SB 884
Modifies Missouri's tax increment finance law
LR Number:
Last Action:
4/25/2006 - Reported Do Pass H Rules Committee
Journal Page:
HCS SB 884
Calendar Position:
Effective Date:
August 28, 2006
House Handler:

Current Bill Summary

HCS/SB 884 - This act modifies provisions of Missouri's tax increment financing (TIF)statutes.

This act prohibits the revenue from any increase in any tax within a TIF district from being used for anything other than the specified purpose of the tax increase. The definitions of "blighted area" and "conservation area" have been modified. The definition of "redevelopment project costs" is expanded to include extraordinary professional service costs which are required under the Real Property Tax Increment Allocation Redevelopment Act. The act requires that conditions and contingencies of commitments to finance redevelopment project costs be included in the required general description of a redevelopment plan. Redevelopment plans adopted by municipal and county governments must be adopted by two-thirds of all members of the governing body if the TIF Commission makes a negative recommendation. Any sales tax imposed by Jackson County for the purpose of sport stadium improvement is excluded from the additional economic activity tax revenue allocation.

Currently, no new TIF projects are allowed in flood plains in St. Charles County. This act authorizes TIF projects within the 100-year flood plain in the City of St. Charles if the redevelopment area actually abuts a river or major waterway and is substantially surrounded by contiguous properties with residential, industrial, or commercial zoning classifications.

The act requires real property tax revenues attributable to the residential portion of the development go directly to the affected school districts unless commission members representing the affected districts agree to forgo such revenue, if the TIF project includes residential uses. Persons or entities receiving the financing on a TIF project in Kansas City or St. Louis must make good faith efforts to use minority or women's business enterprises on the project.