HB 693 -- Industrial Development

Co-Sponsors:  Stefanick, Portwood, Stevenson, Icet, Sutherland,
Parker, Avery, Cunningham (86)

For any industrial development plan approved after August 28,
2003, that authorizes the issuance of revenue bonds or the
conveyance of a fee interest in property to the municipality,
this 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.  A cost-benefit
analysis is also required, as is the identification of any
payments in lieu of taxes or other payments expected to be made
by the lessee of the project.

The bill requires that the county in which the municipality is
located and any school district be notified of the hearing to be
held regarding the industrial development and invited to testify
to the governing body about the project.

Current law requires municipalities to file a report with the
Department of Economic Development regarding the revenue bonds
issued in the previous year.  The bill requires the report to
also include a general description of the property purchased by
the municipality with bond proceeds.

Current law requires that each county assessor maintain a record
of real property valuations so that each year the increase in
valuations that is the result of new construction or improvements
can be determined.  The additional assessed value of all
improvements or additions to real property which had been totally
or partially exempt from ad valorem taxes related to tax
increment financing, enterprise zones, and the real property tax
exemption must be included in the value of new construction and
improvements when the property becomes totally or partially
subject to assessment and payment of all ad valorem taxes.  The
bill requires that the additional assessed value of all
improvements or additions to real property which had been totally
or partially exempt from ad valorem taxes related to industrial
development bonds also be included in the value of new
construction and improvements when the property becomes totally
or partially subject to assessment and payment of all ad valorem
taxes.

Missouri House of Representatives
Last Updated July 25, 2003 at 10:12 am