FIRST REGULAR SESSION

HOUSE BILL NO. 734

93RD GENERAL ASSEMBLY

 

 

INTRODUCED BY REPRESENTATIVE LEMBKE.

         Read 1st time March 8, 2005 and copies ordered printed.

STEPHEN S. DAVIS, Chief Clerk

1998L.01I

 

AN ACT

To repeal sections 99.847 and 99.848, RSMo, and to enact in lieu thereof two new sections relating to tax increment financing.




Be it enacted by the General Assembly of the state of Missouri, as follows:


            Section A. Sections 99.847 and 99.848, RSMo, are repealed and two new sections enacted in lieu thereof, to be known as sections 99.847 and 99.848, to read as follows:

            99.847. 1. [Any district providing emergency services pursuant to chapter 190 or 321, RSMo, shall be entitled to reimbursement from the special allocation fund in the amount of at least fifty percent nor more than one hundred percent of the district's tax increment.

            2.] Notwithstanding the provisions of sections 99.800 to 99.865 to the contrary, no new tax increment financing project shall be authorized in any area which is within an area designated as flood plain by the Federal Emergency Management Agency and which is located in or partly within a county with a charter form of government with greater than two hundred fifty thousand inhabitants but fewer than three hundred thousand inhabitants.

            [3.] 2. This subsection shall not apply to tax increment financing projects or districts approved prior to July 1, 2003, and shall allow the aforementioned tax increment financing projects to modify, amend or expand such projects including redevelopment project costs by not more than forty percent of such project original projected cost including redevelopment project costs as such projects including redevelopment project costs as such projects redevelopment projects including redevelopment project costs existed as of June 30, 2003, and shall allow the aforementioned tax increment financing district to modify, amend or expand such districts by not more than five percent as such districts existed as of June 30, 2003.

            99.848. [Notwithstanding subsection 1 of section 99.847,] Any district providing emergency services pursuant to chapter 190 or 321, RSMo, shall be entitled to reimbursement from the special allocation fund in the amount of at least fifty percent nor more than one hundred percent of the district's tax increment. This section shall not apply to tax increment financing projects or districts approved prior to August 28, 2004.