HB 781 -- Eligible Brownfield Remediation Projects

Co-Sponsors:  Gambaro, Kennedy

This bill creates a demolition tax credit which can be for up to
100% of the demolition costs not associated with voluntary
remediation if the demolition is part of a redevelopment plan
that has been approved by the local government and the Director
of the Department of Economic Development.

The bill also expands several definitions relating to eligible
brownfield remediation projects as follows:

(1)  "Allowable cost" is expanded to include the demolition and
reconstruction of any building or structure even if such actions
are not required for the clean up of contaminated property.
However, these demolition and reconstruction activities must
take place on the site of an abandoned or underutilized property
that has been approved for financial assistance.  The activities
must be included in a redevelopment plan that has been approved
by the director and the local government;

(2)  "Eligible project" is expanded to include residential
purposes.  Any property immediately adjacent to any abandoned or
underutilized property may also be considered an eligible
project.  An eligible residential project must involve the
construction or rehabilitation of a residential structure so
that, when all construction and rehabilitation is complete, the
structure's projected value is at least 25% more than the median
property value of the census tract in which it is located; and

(3)  "Underutilized" now includes real property that has been
designated for residential purposes but which is no longer fit
for human habitation.

Missouri House of Representatives
Last Updated September 13, 2001 at 2:03 pm