Application to department for approval of project costs, approvalprocedure--rulemaking authority.
99.1090. 1. A municipality shall submit an application to thedepartment of economic development for review and determination as toapproval of the disbursement of the project costs of one or moreredevelopment projects from the downtown revitalization preservation fund.The department of economic development shall forward the application to thecommissioner of the office of administration for approval. In no eventshall any approval authorize a disbursement of one or more redevelopmentprojects from the downtown revitalization preservation fund which exceedsthe allowable amount of other net new revenues derived from theredevelopment area. An application submitted to the department of economicdevelopment shall contain the following, in addition to the items set forthin section 99.1086:
(1) An estimate that one hundred percent of the local sales taxincrement deposited to the special allocation fund must and will be used topay redevelopment project costs or obligations issued to financeredevelopment project costs to achieve the objectives of the redevelopmentplan;
(2) Identification of the existing businesses located within theredevelopment project area and the redevelopment area;
(3) The aggregate baseline year amount of state sales tax revenuesreported by existing businesses within the redevelopment project area.Provisions of section 32.057, RSMo, notwithstanding, municipalities willprovide this information to the department of revenue for verification.The department of revenue will verify the information provided by themunicipalities within forty-five days of receiving a request for suchverification from a municipality;
(4) An estimate of the state sales tax increment within theredevelopment project area after redevelopment. The department of economicdevelopment shall have the discretion to exempt smaller projects from thisrequirement;
(5) An affidavit that is signed by the developer or developersattesting that the provision of subdivision (2) of subsection 2 of section99.1086 has been met;
(6) The amounts and types of other net new revenues sought by theapplicant to be disbursed from the downtown revitalization preservationfund over the term of the redevelopment plan;
(7) The methodologies and underlying assumptions used in determiningthe estimate of the state sales tax increment; and
(8) Any other information reasonably requested by the department ofeconomic development.
2. The department of economic development shall make all reasonableefforts to process applications within a reasonable amount of time.
3. The department of economic development shall make a determinationregarding the application for a certificate allowing disbursements from thedowntown revitalization preservation fund and shall forward suchdetermination to the commissioner of the office of administration. In noevent shall the amount of disbursements from the downtown revitalizationpreservation fund approved for a project, in addition to any other stateeconomic redevelopment funding or other state incentives, exceed theprojected state benefit of the redevelopment project, as determined by thedepartment of economic development through a cost-benefit analysis. Anypolitical subdivision located either wholly or partially within theredevelopment area shall be permitted to submit information to thedepartment of economic development for consideration in its cost-benefitanalysis. Upon approval of downtown revitalization preservation financing,a certificate of approval shall be issued by the department of economicdevelopment containing the terms and limitations of the disbursement.
4. At no time shall the annual amount of other net new revenuesapproved for disbursements from the downtown revitalization preservationfund exceed fifteen million dollars.
5. Redevelopment projects receiving disbursements from the downtownrevitalization preservation fund shall be limited to receiving suchdisbursements for twenty-five years. The approved term notwithstanding,downtown revitalization preservation financing shall terminate whenredevelopment financing for a redevelopment project is terminated by amunicipality.
6. The municipality shall deposit payments received from the downtownrevitalization preservation redevelopment fund in a separate segregatedaccount for other net new revenues within the special allocation fund.
7. Redevelopment project costs may include, at the prerogative of thestate, the portion of salaries and expenses of the department of economicdevelopment and the department of revenue reasonably allocable to eachredevelopment project approved for disbursements from the downtownrevitalization preservation fund for the ongoing administrative functionsassociated with such redevelopment project. Such amounts shall berecovered from new state revenues deposited into the downtownrevitalization preservation fund created under section 99.1092.
8. A redevelopment project approved for downtown revitalizationpreservation financing shall not thereafter elect to receive tax incrementfinancing under the real property tax increment allocation redevelopmentact, sections 99.800 to 99.865, and continue to receive downtownrevitalization financing under sections 99.1080 to 99.1092.
9. The department of economic development may establish theprocedures and standards for the determination and approval of applicationsby the promulgation of rules and publish forms to implement the provisionsof this section and section 99.1092.
10. Any rule or portion of a rule, as that term is defined in section536.010, RSMo, that is created under the authority delegated in thissection and section 99.1092 shall become effective only if it complies withand is subject to all of the provisions of chapter 536, RSMo, and, ifapplicable, section 536.028, RSMo. This section, section 99.1092, andchapter 536, RSMo, are nonseverable and if any of the powers vested withthe general assembly under chapter 536, RSMo, to review, to delay theeffective date, or to disapprove and annul a rule are subsequently heldunconstitutional, then the grant of rulemaking authority and any ruleproposed or adopted after August 28, 2005, shall be invalid and void.
Application to department for approval of project costs, approvalprocedure--rulemaking authority.
99.1090. 1. A municipality shall submit an application to thedepartment of economic development for review and determination as toapproval of the disbursement of the project costs of one or moreredevelopment projects from the downtown revitalization preservation fund.The department of economic development shall forward the application to thecommissioner of the office of administration for approval. In no eventshall any approval authorize a disbursement of one or more redevelopmentprojects from the downtown revitalization preservation fund which exceedsthe allowable amount of other net new revenues derived from theredevelopment area. An application submitted to the department of economicdevelopment shall contain the following, in addition to the items set forthin section 99.1086:
(1) An estimate that one hundred percent of the local sales taxincrement deposited to the special allocation fund must and will be used topay redevelopment project costs or obligations issued to financeredevelopment project costs to achieve the objectives of the redevelopmentplan;
(2) Identification of the existing businesses located within theredevelopment project area and the redevelopment area;
(3) The aggregate baseline year amount of state sales tax revenuesreported by existing businesses within the redevelopment project area.Provisions of section 32.057, RSMo, notwithstanding, municipalities willprovide this information to the department of revenue for verification.The department of revenue will verify the information provided by themunicipalities within forty-five days of receiving a request for suchverification from a municipality;
(4) An estimate of the state sales tax increment within theredevelopment project area after redevelopment. The department of economicdevelopment shall have the discretion to exempt smaller projects from thisrequirement;
(5) An affidavit that is signed by the developer or developersattesting that the provision of subdivision (2) of subsection 2 of section99.1086 has been met;
(6) The amounts and types of other net new revenues sought by theapplicant to be disbursed from the downtown revitalization preservationfund over the term of the redevelopment plan;
(7) The methodologies and underlying assumptions used in determiningthe estimate of the state sales tax increment; and
(8) Any other information reasonably requested by the department ofeconomic development.
2. The department of economic development shall make all reasonableefforts to process applications within a reasonable amount of time.
3. The department of economic development shall make a determinationregarding the application for a certificate allowing disbursements from thedowntown revitalization preservation fund and shall forward suchdetermination to the commissioner of the office of administration. In noevent shall the amount of disbursements from the downtown revitalizationpreservation fund approved for a project, in addition to any other stateeconomic redevelopment funding or other state incentives, exceed theprojected state benefit of the redevelopment project, as determined by thedepartment of economic development through a cost-benefit analysis. Anypolitical subdivision located either wholly or partially within theredevelopment area shall be permitted to submit information to thedepartment of economic development for consideration in its cost-benefitanalysis. Upon approval of downtown revitalization preservation financing,a certificate of approval shall be issued by the department of economicdevelopment containing the terms and limitations of the disbursement.
4. At no time shall the annual amount of other net new revenuesapproved for disbursements from the downtown revitalization preservationfund exceed fifteen million dollars.
5. Redevelopment projects receiving disbursements from the downtownrevitalization preservation fund shall be limited to receiving suchdisbursements for twenty-five years. The approved term notwithstanding,downtown revitalization preservation financing shall terminate whenredevelopment financing for a redevelopment project is terminated by amunicipality.
6. The municipality shall deposit payments received from the downtownrevitalization preservation redevelopment fund in a separate segregatedaccount for other net new revenues within the special allocation fund.
7. Redevelopment project costs may include, at the prerogative of thestate, the portion of salaries and expenses of the department of economicdevelopment and the department of revenue reasonably allocable to eachredevelopment project approved for disbursements from the downtownrevitalization preservation fund for the ongoing administrative functionsassociated with such redevelopment project. Such amounts shall berecovered from new state revenues deposited into the downtownrevitalization preservation fund created under section 99.1092.
8. A redevelopment project approved for downtown revitalizationpreservation financing shall not thereafter elect to receive tax incrementfinancing under the real property tax increment allocation redevelopmentact, sections 99.800 to 99.865, and continue to receive downtownrevitalization financing under sections 99.1080 to 99.1092.
9. The department of economic development may establish theprocedures and standards for the determination and approval of applicationsby the promulgation of rules and publish forms to implement the provisionsof this section and section 99.1092.
10. Any rule or portion of a rule, as that term is defined in section536.010, RSMo, that is created under the authority delegated in thissection and section 99.1092 shall become effective only if it complies withand is subject to all of the provisions of chapter 536, RSMo, and, ifapplicable, section 536.028, RSMo. This section, section 99.1092, andchapter 536, RSMo, are nonseverable and if any of the powers vested withthe general assembly under chapter 536, RSMo, to review, to delay theeffective date, or to disapprove and annul a rule are subsequently heldunconstitutional, then the grant of rulemaking authority and any ruleproposed or adopted after August 28, 2005, shall be invalid and void.
Application to department for approval of project costs, approvalprocedure--rulemaking authority.
99.1090. 1. A municipality shall submit an application to thedepartment of economic development for review and determination as toapproval of the disbursement of the project costs of one or moreredevelopment projects from the downtown revitalization preservation fund.The department of economic development shall forward the application to thecommissioner of the office of administration for approval. In no eventshall any approval authorize a disbursement of one or more redevelopmentprojects from the downtown revitalization preservation fund which exceedsthe allowable amount of other net new revenues derived from theredevelopment area. An application submitted to the department of economicdevelopment shall contain the following, in addition to the items set forthin section 99.1086:
(1) An estimate that one hundred percent of the local sales taxincrement deposited to the special allocation fund must and will be used topay redevelopment project costs or obligations issued to financeredevelopment project costs to achieve the objectives of the redevelopmentplan;
(2) Identification of the existing businesses located within theredevelopment project area and the redevelopment area;
(3) The aggregate baseline year amount of state sales tax revenuesreported by existing businesses within the redevelopment project area.Provisions of section 32.057, RSMo, notwithstanding, municipalities willprovide this information to the department of revenue for verification.The department of revenue will verify the information provided by themunicipalities within forty-five days of receiving a request for suchverification from a municipality;
(4) An estimate of the state sales tax increment within theredevelopment project area after redevelopment. The department of economicdevelopment shall have the discretion to exempt smaller projects from thisrequirement;
(5) An affidavit that is signed by the developer or developersattesting that the provision of subdivision (2) of subsection 2 of section99.1086 has been met;
(6) The amounts and types of other net new revenues sought by theapplicant to be disbursed from the downtown revitalization preservationfund over the term of the redevelopment plan;
(7) The methodologies and underlying assumptions used in determiningthe estimate of the state sales tax increment; and
(8) Any other information reasonably requested by the department ofeconomic development.
2. The department of economic development shall make all reasonableefforts to process applications within a reasonable amount of time.
3. The department of economic development shall make a determinationregarding the application for a certificate allowing disbursements from thedowntown revitalization preservation fund and shall forward suchdetermination to the commissioner of the office of administration. In noevent shall the amount of disbursements from the downtown revitalizationpreservation fund approved for a project, in addition to any other stateeconomic redevelopment funding or other state incentives, exceed theprojected state benefit of the redevelopment project, as determined by thedepartment of economic development through a cost-benefit analysis. Anypolitical subdivision located either wholly or partially within theredevelopment area shall be permitted to submit information to thedepartment of economic development for consideration in its cost-benefitanalysis. Upon approval of downtown revitalization preservation financing,a certificate of approval shall be issued by the department of economicdevelopment containing the terms and limitations of the disbursement.
4. At no time shall the annual amount of other net new revenuesapproved for disbursements from the downtown revitalization preservationfund exceed fifteen million dollars.
5. Redevelopment projects receiving disbursements from the downtownrevitalization preservation fund shall be limited to receiving suchdisbursements for twenty-five years. The approved term notwithstanding,downtown revitalization preservation financing shall terminate whenredevelopment financing for a redevelopment project is terminated by amunicipality.
6. The municipality shall deposit payments received from the downtownrevitalization preservation redevelopment fund in a separate segregatedaccount for other net new revenues within the special allocation fund.
7. Redevelopment project costs may include, at the prerogative of thestate, the portion of salaries and expenses of the department of economicdevelopment and the department of revenue reasonably allocable to eachredevelopment project approved for disbursements from the downtownrevitalization preservation fund for the ongoing administrative functionsassociated with such redevelopment project. Such amounts shall berecovered from new state revenues deposited into the downtownrevitalization preservation fund created under section 99.1092.
8. A redevelopment project approved for downtown revitalizationpreservation financing shall not thereafter elect to receive tax incrementfinancing under the real property tax increment allocation redevelopmentact, sections 99.800 to 99.865, and continue to receive downtownrevitalization financing under sections 99.1080 to 99.1092.
9. The department of economic development may establish theprocedures and standards for the determination and approval of applicationsby the promulgation of rules and publish forms to implement the provisionsof this section and section 99.1092.
10. Any rule or portion of a rule, as that term is defined in section536.010, RSMo, that is created under the authority delegated in thissection and section 99.1092 shall become effective only if it complies withand is subject to all of the provisions of chapter 536, RSMo, and, ifapplicable, section 536.028, RSMo. This section, section 99.1092, andchapter 536, RSMo, are nonseverable and if any of the powers vested withthe general assembly under chapter 536, RSMo, to review, to delay theeffective date, or to disapprove and annul a rule are subsequently heldunconstitutional, then the grant of rulemaking authority and any ruleproposed or adopted after August 28, 2005, shall be invalid and void.
