There would be no abatement of personal property tax on a projected $51 million in equipment and other material expected to be installed.

The city also would issue industrial revenue bonds of as much as $50 million for the project, with the company required to pay off the principal and interest.

The size of the yearly property tax break would be tied to the amount of “quality jobs” provided each year.

The plan’s cost-benefit analysis assumes that at least 125 full-time equivalent jobs with an average base wage of at least $16 an hour and health insurance would be provided throughout the 10-year period.

The city is working with Indianapolis-based Scannell Properties, which would build the facility on the 113-acre site.

City Attorney Randy Weber said approval of the plan by aldermen would be a key step but that it’s possible that details could change before the bonds actually are issued.

The facility is slated for the east side of Spencer Road and the south side of Premier Parkway.

Premier 370 was stalled for years by a court battle with an environmental group and St. Charles County government that ended in 2012.

But the development has picked up momentum in recent years, with several facilities going up.

A message from David Nicklaus Want to stay smart about what's happening in St. Louis? Make a modest investment in a Post-Dispatch subscription and I'll tell you how developments around the world affect local businesses big and small. Subscribe today: Just $1 a month

Daily updates on the latest news in the St. Louis business community. Sign up! * I understand and agree that registration on or use of this site constitutes agreement to its user agreement and privacy policy.