SPONSOR: Mackey
This bill sets up a process in which a municipality located in a county with more than one million inhabitants can challenge a tax abatement in a bordering municipality.
Before a municipality can approve a tax abatement under a redevelopment project, it must provide notice of the proposed abatement to any municipality sharing a border with that project. If the bordering municipality objects to the abatement, it can provide notice of its objection to the neighboring municipality.
Upon receiving notice from the bordering municipality, the municipality desiring to grant the abatement will notify the bordering municipality, the county's Tax Increment Financing (TIF) commission, or the county's governing body, if it has no TIF commission.
The commission or governing body will then provide a process with at least one public hearing for each municipality to present its case for approval or rejection of the abatement. Within 30 days of the hearing on the abatement, the commission or governing body will vote to approve or reject the abatement.
Upon enactment, the provisions of this bill will apply to St. Louis County.
Statutes affected: