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

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 a targeted industry 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 as existed
the year prior to applying for the program.  This level of
employment must be met within three years of receiving BUILD
certificates and must continue for as long as the business
participates in the BUILD Program.

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