HB 514 - This act adds former automobile manufacturing plants and former insurance company national service centers in St. Louis County to the types of redevelopment areas that may qualify for state supplemental tax increment financing.
Former automobile manufacturing plants will not be included in the current $32 million annual cap for state supplemental TIF and will have a separate cap of $4 million per year. Redevelopment projects that will retain at least 2,000 geospatial intelligence jobs will also not be included in the current $32 million cap and will be subject to a separate cap of $12 million. If a redevelopment project meets both of the geospatial job criteria and former automobile manufacturing plant criteria, it will be subject to a $12 million cap.
This act also authorizes the state and the City of St. Louis to enter into a financing agreement relating to the redevelopment of a site adjacent to a former public housing site which may lead to the retention of over 2,000 federal geospatial intelligence jobs. The financing agreement may provide for disbursement of state withholdings taxes and city tax revenues associated with the retained employer for up to 30 years to fund costs associated with retaining the employer. The total amount of state appropriations and withholdings taxes that may be associated with such project is $12 million. The project must provide a net fiscal benefit to the state over its term.
This act is similar to SB 401 (2015).