HB 1660 -- Missouri Voluntary Developer Agreement Law

Sponsor:  Pearce

This bill establishes the Missouri Voluntary Developer Agreement
Law.  In its main provisions, the bill:

(1)  Allows each municipality or county to establish a Missouri
job creation commission which will only be able to conduct
business if it is approved by the governing body by order or
ordinance.  In order to be approved, the governing body must make
certain findings which are specified in the bill.  Each
commission will be governed by a board of commissioners;

(2)  Prohibits this law from being used for any residential
development project if the taxes that normally go to the school
district will be used to finance the project.  In this case, all
the school boards of all the school districts located in the area
of the project must consent to the project;

(3)  Prohibits this law from being used in conjunction with any
other redevelopment program authorized under Chapter 99, RSMo.
These programs include tax increment financing and the Missouri
Downtown Economic Stimulus Act;

(4)  Specifies the board of commissioner's membership and powers;

(5)  Specifies the items which must be included in a development
plan and the findings which must be made for a municipality or
county to adopt the plan including a cost-benefit analysis of the
economic impact the development plan will have on the
municipality, county, and school districts that are within the
development area;

(6)  Prohibits the development plan from including the initial
development or redevelopment of a gambling establishment;

(7)  Requires the development project to be completed and all
debts retired within 25 years; and

(8)  Specifies the requirements for public hearings related to
the project, the manner in which obligations may be issued and
retired, and how property taxes will be allocated during the time
period development financing is undertaken.

Missouri House of Representatives
94th General Assembly, 2nd Regular Session
Last Updated October 15, 2008 at 3:10 pm