HB 431 -- ECONOMIC STIMULUS

SPONSOR:  Wright (137)

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee on
Job Creation and Economic Development by a vote of 16 to 0.

This bill allows certain buildings in the City of Springfield to
be eligible to receive the sales and income tax increments of the
Missouri Downtown and Rural Economic Stimulus Act (MODESA) if
they are located within the 100-year flood plain.  Buildings
located within the city's 100-year flood plain must be certified
as flood proofed in accordance with the Federal Emergency
Management Agency's standards or they will not be eligible to
receive the MODESA tax benefits.

FISCAL NOTE:  No impact on state funds in FY 2006, FY 2007, and
FY 2008.

PROPONENTS:  Supporters say that the bill modifies the Missouri
Downtown Economic Stimulus Act so that the City of Springfield
can renovate an older historic building that is located in the
flood plain.  The renovation plans include flood proofing the
building, which will make it safer.  A great deal of federal
money has already been secured for the project's first phase of
the development which will become an innovation center, focused
on high-end technology.

Testifying for the bill were Representative Wright (137); and
City of Springfield.

OPPOSITION:  There was no opposition voiced to the committee.

Alice Hurley, Legislative Analyst

Missouri House of Representatives
93rd General Assembly, 1st Regular Session
Last Updated August 25, 2005 at 1:19 pm