Disbursement of project costs, approval of departmentrequired--application, contents--finance board to makedetermination--cap on disbursements--time limitations ondisbursements--development costs defined--projects ineligiblefor TIFs, when--rulemaking authority.
99.960. 1. A municipality shall submit an application to thedepartment of economic development for review and submission of an analysisand recommendation to the Missouri development finance board for adetermination as to approval of the disbursement of the project costs ofone or more development projects from the state supplemental downtowndevelopment fund. The department of economic development shall forward theapplication to the Missouri development finance board with the analysis andrecommendation. In no event shall any approval authorize a disbursement ofone or more development projects from the state supplemental downtowndevelopment fund which exceeds the allowable amount of other net newrevenues derived from the development area. An application submitted tothe department of economic development shall contain the following, inaddition to the items set forth in section 99.942:
(1) An estimate that one hundred percent of the payments in lieu oftaxes and economic activity taxes deposited to the special allocation fundmust and will be used to pay development project costs or obligationsissued to finance development project costs to achieve the objectives ofthe development plan. Contributions to the development project from anyprivate not-for-profit organization or local contributions from taxabatement or other sources may be substituted on a dollar-for-dollar basisfor the local match of one hundred percent of payments in lieu of taxes andeconomic activity taxes from the fund;
(2) Identification of the existing businesses located within thedevelopment project area and the development area;
(3) The aggregate baseline year amount of state sales tax revenuesand the aggregate baseline year amount of state income tax withheld onbehalf of existing employees, reported by existing businesses within thedevelopment project area. Provisions of section 32.057, RSMo,notwithstanding, municipalities will provide this information to thedepartment of revenue for verification. The department of revenue willverify the information provided by the municipalities within forty-fivedays of receiving a request for such verification from a municipality;
(4) An estimate of the state sales tax increment and state income taxincrement within the development project area after redevelopment;
(5) An affidavit that is signed by the developer or developersattesting that the provision of subdivision (2) of subsection 3 of section99.942 has been met and specifying that the development area would not bereasonably anticipated to be developed without the appropriation of theother net new revenues;
(6) The amounts and types of other net new revenues sought by theapplicant to be disbursed from state supplemental downtown development fundover the term of the development plan;
(7) The methodologies and underlying assumptions used in determiningthe estimate of the state sales tax increment and the state income taxincrement; and
(8) Any other information reasonably requested by the department ofeconomic development and the Missouri development finance board.
2. The department of economic development shall make all reasonableefforts to process applications within sixty days of receipt of theapplication.
3. The Missouri development finance board shall make a determinationregarding the application for a certificate allowing disbursements from thestate supplemental downtown development fund and shall forward suchdetermination to the director of the department of economic development.In no event shall the amount of disbursements from the state supplementaldowntown development fund approved for a project, in addition to any otherstate economic development funding or other state incentives, exceed theprojected state benefit of the development project, as determined by thedepartment of economic development through a cost-benefit analysis. Anypolitical subdivision located either wholly or partially within thedevelopment area shall be permitted to submit information to the departmentof economic development for consideration in its cost-benefit analysis.Upon approval of state supplemental downtown development financing, acertificate 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 state supplemental downtown developmentfund exceed one hundred eight million dollars.
5. Development projects receiving disbursements from the statesupplemental downtown development fund shall be limited to receiving suchdisbursements for fifteen years, unless specific approval for a longer termis given by the director of the department of economic development, as setforth in the certificate of approval; except that, in no case shall theduration exceed twenty-five years. The approved term notwithstanding,state supplemental downtown development financing shall terminate whendevelopment financing for a development project is terminated by amunicipality.
6. The municipality shall deposit payments received from the statesupplemental downtown development fund in a separate segregated account forother net new revenues within the special allocation fund.
7. Development project costs may include, at the prerogative of thestate, the portion of salaries and expenses of the department of economicdevelopment, the Missouri development finance board, and the department ofrevenue reasonably allocable to each development project approved fordisbursements from the state supplemental downtown development fund for theongoing administrative functions associated with such development project.Such amounts shall be recovered from other net new revenues deposited intothe state supplemental downtown development fund created pursuant tosection 99.963.
8. A development project approved for state supplemental downtowndevelopment financing may not thereafter elect to receive tax incrementfinancing pursuant to the real property tax increment allocationredevelopment act, sections 99.800 to 99.865, and continue to receive statesupplemental downtown development financing pursuant to sections 99.915 to99.980.
9. The department of economic development, in conjunction with theMissouri development finance board, may establish the procedures andstandards for the determination and approval of applications by thepromulgation of rules and regulations and publish forms to implement theprovisions of this section and section 99.963.
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 99.963 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 99.963, andchapter 536, RSMo, are nonseverable and if any of the powers vested withthe general assembly pursuant to 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, 2003, shall be invalid and void.
11. The Missouri development finance board shall consider paritybased on population and geography of the state among the regions of thestate in making determinations on applications pursuant to this section.
Disbursement of project costs, approval of departmentrequired--application, contents--finance board to makedetermination--cap on disbursements--time limitations ondisbursements--development costs defined--projects ineligiblefor TIFs, when--rulemaking authority.
99.960. 1. A municipality shall submit an application to thedepartment of economic development for review and submission of an analysisand recommendation to the Missouri development finance board for adetermination as to approval of the disbursement of the project costs ofone or more development projects from the state supplemental downtowndevelopment fund. The department of economic development shall forward theapplication to the Missouri development finance board with the analysis andrecommendation. In no event shall any approval authorize a disbursement ofone or more development projects from the state supplemental downtowndevelopment fund which exceeds the allowable amount of other net newrevenues derived from the development area. An application submitted tothe department of economic development shall contain the following, inaddition to the items set forth in section 99.942:
(1) An estimate that one hundred percent of the payments in lieu oftaxes and economic activity taxes deposited to the special allocation fundmust and will be used to pay development project costs or obligationsissued to finance development project costs to achieve the objectives ofthe development plan. Contributions to the development project from anyprivate not-for-profit organization or local contributions from taxabatement or other sources may be substituted on a dollar-for-dollar basisfor the local match of one hundred percent of payments in lieu of taxes andeconomic activity taxes from the fund;
(2) Identification of the existing businesses located within thedevelopment project area and the development area;
(3) The aggregate baseline year amount of state sales tax revenuesand the aggregate baseline year amount of state income tax withheld onbehalf of existing employees, reported by existing businesses within thedevelopment project area. Provisions of section 32.057, RSMo,notwithstanding, municipalities will provide this information to thedepartment of revenue for verification. The department of revenue willverify the information provided by the municipalities within forty-fivedays of receiving a request for such verification from a municipality;
(4) An estimate of the state sales tax increment and state income taxincrement within the development project area after redevelopment;
(5) An affidavit that is signed by the developer or developersattesting that the provision of subdivision (2) of subsection 3 of section99.942 has been met and specifying that the development area would not bereasonably anticipated to be developed without the appropriation of theother net new revenues;
(6) The amounts and types of other net new revenues sought by theapplicant to be disbursed from state supplemental downtown development fundover the term of the development plan;
(7) The methodologies and underlying assumptions used in determiningthe estimate of the state sales tax increment and the state income taxincrement; and
(8) Any other information reasonably requested by the department ofeconomic development and the Missouri development finance board.
2. The department of economic development shall make all reasonableefforts to process applications within sixty days of receipt of theapplication.
3. The Missouri development finance board shall make a determinationregarding the application for a certificate allowing disbursements from thestate supplemental downtown development fund and shall forward suchdetermination to the director of the department of economic development.In no event shall the amount of disbursements from the state supplementaldowntown development fund approved for a project, in addition to any otherstate economic development funding or other state incentives, exceed theprojected state benefit of the development project, as determined by thedepartment of economic development through a cost-benefit analysis. Anypolitical subdivision located either wholly or partially within thedevelopment area shall be permitted to submit information to the departmentof economic development for consideration in its cost-benefit analysis.Upon approval of state supplemental downtown development financing, acertificate 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 state supplemental downtown developmentfund exceed one hundred eight million dollars.
5. Development projects receiving disbursements from the statesupplemental downtown development fund shall be limited to receiving suchdisbursements for fifteen years, unless specific approval for a longer termis given by the director of the department of economic development, as setforth in the certificate of approval; except that, in no case shall theduration exceed twenty-five years. The approved term notwithstanding,state supplemental downtown development financing shall terminate whendevelopment financing for a development project is terminated by amunicipality.
6. The municipality shall deposit payments received from the statesupplemental downtown development fund in a separate segregated account forother net new revenues within the special allocation fund.
7. Development project costs may include, at the prerogative of thestate, the portion of salaries and expenses of the department of economicdevelopment, the Missouri development finance board, and the department ofrevenue reasonably allocable to each development project approved fordisbursements from the state supplemental downtown development fund for theongoing administrative functions associated with such development project.Such amounts shall be recovered from other net new revenues deposited intothe state supplemental downtown development fund created pursuant tosection 99.963.
8. A development project approved for state supplemental downtowndevelopment financing may not thereafter elect to receive tax incrementfinancing pursuant to the real property tax increment allocationredevelopment act, sections 99.800 to 99.865, and continue to receive statesupplemental downtown development financing pursuant to sections 99.915 to99.980.
9. The department of economic development, in conjunction with theMissouri development finance board, may establish the procedures andstandards for the determination and approval of applications by thepromulgation of rules and regulations and publish forms to implement theprovisions of this section and section 99.963.
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 99.963 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 99.963, andchapter 536, RSMo, are nonseverable and if any of the powers vested withthe general assembly pursuant to 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, 2003, shall be invalid and void.
11. The Missouri development finance board shall consider paritybased on population and geography of the state among the regions of thestate in making determinations on applications pursuant to this section.
Disbursement of project costs, approval of departmentrequired--application, contents--finance board to makedetermination--cap on disbursements--time limitations ondisbursements--development costs defined--projects ineligiblefor TIFs, when--rulemaking authority.
99.960. 1. A municipality shall submit an application to thedepartment of economic development for review and submission of an analysisand recommendation to the Missouri development finance board for adetermination as to approval of the disbursement of the project costs ofone or more development projects from the state supplemental downtowndevelopment fund. The department of economic development shall forward theapplication to the Missouri development finance board with the analysis andrecommendation. In no event shall any approval authorize a disbursement ofone or more development projects from the state supplemental downtowndevelopment fund which exceeds the allowable amount of other net newrevenues derived from the development area. An application submitted tothe department of economic development shall contain the following, inaddition to the items set forth in section 99.942:
(1) An estimate that one hundred percent of the payments in lieu oftaxes and economic activity taxes deposited to the special allocation fundmust and will be used to pay development project costs or obligationsissued to finance development project costs to achieve the objectives ofthe development plan. Contributions to the development project from anyprivate not-for-profit organization or local contributions from taxabatement or other sources may be substituted on a dollar-for-dollar basisfor the local match of one hundred percent of payments in lieu of taxes andeconomic activity taxes from the fund;
(2) Identification of the existing businesses located within thedevelopment project area and the development area;
(3) The aggregate baseline year amount of state sales tax revenuesand the aggregate baseline year amount of state income tax withheld onbehalf of existing employees, reported by existing businesses within thedevelopment project area. Provisions of section 32.057, RSMo,notwithstanding, municipalities will provide this information to thedepartment of revenue for verification. The department of revenue willverify the information provided by the municipalities within forty-fivedays of receiving a request for such verification from a municipality;
(4) An estimate of the state sales tax increment and state income taxincrement within the development project area after redevelopment;
(5) An affidavit that is signed by the developer or developersattesting that the provision of subdivision (2) of subsection 3 of section99.942 has been met and specifying that the development area would not bereasonably anticipated to be developed without the appropriation of theother net new revenues;
(6) The amounts and types of other net new revenues sought by theapplicant to be disbursed from state supplemental downtown development fundover the term of the development plan;
(7) The methodologies and underlying assumptions used in determiningthe estimate of the state sales tax increment and the state income taxincrement; and
(8) Any other information reasonably requested by the department ofeconomic development and the Missouri development finance board.
2. The department of economic development shall make all reasonableefforts to process applications within sixty days of receipt of theapplication.
3. The Missouri development finance board shall make a determinationregarding the application for a certificate allowing disbursements from thestate supplemental downtown development fund and shall forward suchdetermination to the director of the department of economic development.In no event shall the amount of disbursements from the state supplementaldowntown development fund approved for a project, in addition to any otherstate economic development funding or other state incentives, exceed theprojected state benefit of the development project, as determined by thedepartment of economic development through a cost-benefit analysis. Anypolitical subdivision located either wholly or partially within thedevelopment area shall be permitted to submit information to the departmentof economic development for consideration in its cost-benefit analysis.Upon approval of state supplemental downtown development financing, acertificate 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 state supplemental downtown developmentfund exceed one hundred eight million dollars.
5. Development projects receiving disbursements from the statesupplemental downtown development fund shall be limited to receiving suchdisbursements for fifteen years, unless specific approval for a longer termis given by the director of the department of economic development, as setforth in the certificate of approval; except that, in no case shall theduration exceed twenty-five years. The approved term notwithstanding,state supplemental downtown development financing shall terminate whendevelopment financing for a development project is terminated by amunicipality.
6. The municipality shall deposit payments received from the statesupplemental downtown development fund in a separate segregated account forother net new revenues within the special allocation fund.
7. Development project costs may include, at the prerogative of thestate, the portion of salaries and expenses of the department of economicdevelopment, the Missouri development finance board, and the department ofrevenue reasonably allocable to each development project approved fordisbursements from the state supplemental downtown development fund for theongoing administrative functions associated with such development project.Such amounts shall be recovered from other net new revenues deposited intothe state supplemental downtown development fund created pursuant tosection 99.963.
8. A development project approved for state supplemental downtowndevelopment financing may not thereafter elect to receive tax incrementfinancing pursuant to the real property tax increment allocationredevelopment act, sections 99.800 to 99.865, and continue to receive statesupplemental downtown development financing pursuant to sections 99.915 to99.980.
9. The department of economic development, in conjunction with theMissouri development finance board, may establish the procedures andstandards for the determination and approval of applications by thepromulgation of rules and regulations and publish forms to implement theprovisions of this section and section 99.963.
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 99.963 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 99.963, andchapter 536, RSMo, are nonseverable and if any of the powers vested withthe general assembly pursuant to 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, 2003, shall be invalid and void.
11. The Missouri development finance board shall consider paritybased on population and geography of the state among the regions of thestate in making determinations on applications pursuant to this section.
