Read 1st time February 14, 2000, and 1000 copies ordered printed.
ANNE C. WALKER, Chief Clerk
AN ACT
To amend chapter 447, RSMo, relating to lost and unclaimed property by adding thereto one new section relating to the contiguous property redevelopment fund.
Section A. Chapter 447, RSMo, is amended by adding thereto one new section, to be known as section 447.721, to read as follows:
447.721. 1. There is hereby created in the state treasury the "Contiguous Property Redevelopment Fund", which shall consist of all moneys appropriated to the fund, all moneys required by law to be deposited in the fund, and all gifts, bequests or donations of any kind to the fund. The fund shall be administered by the department of economic development. Subject to appropriation, the fund shall be used solely for the administration of and the purposes described in this section. Notwithstanding the provisions of section 33.080, RSMo, to the contrary, moneys in the fund shall not be transferred to the general revenue fund at the end of the biennium. All interest and moneys earned on investments from moneys in the fund shall be credited to the fund.
2. The governing body of any city not within a county may apply to the department of economic development for a grant from the contiguous property redevelopment fund. The department of economic development may promulgate the form for such applications in a manner consistent with this section. Grants from the fund may be made to the governing body to assist the body both acquiring multiple contiguous properties within such city and engaging in the initial redeveloping of such properties for future use as private enterprise or housing. For purposes of this section, "initial redeveloping" shall include all allowable costs, as that term is defined in section 447.700, and any other costs involving the improvement of the property to a state in which its redevelopment will be more economically feasible than such property would have been if such improvements had not been made.
3. In awarding grants pursuant to this section, the department shall give preference to those projects which propose the assembly of a greater number of acreage than other projects and to those projects which show that private interest exists for usage of the property once any redevelopment aided by grants pursuant to this section is completed.
4. The department of economic development may promulgate rules for the enforcement of this section. No rule
or portion of a rule promulgated pursuant to this section shall take effect unless it has been promulgated
pursuant to chapter 536, RSMo.
Missouri House of Representatives