SB 774 - Under current law, a municipality desiring to approve a tax increment financing project, which has received a recommendation in opposition from the tax increment finance commission, may do so only by a two-thirds majority vote of the governing body of such municipality. This act removes the two-thirds majority requirement, allowing a simple majority to approve the project.
However, municipalities located within St. Charles, Jefferson, and St. Louis Counties may only override the decision of the TIF commission by submitting the question to the voters of the municipality and the question is approved by a two-thirds majority of the voters. For such TIF projects approved over the recommendation in opposition by the TIF commission in these counties, the economic activity taxes cannot exceed the redevelopment project costs for demolition of buildings and the clearing and grading of land.
This act is similar to SCS/SB 155 (2011).