News Clips: 8/4/2010

It’s all about the money in today’s News Clips…

• What began as a quiet fundraising effort in 2005 has turned into a $100 million windfall for the University of Missouri – St. Louis. Campus officials announced last week that their Gateway for Greatness campaign has reached its goal two years ahead of schedule, drawing $102 million from more than 25,000 contributors.

“I’m amazed and most impressed by the generosity St. Louis has shown by supporting our programs and students,” UMSL Chancellor Tom George said in a statement. All Gateway to Greatness donations will go toward scholarships, professorships, programming and improvements to facilities, with fundraising continuing through 2012. Bravo, UMSL!

• Also rolling in the dough is Ferguson-based Emerson, which just announced that profits are up by 51 percent since last year! The company’s net sales increased 11 percent in the third quarter, rising to $5.6 billion and bringing in a profit of $585 million. Congrats, Emerson!

• The financial picture isn’t quite as rosy for THF Realty, whose bid to build a Walmart Supercenter in Florissant has been shot down by the city council. At last week’s council meeting, members voted unanimously (9-0) to not choose THF as the preferred developer, primarily because the company was seeking $9 million in tax-increment financing (TIF).

THF is already set to receive $7.2 million in TIF money to build a Walmart Supercenter in Bridgeton. Florissant officials have notified the developer that they won’t entertain any proposal that calls for TIF, though they would still like to see the 49-acre site behind Lowe’s developed at some point.

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