SPONSOR: Green
This bill requires tax increment financing commissions to give priority to low-income areas, as specified in the bill. These provisions apply for any redevelopment project that is approved by a municipality after June 30, 2022.
Tax increment financing cannot be used for more than 5% of the total estimated redevelopment costs or 30% of the infrastructure costs, whichever is greater, of a project that is primarily retail unless the redevelopment is in a municipality, census block group, or group of block groups with a median household income less than 70% of that of the metropolitan area, a distressed community, a federal enterprise zone, or a federal empowerment zone.
The bill requires that the municipality and developer must submit a report annually to the Department of Economic Development regarding the approved plan. The department must submit a report to the Governor and General Assembly by April 30 of each year.
This bill specifies that any district providing emergency services under Chapter 190 or 321, RSMo, will be entitled to reimbursement from the special allocation fund for direct costs. However, such reimbursement will not be less than 25% nor more than 100% of the district's tax increment.
This bill is similar to HB 94 (2019).
Statutes affected: