Bill Text: MO HB1709 | 2014 | Regular Session | Introduced

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Bill Title: Changes the laws regarding tax increment financing programs

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2014-03-04 - Public Hearing Completed (H) [HB1709 Detail]

Download: Missouri-2014-HB1709-Introduced.html

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SECOND REGULAR SESSION

HOUSE BILL NO. 1709

97TH GENERAL ASSEMBLY

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INTRODUCED BY REPRESENTATIVE BAHR.

5799H.01I                                                                                                                                                  D. ADAM CRUMBLISS, Chief Clerk

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AN ACT

To repeal section 99.847, RSMo, and to enact in lieu thereof one new section relating to tax increment financing.

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Be it enacted by the General Assembly of the state of Missouri, as follows:

            Section A. Section 99.847, RSMo, is repealed and one new section enacted in lieu thereof, to be known as section 99.847, to read as follows:

            99.847. 1. Notwithstanding the provisions of sections 99.800 to 99.865 to the contrary, no new tax increment financing project shall be authorized in any area which is within an area designated as flood plain by the Federal Emergency Management Agency [and which is located in or partly within a county with a charter form of government with greater than two hundred fifty thousand inhabitants but fewer than three hundred thousand inhabitants,] unless the redevelopment area actually abuts a river or a major waterway and is substantially surrounded by contiguous properties with residential, industrial, or commercial zoning classifications.

            2. This subsection shall not apply to tax increment financing projects or districts approved prior to July 1, 2003, and shall allow the aforementioned tax increment financing projects to modify, amend or expand such projects including redevelopment project costs by not more than forty percent of such project original projected cost including redevelopment project costs as such projects including redevelopment project costs as such projects redevelopment projects including redevelopment project costs existed as of June 30, 2003, and shall allow the aforementioned tax increment financing district to modify, amend or expand such districts by not more than five percent as such districts existed as of June 30, 2003.

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