Missouri Revised Statutes













Chapter 99

Municipal Housing

←99.1088

Section 99.1090.1

99.1092→

August 28, 2015

Application to department for approval of project costs, approval procedure--rulemaking authority.

99.1090. 1. A municipality shall submit an application to the department

of economic development for review and determination as to approval of the

disbursement of the project costs of one or more redevelopment projects from

the downtown revitalization preservation fund. The department of economic

development shall forward the application to the commissioner of the office of

administration for approval. In no event shall any approval authorize a

disbursement of one or more redevelopment projects from the downtown

revitalization preservation fund which exceeds the allowable amount of other

net new revenues derived from the redevelopment area. An application

submitted to the department of economic development shall contain the

following, in addition to the items set forth in section 99.1086:



(1) An estimate that one hundred percent of the local sales tax

increment deposited to the special allocation fund must and will be used to

pay redevelopment project costs or obligations issued to finance

redevelopment project costs to achieve the objectives of the redevelopment

plan;



(2) Identification of the existing businesses located within the

redevelopment project area and the redevelopment area;



(3) The aggregate baseline year amount of state sales tax revenues

reported by existing businesses within the redevelopment project area.

Provisions of section 32.057 notwithstanding, municipalities will provide this

information to the department of revenue for verification. The department of

revenue will verify the information provided by the municipalities within

forty-five days of receiving a request for such verification from a

municipality;



(4) An estimate of the state sales tax increment within the

redevelopment project area after redevelopment. The department of economic

development shall have the discretion to exempt smaller projects from this

requirement;



(5) An affidavit that is signed by the developer or developers attesting

that the provision of subdivision (2) of subsection 2 of section 99.1086 has

been met;



(6) The amounts and types of other net new revenues sought by the

applicant to be disbursed from the downtown revitalization preservation fund

over the term of the redevelopment plan;



(7) The methodologies and underlying assumptions used in determining the

estimate of the state sales tax increment; and



(8) Any other information reasonably requested by the department of

economic development.



2. The department of economic development shall make all reasonable

efforts to process applications within a reasonable amount of time.



3. The department of economic development shall make a determination

regarding the application for a certificate allowing disbursements from the

downtown revitalization preservation fund and shall forward such

determination to the commissioner of the office of administration. In no

event shall the amount of disbursements from the downtown revitalization

preservation fund approved for a project, in addition to any other state

economic redevelopment funding or other state incentives, exceed the

projected state benefit of the redevelopment project, as determined by the

department of economic development through a cost-benefit analysis. Any

political subdivision located either wholly or partially within the

redevelopment area shall be permitted to submit information to the department

of economic development for consideration in its cost-benefit analysis. Upon

approval of downtown revitalization preservation financing, a certificate of

approval shall be issued by the department of economic development containing

the terms and limitations of the disbursement.



4. At no time shall the annual amount of other net new revenues approved

for disbursements from the downtown revitalization preservation fund exceed

fifteen million dollars.



5. Redevelopment projects receiving disbursements from the downtown

revitalization preservation fund shall be limited to receiving such

disbursements for twenty-five years. The approved term notwithstanding,

downtown revitalization preservation financing shall terminate when

redevelopment financing for a redevelopment project is terminated by a

municipality.



6. The municipality shall deposit payments received from the downtown

revitalization preservation redevelopment fund in a separate segregated

account for other net new revenues within the special allocation fund.



7. Redevelopment project costs may include, at the prerogative of the

state, the portion of salaries and expenses of the department of economic

development and the department of revenue reasonably allocable to each

redevelopment project approved for disbursements from the downtown

revitalization preservation fund for the ongoing administrative functions

associated with such redevelopment project. Such amounts shall be recovered

from new state revenues deposited into the downtown revitalization

preservation fund created under section 99.1092.



8. A redevelopment project approved for downtown revitalization

preservation financing shall not thereafter elect to receive tax increment

financing under the real property tax increment allocation redevelopment act,

sections 99.800 to 99.865, and continue to receive downtown revitalization

financing under sections 99.1080 to 99.1092.



9. The department of economic development may establish the procedures

and standards for the determination and approval of applications by the

promulgation of rules and publish forms to implement the provisions of this

section and section 99.1092.



10. Any rule or portion of a rule, as that term is defined in section

536.010, that is created under the authority delegated in this section and

section 99.1092 shall become effective only if it complies with and is

subject to all of the provisions of chapter 536 and, if applicable, section

536.028. This section, section 99.1092, and chapter 536 are nonseverable and

if any of the powers vested with the general assembly under chapter 536 to

review, to delay the effective date, or to disapprove and annul a rule are

subsequently held unconstitutional, then the grant of rulemaking authority and

any rule proposed or adopted after August 28, 2005, shall be invalid and void.



(L. 2005 H.B. 58 merged with S.B. 210)







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