SPONSOR: Coleman (97)
This bill modifies several provisions relating to tax increment financing.
This bill modifies the definitions of "blighted area" and "conservation area", and creates new definitions for "flood plain infrastructure projects", "port infrastructure projects", "retail area", and "retail infrastructure projects" (Section 99.805, RSMo).
This bill modifies local tax increment financing projects by providing that a study will be conducted by a party other than the proponent of the redevelopment plan, which details how the area meets the definition of an area eligible to receive tax increment financing.
This bill also provides that retail areas, as defined in the bill, will not receive tax increment financing unless such financing is exclusively utilized to fund retail infrastructure projects, as defined in the bill, or unless such area is a blighted or conservation area (Section 99.810).
This bill prohibits new projects from being authorized in any Greenfield area (Section 99.843).
This bill also prohibits new projects from being authorized in an area designated as a flood plain by the Federal Emergency Management Agency unless such projects are located in a port district, provided such financing is utilized for port infrastructure projects, or in a levee or drainage district created prior to August 28, 2020. This bill also provides that new projects may be authorized in an area within a flood plain provided that such financing must be exclusively utilized to fund flood plain infrastructure projects, as defined in the bill, that result in such area no longer being within an area designated as a flood plain. This provision will not apply to tax increment financing projects or districts approved prior to June 30, 2021, and such projects may be modified, amended, or expanded by not more than 40% of such projects' original projected cost. Projects in flood plains will not be authorized in St. Charles County (Section 99.847).
This bill is the same as SB 570 (2020).
Statutes affected: