| SB 1180 | Allows the Missouri Development Finance Board to create a life sciences funding district |
| Sponsor: | Shields | Co-Sponsor(s) | ||
| LR Number: | 3051S.05C | Fiscal Note: | 3051-05 | |
| Committee: | Economic Development, Tourism & Local Government | |||
| Last Action: | 05/14/04 - S Inf Calendar S Bills for Perfection | Journal page: | ||
| Title: | SCS SB 1180 | |||
| Effective Date: | Emergency Clause | |||
SCS/SB 1180 - This act establishes eight life science reinvestment funds. They are to be located in Cape Girardeau, Joplin, Kansas City, St. Louis, central Missouri, Springfield, St. Joseph, and one that includes areas of Missouri not encompassed by the other districts. The districts will function similarly to a TIF in that new sales, income, and property tax revenues will be utilized to fund development in the district. Money collected will be used by the reinvestment commission in each district to provide grants and contracts for development for projects in the district. An application procedure is established in the act, as are spending restrictions. Every three years the commission must produce comprehensive reports assessing the development of the district.
The act creates enterprise zones for:
1. Douglas County
2. Richland
3. Crocker
4. Nixa
5. Ozark
6. Independence and Sugar Creek (the part of each city in the Kansas City school district)
7. Laclede
8. Independence - Satellite zone
9. St. Clair
10. Pacific
The act allows the enterprise zone in Springfield to be extended.
The act has an emergency clause.
This act is similar to SB 648 (2003).
JEFF CRAVER