|SB 0692||Creates the Missouri Rural Economic Stimulus Act|
|LR Number:||2026S.01I||Fiscal Note:||2026-01|
|Committee:||Economic Development, Tourism & Local Government|
|Last Action:||03/19/03 - Hearing Conducted S Economic Development, Tourism &||Journal page:|
|Local Government Committee|
|Effective Date:||August 28, 2003|
SB 692 - This act creates the Missouri Rural Economic Stimulus Act. Powers in the act are to exercised by authorities created in the act. The act may be used for creation of renewable fuel production facilities which are in a municipality smaller than 100,000 persons and which will cost at least $3,000,000 and create at least 30 new jobs within three years.
A Rural 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. One of the Commissioners will be appointed by the school district or districts within the development area for a term of three years. Commissioners will be appointed by the mayor or chief executive. 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.
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.
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 municipality may submit the development plan to the Missouri Agricultural and Small Business Development Authority for approval of the use of tax increment financing and if submitted must contain certain information. The municipality may request certain information from the Department of Revenue which must be provided within 45 days of such request. The General Assembly may annually appropriate the lesser of the tax increment increase plus $12 million or $150 million into the state supplemental rural development fund which is created.
The act establishes a Missouri Rural 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.
These provisions are contained in CCS/SS/SCS/HCS/HB 289