HB 1782 -- Missouri Economic Development Code

Sponsor:  Richard

This bill establishes the Missouri Economic Development Code and
specifies that if provisions of this code are inconsistent with
the provision of any other law, the code will be controlling.

Each municipality or county may create a Missouri economic
development code job creation commission, but it will only be
able to conduct business if it is approved by the governing body
by order or ordinance.  In order to be approved, the governing
body must make certain findings which are specified in the bill.
Each commission will be governed by a board of commissioners.

This code cannot be used for any residential development project
if the taxes that would normally go to the school district would
be used to finance the project.  In this case, all the school
boards of all the school districts located in the area of the
project must consent to the project.

This code cannot be used in conjunction with any other
redevelopment program authorized under Chapter 99, RSMo.  These
programs include tax increment financing and the Missouri
Downtown Economic Stimulus Act.

The bill specifies:

(1)  The board's membership and powers;

(2)  The items which must be included in a development plan and
the findings which must be made for a municipality or county to
adopt the plan.  The findings must include a cost-benefit
analysis of the economic impact the development plan will have on
the municipality, county, and school districts that are within
the development area.  The initial development or redevelopment
of a gambling establishment is prohibited.  The development
project must be completed and all debts retired within 25 years;

(3)  The requirements for public hearings related to the project;

(4)  The manner in which obligations may be issued and retired;
and

(5)  The manner in which payments in lieu of taxes and economic
activity taxes will be allocated during the time development
financing is undertaken.

Missouri House of Representatives
93rd General Assembly, 2nd Regular Session
Last Updated November 29, 2006 at 9:44 am