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HCS/SCS/SB 11 - This act allows the governing body of any municipality to enter into loan agreements, or sell, lease, or mortgage municipal property to private entities for the development of a technology business facility project. Transactions involving the lease or rental of such properties shall be exempt from state and local sales taxes and any leasehold interests on such properties shall not be subject to property taxes. The act also allows municipalities to sell or otherwise dispose of municipal property to private entities for technology business facility projects provided that the terms and methods utilized reasonably protect the economic well-being of the municipality. Any private entity which transfers property to the municipality for purposes of a technology business facility project shall reserve the right to request that the municipality transfer such property back to the entity at no cost. (Section 67.2050) This provision is identical to HB 389 (2017), SB 927 (2016) and HB 2065 (2016), and to a provision contained in SB 343 (2015), and is substantially similar to SB 273 (2017), HB 1444 (2014), and to a provision contained in HCS/HB 497 (2015,) HB 872 (2015), HB 1498 (2014), HB 1501 (2014), HB 1502 (2014), SB 633 (2014), HCS#2/SCS/SB 777 (2014). This act lowers the voter approval threshold for the sale of a public water or wastewater system by certain fourth class cities from a two-thirds affirmative vote to a majority affirmative vote. (Section 88.770) This provision is identical to a provision contained in HCS/HB 247 (2017). This act also modifies the definition of "facility" and "project for industrial development". "Facility" is now defined as real and personal property purchased as part of a project. "Project" is defined as the purchasing, constructing, extending, or improving a facility intended to be leased or otherwise disposed of that is used for manufacturing, commercial, warehousing, and industrial development purposes. This act also adds a definition of "machinery" and removes the definition of "office industry". (Section 100.010) This act also modifies the language relating to agreements that may be entered into by municipalities who participate in industrial development projects. (Section 100.180) JOSHUA NORBERG
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