SB 774 Modifies provisions relating to tax increment financing
Sponsor: Dempsey
LR Number: 5385H.09C Fiscal Note available
Committee: Jobs, Economic Development and Local Government
Last Action: 5/13/2014 - Referred to H Rules Committee Journal Page: H1858
Title: HCS#2 SS SCS SB 774 Calendar Position:
Effective Date: August 28, 2014
House Handler: Zerr

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Current Bill Summary


HCS#2/SS/SCS/SB 774 - Currently, a tax increment financing (TIF) commission in Boone County must consist of the following 11 members: 2 appointed by school boards, 1 appointed by all other taxing districts, 6 appointed by the mayor of the city creating a TIF district, and 2 appointed by the presiding commissioner. This act requires the TIF commission to consist of the following 12 members: 6 appointed by the presiding commissioner, 3 members appointed by cities in the county with TIF districts, 2 appointed by school boards, and 1 appointed by all other taxing districts.

For TIF projects approved over a recommendation in opposition by the TIF commission in Boone, St. Charles, St. Louis, and St. Louis Counties, the economic activity taxes and payments in lieu of taxes cannot exceed the redevelopment project costs for demolition of buildings and the clearing and grading of land.

This act also specifies that approval by a TIF Commission in Boone, St. Charles, Jefferson, and St. Louis Counties requires a majority of the commissioners voting to vote for approval. A tied vote will be considered a recommendation of opposition.

This act is similar to HB 1512 (2014), HB 1518 (2014), and HB 1504 (2014). This act is similar in concept to HB 1293 (2014).

MIKE HAMMANN