SB 645 -- MISSOURI BUSINESS USE INCENTIVES FOR LARGE-SCALE
DEVELOPMENT

SPONSOR:  Griesheimer (Richard)

COMMITTEE ACTION:  Voted "do pass" by the Committee on Job
Creation and Economic Development by a vote of 17 to 0.

This bill expands the definition of "essential industry" to
include certain businesses in the City of Fenton.  Currently,
only certain businesses in the City of Hazelwood are given this
designation.

In order to be deemed an essential industry, the business must:

(1)  Be located in the cities of Fenton or Hazelwood;

(2)  Invest $500 million in an economic development project
within three years of receiving bonds or credits from the
Missouri Development Finance Board through the Business Use
Incentive for Large-Scale Development (BUILD) Program for
large-scale economic development projects;

(3)  Have maintained at least 2,000 jobs at the proposed project
site for a period of four years prior to applying for
participation in the BUILD Program; and

(4)  Maintain the same level of employment at the site for as
long as it participates in the BUILD Program.

FISCAL NOTE:  No impact on state funds in FY 2007, FY 2008, and
FY 2009.

PROPONENTS:  Supporters say that the bill will allow
DaimlerChrysler to take advantage of the same incentives offered
to Ford's Hazelwood plant.  In order for DaimlerChrysler to take
advantage of these incentives, it must retain a certain number of
jobs for 10 years.

Testifying for the bill were Senator Griesheimer; Department of
Economic Development; St. Louis Community College; Missouri
Chamber of Commerce and Industry; Taxpayers Research Institute of
Missouri; Missouri Economic Development Council; and
DaimlerChrysler.

OPPONENTS:  There was no opposition voiced to the committee.

Alice Hurley, Legislative Analyst

Missouri House of Representatives
93rd General Assembly, 2nd Regular Session
Last Updated November 29, 2006 at 9:46 am