Fall 2007 issue of Horizons

knowledge. commitment. value. CERTIFIED PUBLIC ACCOUNTANTS AND BUSINESS CONSULTANTS

Investors also have the opportunity to participate in a wide range of activities associated with the administration of the fund,” says Wuest. Currently the St. Louis fund has approximately 20 active investors in St. Louis, including, among others, Bank of America, Anheuser-Busch, Fannie Mae, Laclede Gas, AmerenUE, National City Bank, Pulaski Bank and UMB Bank. The Kansas City Equity Fund currently is soliciting active corporate and financial investors for its fund. Since its inception in 1988, the St. Louis fund has facilitated the raising of more than $175 million of capital, which has been invested in approximately 3,000 housing units with a total development cost of more than $350 million. Current projects include an investment with developer Robert Wood to rehab the historic Franklin School, located at 19th and Martin Luther King Blvd. in St. Louis, into 75 apartments for seniors, with an estimated development cost of $18 million. The fund also is working with Better Living Communities on the Salisbury Park development in the Hyde Park neighborhood. This development consists of 22 units and requires an investment of $5.8 million. Also in St. Louis, the fund has provided financing for new and rehabbed affordable housing in North St. Louis, Hillsdale, Hyde Park, Greater Ville and Kingshighway West, The Ville Neighborhood, Fountain Park, South City, Fox Park, Tower Grove East, DeSales Neighborhood, and the city of St. Louis, to name a few. Many of these projects were in blighted neighborhoods that are being revitalized in part through the St. Louis Equity Fund investments “Our goal in the near future is to have moderate to upper- income tenants, but we can’t expect that to happen overnight,” saysWuest. “It takes patience and persistence to stabilize and revitalize blighted neighborhoods.” Approximately 50 percent of the fund’s development partners are not-for-profit organizations such as Northside Community Housing, Beyond Housing/NHS, DeSales Community Housing Association and others. The fund has played a critical role in creating affordable housing in the St. Louis metropolitan area over the past 18 years and is in the process of expanding this role to Kansas City and southern Illinois and increasing its size and the number of projects developed.

John Wuest, President and Chief Executive of the St. Louis Equity Fund.

JohnhasservedasViceChairmanofHeartlandBanksince January 2004, where he previously was the President and CEO from 1990 til 2004. Prior to joining Heartland Bank, John worked for 21 years as Executive Vice President of Corporate Banking at the former Mercantile Bank. In addition to his career responsibilities, Mr. Wuest is actively involved with various professional, civic, and arts organizations, including: • Board Member Charles F. Vatterott Company • Board Member of Heartland Bank • Board Member and past Chairman of the Midland Division of The Salvation Army • Chairman of Jazz @ the Bistro Board • Board Member Piwacket Children’s Theatre and Off The Cuff Productions • Board Member Laumeier Sculpture Park • 2004 Chairman of Salvation Army Tree of Lights Campaign Mr. Wuest earned his Bachelor of Science degree from the School of Commerce & Finance at Saint Louis University in 1966, and his Master of Science degree in Commerce, with a Major in Finance and a Minor in Management, from Saint Louis University in 1971.

22 u winter 2007 issue