|SB 0253||Creates the Missouri Downtown Economic Stimulus Act|
|LR Number:||0734S.04C||Fiscal Note:||0734-04|
|Committee:||Commerce and Environment|
|Last Action:||05/16/03 - S Inf Calendar S Bills for Perfection||Journal page:|
|Title:||SCS SB 253|
|Effective Date:||August 28, 2003|
SCS/SB 253 - This act creates the Missouri Downtown Economic Stimulus Act. The provisions of the act shall not be construed to provide funding for sports stadiums or related facilities. Powers in the act are to be exercised by authorities created in the act.
A Downtown Economic Stimulus Authority is created in each municipality upon the enactment of an ordinance establishing a development area in accordance with the act. Each Authority will be governed by a Board of Commissioners which will consist of between 5 and 14 members with staggered terms of three years. Commissioners will be appointed by the mayor or chief executive. One of the Commissioners will be appointed by the school district or districts within the development area for a term of three years. In addition to the Commissioners, a non-voting advisor shall be appointed by the other taxing districts located within the development area.
The powers of the Authority shall be exercised by its Board of Commissioners and powers of the authority are specified. The Authority shall be a public body corporate and politic. Powers granted to the authority are specified, excluding the right to acquire property by eminent domain. Certain information must be included in a development plan.
The act allows Kansas City to enact an ordinance establishing a fund for the purpose of providing funds to a community development corporation. The Community Development Corporation Revolving Fund is created. A board to administer the fund is created. Funding is provided from 5% of the state sales tax increment portion from other net new revenues generated from projects certified for state supplemental downtown development financing.
Prior to the adoption of the ordinance designating the development area, adopting a development plan or adopting a development project, the authority must hold a public hearing. Projects must be located in the central business district. Projects must also cost specified amounts as well as create certain numbers of new jobs depending on the size of the municipality.
A municipality may adopt development financing for the development project area and a special allocation fund for the deposit of certain taxes from the development area to be apportioned or diverted pursuant to the Real Property Tax Increment Allocation Redevelopment Act if all or a part of the development project area becomes subject to tax increment financing. The definition of "baseline year" provides that if state withholding tax revenues and sales tax revenues from businesses other than out-of-state businesses locating in the area decrease in the year following adoption of the ordinance, the baseline year shall be the year after.
The municipality may submit the development plan to the Missouri Development Finance Board for approval of the use of tax increment financing and if submitted must contain certain information. Th municipality may request certain information from the Department of Revenue which must be provided within 45 days of the request. The General Assembly may annually appropriate the lesser of the tax increment increase plus $50 million or $150 million into the state supplemental downtown development fund which is created.
The act establishes a Missouri Downtown Economic Stimulus Act Joint Legislative Committee which will consist of ten members of the General Assembly, five from each body.
The Authority must make a report to the Director of the Department of Economic Development by the end of February each year. The Director shall then compile a report for submission to the Governor and General Assembly.
Every five years after the establishment of a development plan, the governing body of the authority must hold a public hearing. The Director of the Department of Economic Development shall provide information and technical assistance as requested by any municipality.
This act is similar to HCS/HB 289 (2003).