Edward Jones Announces Plan to Add 1,000 Jobs, Redevelop Campuses in St. Louis County

October 25, 2006

Edward Jones Announces Plan to Add 1,000 Jobs, Redevelop Campuses in St. Louis County

Largest Economic Development Project in Missouri Accelerates Reconstruction of I-270/Dorsett Interchange

ST. LOUIS - Financial-services firm Edward Jones, the State of Missouri, St. Louis County and the City of Maryland Heights are partnering to support a significant planned expansion of the firm's presence in the county that will add at least 500 jobs in the next five years. By 2016, the number of new jobs created is expected to total at least 1,000.

A key component to the expansion is the State of Missouri's commitment to accelerate the replacement of the I-270/Dorsett Road interchange to improve safety and increase its ability to handle traffic.The infrastructure improvements will enhance the opportunity for new development and redevelopment of other areas of Maryland Heights in addition to the Edward Jones properties.

"This is a terrific partnership between government and private enterprise that will help Edward Jones accommodate anticipated continued growth while greatly enhancing the economic vitality of the entire St. Louis region," said James D. Weddle, managing partner of Edward Jones. "We're proud to partner with the State of Missouri, St. Louis County and Maryland Heights, all of which are clearly committed to keeping our region economically strong."

Edward Jones anticipates investing up to $260 million in new construction in the next five years and donating land for road improvements. In addition to supporting newly-created jobs, the plan will consolidate and make more efficient use of the firm's office space.

In September, MoDOT's Innovative Finance Steering Committee approved funding of $10 million to assist in the reconstruction of the interchange. Last week, the Missouri Development Finance Board approved a preliminary resolution authorizing the issuance of $7.225 million in revenue bonds as part of the Missouri BUILD program, removing a major obstacle to the planned expansion of the area. Pre-construction planning for the interchange improvements could begin as early as 2007 with construction slated for 2010-2011.

Missouri Governor Matt Blunt praised the public-private partnership embodied in the plan.
"This project is the latest example of the many benefits our state and our economy realize when public and private sectors, and government at all levels, partner to add value to our economy and increase good family-supporting jobs," Blunt said. "Edward Jones has provided Missourians with valuable services while also adding tremendous value to our economy through their ongoing commitment to invest in our state and their employees."

The estimated replacement cost of the interchange is $30 million. St. Louis County has committed $5.1 million toward the replacement of the interchange to be funded in years 2009 through 2011. The City of Maryland Heights has committed $6.15 million to be funded in years 2009 through 2011. There has been a prior allocation of $1.8 million of the Federal Transportation SAFETEA-LU Act. The remaining sum of approximately $17 million will be funded by the State of Missouri through the Economic Development and the Missouri BUILD programs.

In addition, part of the improvement to the road network will include the relocation of Progress Parkway which runs through the Edward Maryland Heights campus, called "North Campus" by the firm. This relocation is being funded by the City of Maryland Heights and a prior appropriation of $4.8 million in federal highway funds.

Edward Jones is currently working with the City of Maryland Heights to obtain the city's approval for the development and to relocate American Industrial Drive. Edward Jones is committing $2 million to relocate this roadway.

Most of the building construction and job creation will occur at Edward Jones' North Campus, an area just east of I-270 and south of Dorsett Road. Currently there are over 1,300 Edward Jones associates working in 18 buildings in this area.

Key components of the Edward Jones expansion plan include:

• The addition of at least 500 new jobs by 2011 and at least 1,000 by 2016 in St. Louis County.

• Construction of three new office buildings and corresponding parking garages at North Campus by the end of 2011, resulting in 650,000 square feet of new office space; some of the new buildings will replace smaller buildings dating back to the 1960s.

• The construction of a new 250,000-square-foot office building and corresponding parking garage adjacent to the firm's headquarters location Manchester/Ballas Road, called "South Campus" by the firm. Edward Jones will seek approval from the City of Des Peres for this expansion.

As part of the Missouri Quality Jobs Act, Edward Jones will receive approximately $3.9 million in incentives. In addition, the county will extend construction material sales tax abatement expected to total $8 million. There are also ongoing negotiations with St. Louis County regarding Chapter 100 tax abatements in the approximate sum of $30.5 million based upon Edward Jones' investments in years 2007 through 2011. Lastly, Edward Jones will purchase $7 million of revenue bonds as part of the Missouri BUILD program and receive tax credits to offset the cost as long as the firm adheres to the program requirements for capital investment and new jobs creation.

“The Edward Jones expansion project is a prime example of how public/private collaboration can promote economic development and create quality, high-paying job opportunities for the region,” said St. Louis County Executive Charlie A. Dooley. “This partnership illustrates why St. Louis County has the fifth largest number of jobs among all American suburban counties, and I applaud Edward Jones for deciding to further invest in our region.”

Overall, Edward Jones employs about 3,500 associates at its North Campus, South Campus and Maryville Centre locations, plus approximately 500 additional associates at branch office locations across the bi-state area.

Maryland Heights Mayor Michael Moeller said he expects the project to prompt additional investment in the area.

“Edward Jones always has been a great corporate citizen of our community," Moeller said. "I am very pleased that we have been successful in partnering with federal, state and county officials to fund the infrastructure improvements that will support the North Campus expansion. This development will have significant impact on our city and the St. Louis region and will result in others investing in our area.”

Edward Jones and its affiliates provide financial services for individual investors in the United States, Canada and the United Kingdom. Every aspect of the company’s business, from the types of investment options offered to the location of branch offices, is designed to cater to individual investors in the communities in which they live and work. The firm’s nearly 10,000 investment representatives work directly with more than 7 million clients to understand their personal goals – from college savings to retirement – and create long-term strategies for their investments that emphasize portfolio diversification and a buy-and-hold strategy. Edward Jones embraces the importance of building long-term, face-to-face relationships with clients, helping them to understand and make sense of the investment options available today.

Edward Jones is headquartered in St. Louis, MO. The Edward Jones interactive Web site is located at www.edwardjones.com.