HCS SCS SB 885 -- COMMUNITY DEVELOPMENT PROJECTS

SPONSOR:  Bentley (Rizzo)

COMMITTEE ACTION:  Voted "do pass" by the Committee on Commerce
and Economic Development by a vote of 15 to 3.

This substitute:

(1)  Creates the Riverfront Development Act;

(2)  Allows a port authority to establish, by resolution, a
riverfront development district.  The port authority may also
approve development plans, approve projects, and establish
project areas.  The district must be established by city
ordinance before becoming effective;

(3)  Outlines the requirements for a development plan;

(4)  Requires the port authority to hold public hearings prior to
the adoption of a resolution establishing a riverfront
development district;

(5)  Gives the port authority all the powers necessary to carry
out its purposes;

(6)  Requires the port authority to establish a net new revenue
fund for the riverfront development district after a district has
been established;

(7)  Explains the manner in which ad valorem taxes and payments
in lieu of taxes will be divided between the affected taxing
districts;

(8)  Requires all economic activity taxes and sales taxes
generated within the project area to be collected by the port
authority and deposited into separate segregated accounts within
the net new revenue fund;

(9)  Establishes within the Department of Revenue the State Net
New Revenue Fund into which the estimated state net new revenues
from the project area may be deposited for eventual distribution
to the port authority;

(10)  Allows the port authority to impose a sales tax generated
on all sales within the district, except the sale of motor
vehicles, trailers, boats, outboard motors, electricity or
electrical current, water and gas (natural or artificial), and
the service to telephone subscribers (local or long distance);

(11)  Allows the port authority to levy one or more special
assessments against any portion of real property within the
district;

(12)  Requires the port authority to submit an annual report to
the municipality concerning the status of the development plan
and the approved projects; and

(13)  Allows the City of Springfield to designate one satellite
enterprise zone on city-owned land where a wastewater treatment
plant and an electrical power plant are located.  Before the
satellite zone's designation, the Director of the Department of
Development must approve a plan explaining how the satellite zone
corresponds to the city's overall enterprise zone strategy.

FISCAL NOTE:  Not available at time of printing.

PROPONENTS:  Supporters say that the substitute will allow
Springfield to designate one new satellite zone, which is
necessary because the current industrial park is full.  A
satellite zone will encourage development in that area.

Testifying for the bill were Senator Bentley; and City of
Springfield.

OPPONENTS:  There was no opposition voiced to the committee.

Alice Hurley, Legislative Analyst

Missouri House of Representatives
Last Updated October 11, 2002 at 9:04 am