|SB 1279||Creates several community development projects|
|LR Number:||4657L.20C||Fiscal Note:||4657-20|
|Committee:||Pensions and General Laws|
|Last Action:||05/17/02 - H Calendar S Bills for Third Reading||Journal page:|
|Title:||HCS SS#2 SCS SBs 1279, 1162 & 1164|
|Effective Date:||August 28, 2002|
HCS/SS#2/SCS/SBs 1279, 1162 & 1164 - This act creates several community development projects.
KANSAS AND MISSOURI METROPOLITAN CULTURAL DISTRICT - This act requires annual appropriations of up to $9.8 million for the purpose of funding improvements to the Truman Sports Complex. Appropriated moneys shall only be used if the cumulative annual sales tax revenue generated exceeds the cumulative annual appropriation. No moneys shall be appropriated until the cultural district retail sales tax is renewed or extended. In the event a team subject to the lease is transferred or contracted, the team shall reimburse the state for all funds. Each major league sports team entering into a lease for the stadium facilities is required to contribute $100,000 per year to the African American Community Trust Fund which is created. The fund will be administered by a board. Membership and terms of the board are specified. The Jackson County Sports Complex Authority shall establish and require compliance with a minority and women business enterprise program which shall be monitored by a compliance monitor hired by the team.
ST. LOUIS CARDINALS BALLPARK AND BALLPARK VILLAGE - This act creates the "The Sports Center Redevelopment Authority Act".
St. Louis may establish a "Sports Center Redevelopment Authority". The Authority will consist of a nine-member board of commissioners. Members appointed by the Governor shall not reside in St. Louis City or St. Louis County. At least three members shall be African-American. Members must be Missouri residents, and the members shall elect the chair of the Authority. The Authority is granted the power of eminent domain.
When a sports center redevelopment plan is adopted by the city and the authority, for a period not to exceed thirty-five years, economic activity taxes generated within the sports center redevelopment area shall be deposited into the special allocation fund of the city for the purposes enumerated, including paying project costs and obligations.
The maximum state appropriation shall not exceed $7 million per year for a maximum of 30 years, for debt service financing that will provide a net sum not to exceed $100 million.
Prior to bonds being issued all parties must deposit funds or financial instruments necessary to complete the construction of the stadium into a construction fund. The awarding authority may not discriminate against bidders based on their becoming or refusing to become signatories with one or more labor organizations.
The authority shall own the naming rights to the stadium, subject to the approval of the team which shall not be unreasonably withheld. Naming rights revenues are to be expended for Authority operating costs, with reimbursement to the state if state sales tax revenues produced by the project do not meet or exceed the state's annual appropriations and if there are excess funds, they shall be transferred to the school building revolving fund.
The State Auditor shall conduct an annual audit and certify on an annual basis the amount of new state revenues generated by the redevelopment.
In the event of a strike or lockout, the team is responsible for reimbursing the state for any deficiency in the amount of revenue needed to meet the bond obligation.
The team shall be liable for $150 million in penalties if five of the six components of the adjacent ballpark village are not substantially completed by December 31, 2010.
The team shall establish and require compliance with a minority and women business enterprise program which shall be monitored by a compliance monitor hired by the team. The team is required to contribute $100,000 per year to the African American Community Trust Fund which is created. The fund will be administered by a board. Membership and terms of the board are specified.
In the event of a sale or partial sale of the team during the 30 year period of the lease, the public participants shall receive at least 12% of the profits from the sale.
The team shall bear all liability arising out of the occupation and operation of the stadium and mixed-use facilities and shall not be entitled to sovereign immunity.
ST. LOUIS BLUES - The first $3 million of sales taxes generated by the facility would be deposited in the Specially Designated Multipurpose Facility Account. Of that amount, $1 million would go into a Reserve Account in any year in which less than 20 NBA games are played in the facility. If no funds are expended from the reserve account by June 30, 2015, the money goes to GR and the full $3 million would go to the Blues. If a NBA franchise tenant is obligated prior to 6/30/2015 the facility would receive an 50% of the state portion of sales tax revenues over $3 million, the money in the reserve account is transferred to the Multipurpose Facility Account and no further deposits are made in the Reserve Account. The State Auditor shall conduct an annual audit and certify on an annual basis the amount of new state revenues generated by the redevelopment.
ST. LOUIS UNIVERSITY - The first $400,000 of sales taxes generated by the multipurpose facility would be deposited in the Specially Designated Multipurpose Facility Account for maintenance and refurbishment of the facility. The State Auditor shall conduct an annual audit and certify on an annual basis the amount of new state revenues generated by the redevelopment
SPRINGFIELD - The act allows for the annual appropriation for funding of an exposition center in Springfield. Beginning in FY 2005, the state shall annually appropriate one half of the new state revenues from the redevelopment area. However, in no event shall the aggregate contribution of the state exceed $18 million and the amount of debt financed shall not exceed $9 million. The State Auditor shall conduct an annual audit and certify on an annual basis the amount of new state revenues generated by the redevelopment.
BRANSON - The act allows for the annual appropriation for funding of a convention center and arena in Branson. Beginning in FY 2005, the state shall annually appropriate one half of the new state revenues from the redevelopment area. However, in no event shall the aggregate contribution of the state exceed $32 million and shall not exceed a $1.4 million appropriation over 23 years. The State Auditor shall conduct an annual audit and certify on an annual basis the amount of new state revenues generated by the redevelopment.
TAX INCREMENT FINANCING - When a municipality seeks to use tax increment financing to redevelop areas consisting of residential and multifamily properties, the TIF proposal must be approved by the school boards of the affected districts.
LOCAL ECONOMIC OPPORTUNITIES FUND - One half of the increased state revenues from sales taxes and income taxes withheld in certain development areas less the debt service obligations will be deposited in the Local Economic Opportunities Fund. The fund is then further subdivided into four regional funds and the regions are established. Funds from the regional subaccounts may be appropriated for infrastructure improvements and economic stimulus projects. Certain political subdivisions receiving funding are excluded from appropriations from the regional subaccounts. The Department of Economic Development shall establish an application and prioritization process. Political subdivisions shall not receive more than 25% of a subaccount and may not receive appropriations for more than five consecutive years.
JACKSON COUNTY RESEARCH PARK - The Curators of the University of Missouri are authorized to establish a research, development and office park in Jackson County to foster life sciences related business development. Any appropriations must comply with the provisions of Executive Order 01-10.
HISTORIC TAX CREDITS - Creates a $60 million cap for historic tax credits beginning July 1, 2006. Provisions for apportioning the available tax credits among qualified projects are specified.
SPORTS CENTER REDEVELOPMENT AUTHORITY SCHOOL DISTRICT FUND - Creates a fund consisting of tax revenues devoted to any project commenced in this act, to be used for school districts in each city or county in which a project is commenced.
TECHNOLOGY RETENTION ENTERPRISE DISTRICT JOINT FUND - The
fund is created and will be used by innovation centers for
planning and development of a technology retention enterprise
district. The act requires the state to appropriate matching
funds on a 2 to 1 basis for any moneys contributed by St. Louis.
The total appropriation by the state is capped at $500,000 each