JEFERSON CITY, Mo. - A Missouri board endorsed Tuesday up to $15 million of tax credits to help finance the redevelopment of the Gateway Arch in St. Louis but delayed decisions on other projects because of concerns about state revenues.
The tax credits for the Arch would be used to leverage private contributions for the renovation and expansion of a museum located underneath the monument. The project is part of a $380 million initiative to renovate the Arch and its surrounding area for the 50th anniversary of its completion.
Construction of the 630-foot-high Gateway Arch was completed in October 1965. It opened to visitors in 1967 and now attracts about 2.5 million people annually. It was intended as a monument to President Thomas Jefferson and pioneers for whom St. Louis served as the gateway to the West.
The renovation of the Arch grounds and nearby road system is to be completed by October 2015, and museum renovations are to be finished by fall 2016.