as happy to present these tax credits to Mayor Slay as he is to receive them.

Having been here for most of the last 30 plus years I've had a chance, like you, to see the past efforts to redevelop the area. We've seen the struggles and the triumphs, experienced hopes and the disappointment.

But lately it seems that more projects than usual are coming together and that the redevelopment efforts are really paying off.

And I believe a big part of this new trend is that is that the entire region has reached the conclusion that when it comes to the future of this area, the city is not just important, it's essential.

The St. Louis Metropolitan Area will never be better nor worse than its urban core.

For with it, goes the fate of the region. It is, both literally and figuratively, at the center of everything.

We've always known that, today we're doing something about it.

So whether you're from Ellisville or Edwardsville or whether you're from St. Peter's or Arnold today's announcement is good news.

And for those waiting for St. Louis to finally realize its promising future, we have an announcement to make: the future is now.

With exciting re-development projects taking place along Washington Avenue,

in mid-town, at the new ball park site, and in many historic neighborhoods, St. Louis is on the move.

No one can deny that momentum is growing or that this city's efforts are reaching critical mass.

And Secretary Snow and the Department of Treasury are pleased to be part of St. Louis' urban renewal. The New Markets Tax Credit is an important tool for community and economic development. Two of the reasons the tax credit program works is because it brings in private sector funds and because it permits flexibility at the local level.

Private sector involvement is key. The goal of the tax credit is to attract capital from these private sources. That's because private sector money can make a strong impact on a community and can lead to the type of sustainable growth that will create a positive ripple throughout a neighborhood.

Allowing flexibility at the local level is also important. Because when it comes to issues like community development, decisions should be made, not by distant regulators, but by local decision-makers.

The people in this room today, more than anyone else, know how best to help their communities.

They know, by name and by need, the projects that will have the biggest impact on St. Louisans and their region. Tying local control to this local knowledge base is an essential part of the program.

The main idea behind the New Markets Tax Credit, and President's support of it, is that private industry working with local community organizations can bring development, can bring prosperity, can bring hope to every neighborhood, in every zip code in every city.

The tax credits we present today will encourage job creation and business investment in communities that need it most. It is part of President Bush's vision for a vibrant, growing economy that provides opportunity for all who seek it.

And that's why I'm here today. To congratulate you on this accomplishment,

To encourage you to continue your aggressive efforts in job creation and community redevelopment

And to help you tell the world that St. Louis is a great place to live, to work, to invest and to do business.

Thank you.

-30-