HB 1562 -- Industrial Development

Sponsor:  Liese

The bill requires any municipality that intends to undertake an
industrial development project to first submit a written plan for
the industrial development which will explain the activities that
may be undertaken by the municipality.

For any industrial development plan that authorizes the issuance
of revenue bonds or the conveyance of a fee interest in property
to the municipality, the bill requires that the industrial
development plan must first be approved by a majority vote of the
governing body of the municipality.  The bill requires that,
prior to approving such a plan, the municipality must provide a
copy of the plan to each taxing district within the municipality
and must solicit comments from each taxing district regarding the
plan.

Current law states that any municipality proposing an industrial
development project must first approve the plan by a majority
vote of the municipality's governing body.  The bill requires
that a specific plan be approved by ordinance.

If the project or plan involves the issuance of revenue bonds or
the conveyance of a fee interest in property to a municipality,
the bill requires that the project plan also include a statement
identifying each taxing district affected by the project, the
most recent equalized assessed valuation of the real and personal
property included in the project, and an estimate as to the
equalized assessed valuation of real and personal property
included in the project after development.

The bill requires that a public hearing be held prior to the
adoption of the ordinance.  During the public hearing, any
interested person or affected taxing district may provide
comments regarding the proposed industrial development project.
The bill requires that certain taxing districts be notified, in
writing, of the hearing to be held regarding the industrial
development.

The bill requires that certain taxing districts be given a
written statement explaining the impact the industrial
development project will have on certain taxes and equalized
assessed valuations.

Current law requires that the municipality must file with the
Department of Economic Development an annual report on the
previous year's revenue bond issuances and general obligation
bond issuances.  The bill requires that a copy of this report
also be given to certain affected taxing districts.

The bill also defines two new terms, "revenue bonds" and "taxing
district," as they relate to industrial development projects.

Missouri House of Representatives
Last Updated October 11, 2002 at 9:01 am