|SB 0827||Creates Downtown Revitalization Act for St. Louis|
|LR Number:||3387S.04I||Fiscal Note:||3387-04|
|Committee:||Pensions and General Laws|
|Last Action:||05/12/00 - S Inf Calendar S Bills for Perfection w/amend (pend.)||Journal page:|
|Effective Date:||Emergency Clause|
SB 827 - This act creates the "Downtown Revitalization Act", concerning a downtown revitalization district consisting of both St. Louis County and the City of St. Louis. The district shall promote the economic health and vitality of the original downtown region of St. Louis. Expenditures are limited to public purposes, as designated by the district's board, charged with management of the district.
Any board member may be removed for breach of fiduciary duty by the executive of the city or county who appointed the member. No board member shall hold an elected public office, or shall receive compensation for duties as a board member. The board shall have exclusive control of the expenditures from the Downtown Revitalization Trust Fund. The Trust Fund shall be supported by a district sales tax, and shall be maintained in the St. Louis County treasury. The act provides for the appointment of board members by various officials for staggered terms.
The board may impose a sales tax of four-tenths of one cent, if approved by a majority of the voters of St. Louis and St. Louis County. The district's authority to impose any tax terminates seven years after the date the tax is first collected, unless the district resubmits the tax to the voters. If the tax is approved by a majority of the voters of only one of these entities, the measure may be resubmitted to the voters of the area in which it failed to pass at any subsequent qualifying election.
The sales tax will be added to the retailers' sale price, and may be collected by the Department of Revenue. Any exemptions to the state sales and use tax shall apply to the sales tax imposed by the district. The district may not repeal or amend any approved sales tax for a period of seven years. Repeal or amendment of a sales tax shall not impair the district's ability to repay any liabilities or obligations incurred, including revenue bonds.
The district shall enter into a administrative agreement with a Missouri not for profit corporation, to provide management and operational services to the district. The district shall follow the recommendation of the management entity concerning decisions with regard to projects funded by the district. Recommendations shall be consistent with procurement policies of St. Louis. The board may audit the books and accounts of any project which receives district funds.
The board of trustees of the district shall adopt a downtown plan for the district, delineating the boundaries of the downtown area, and establishing priorities for development of downtown. Any plan adopted by the board shall not be inconsistent with the most current plan adopted by the St. Louis Planning Commission and by the entity providing management services. The board shall also issue reports every six months, containing a detailed accounting of revenues received by the district and expenditures approved and made by the board.
A district may authorize or issue revenue bonds for the purpose of paying any of the costs of a project. Bonds shall be payable out of the revenues of the district and may be further secured by other district property. Bonds shall exclusively be an obligation of the district and not of the state, or of any political subdivision of the state other than the district. The district may obtain insurance as it deems appropriate, and may require any company providing operational and management services to obtain liability insurance.
The act has an emergency clause.
SA 1 - RESUBMISSION OF SALES TAX MUST BE AT LEAST ONE YEAR AFTER DEFEAT OF BALLOT PROPOSAL.