Committeewoman Cara Jensen

The board of directors for the Greater St. Louis Regional Empowerment Zone voted Friday to close the organization by Dec. 31.

The U.S. Department of Housing and Urban Development (HUD) said there would be no money to extend the grant program.

The 10-year, $25.6 million grant has leveraged an estimated $350 million in economic development for the region, including projects such as the Renaissance Grand Hotel and Suites. The grant ends July 2.

The Empowerment Zone, led by Executive Director Tara Bucker, also has provided the funding for business loans, grants to community-based organizations and job training.

“We always knew this day would come,” Bucker said in a statement. “One of our main concerns in this announcement is to prepare organizations that have relied on EZ funds for our closure. Right now, there is no economic development agency in the region with similar funding capabilities.”

The empowerment zone covers 13.7 square miles and 22 census tracts, including the cities of Wellston, Lemay, St. Louis, and Centreville and East St. Louis.

The board voted to sunset the organization’s 501 (c) 3 non-profit status and said any remaining assets will be assigned to other St. Louis region non-profit entities.