Missouri Statute | Act | Code |Cities, Towns And Villages| US Code - US Statute

As used in sections 100.010 to 100.200, unless the context
clearly indicates otherwise, the following words and terms have the
following meanings:

(1) "Division", an appropriate division of the department of economic
development of the state of Missouri, or any agency which succeeded to
the functions of the division of commerce and industrial development;

(2) "Facility", an industrial plant purchased, constructed, extended or
improved pursuant to sections 100.010 to 100.200, including the real
estate, buildings, fixtures and machinery;

(3) "Governing body", bodies and boards, by whatever names they may be
known, charged with the governing of a municipality as herein defined;

(4) "Municipality", any county, city, incorporated town or village of the
state;

(5) "Office industry", a regional, national or international
headquarters, a telecommunications operation, a computer operation, an
insurance company or a credit card billing and processing center;

(6) "Project for industrial development" or "project", the purchase,
construction, extension and improvement of warehouses, distribution
facilities, research and development facilities, office industries,
agricultural processing industries, service facilities which provide
interstate commerce, and industrial plants, including the real estate
either within or without the limits of such municipalities, buildings,
fixtures, and machinery; except that any project of a municipality having
fewer than eight hundred inhabitants shall be located wholly within the
limits of the municipality;

(7) "Revenue bonds", bonds, loans, debentures, notes, special
certificates, or other evidences of indebtedness issued by a municipality
and secured by revenues of a project for industrial development. (L. 1961
p. 189 § 1, A.L. 1963 p. 124 § 71.790, A.L. 1976 H.B. 1359, A.L. 1992
H.B. 1380, A.L. 1998 H.B. 1656, A.L. 2003 H.B. 289)

*(Transferred 1967; formerly 71.790)

(1968) A commercial laundry is not an "industrial plant" and attempt by
city to sell revenue bonds for "project for industrial development" for
the laundry was an abuse of discretion. State v. Donnell (Mo.), 426
S.W.2d 11.

The municipality may carry out projects for industrial
development under the terms of sections 100.010 to 100.200. (L. 1961 p.
189 § 4)

*(Transferred 1967; formerly 71.793)

The municipality may accept grants from the federal and state
governments for industrial development purposes, and may enter into such
agreements as are not contrary to the laws of this state and which may be
required as a condition of grants by the federal government or its
agencies. The municipality may also receive gifts and donations from
private sources to be expended for industrial development purposes. (L.
1961 p. 189 § 3)

*(Transferred 1967; formerly 71.797)

Any municipality desiring to avail itself of the provisions of
sections 100.010 to 100.200 shall prepare plans for the industrial
development of such municipality. In preparing the plans, the
municipality shall cooperate with local private agencies and with other
state and local agencies concerned with industrial development. (L. 1961
p. 189 § 2)

*(Transferred 1967; formerly 71.800)

1. Any municipality proposing to carry out a project for
industrial development shall first, by majority vote of the governing
body of the municipality, approve the plan for the project. The plan
shall include the following information pertaining to the proposed
project:

(1) A description of the project;

(2) An estimate of the cost of the project;

(3) A statement of the source of funds to be expended for the project;

(4) A statement of the terms upon which the facilities to be provided by
the project are to be leased or otherwise disposed of by the
municipality; and

(5) Such other information necessary to meet the requirements of sections
100.010 to 100.200.

2. If the plan for the project is approved after August 28, 2003, and the
project plan involves issuance of revenue bonds or involves conveyance of
a fee interest in property to a municipality, the project plan shall
additionally include the following information:

(1) A statement identifying each school district, junior college
district, county, or city affected by such project except property
assessed by the state tax commission pursuant to chapters 151 and 153,
RSMo;

(2) The most recent equalized assessed valuation of the real property and
personal property included in the project, and an estimate as to the
equalized assessed valuation of real property and personal property
included in the project after development;

(3) An analysis of the costs and benefits of the project on each school
district, junior college district, county, or city; and

(4) Identification of any payments in lieu of taxes expected to be made
by any lessee of the project, and the disposition of any such payments by
the municipality.

3. If the plan for the project is approved after August 28, 2003, any
payments in lieu of taxes expected to be made by any lessee of the
project shall be applied in accordance with this section. The lessee may
reimburse the municipality for its actual costs of issuing the bonds and
administering the plan. All amounts paid in excess of such actual costs
shall, immediately upon receipt thereof, be disbursed by the
municipality's treasurer or other financial officer to each school
district, junior college district, county, or city in proportion to the
current ad valorem tax levy of each school district, junior college
district, county, or city; however, in any county of the first
classification with more than ninety- three thousand eight hundred but
fewer than ninety-three thousand nine hundred inhabitants, if the plan
for the project is approved after May 15, 2005, such amounts shall be
disbursed by the municipality's treasurer or other financial officer to
each affected taxing entity in proportion to the current ad valorem tax
levy of each affected taxing entity. (L. 1961 p. 189 § 5, A.L. 1983 S.B.
316, A.L. 2003 H.B. 289, A.L. 2005 H.B. 58 merged with H.B. 186 merged
with S.B. 210)

*(Transferred 1967; formerly 71.803)

1. The governing body of any municipality proposing a project
for industrial development which involves issuance of revenue bonds or
involves conveyance of a fee interest in property to a municipality
shall, not less than twenty days before approving the plan for a project
as required by section 100.050, provide notice of the proposed project to
the county in which the municipality is located and any school district
that is a school district, junior college district, county, or city;
however, in any county of the first classification with more than
ninety-three thousand eight hundred but fewer than ninety-three thousand
nine hundred inhabitants, if the plan for the project is approved after
May 15, 2005, such notice shall be provided to all affected taxing
entities in the county. Such notice shall include the information
required in section 100.050, shall state the date on which the governing
body of the municipality will first consider approval of the plan, and
shall invite such school districts, junior college districts, counties,
or cities to submit comments to the governing body and the comments shall
be fairly and duly considered.

2. Notwithstanding any other provisions of this section to the contrary,
for purposes of determining the limitation on indebtedness of local
government pursuant to section 26(b), article VI, Constitution of
Missouri, the current equalized assessed value of the property in an area
selected for redevelopment attributable to the increase above the total
initial equalized assessed valuation shall be included in the value of
taxable tangible property as shown on the last completed assessment for
state or county purposes.

3. The county assessor shall include the current assessed value of all
property within the school district, junior college district, county, or
city in the aggregate valuation of assessed property entered upon the
assessor's book and verified pursuant to section 137.245, RSMo, and such
value shall be utilized for the purpose of the debt limitation on local
government pursuant to section 26(b), article VI, Constitution of
Missouri.

4. This section is applicable only if the plan for the project is
approved after August 28, 2003. (L. 2003 H.B. 289 § 100.060, A.L. 2005
H.B. 58 merged with H.B. 186 merged with S.B. 210)

Any municipality may issue its general obligation bonds in an
amount not in excess of ten percent of the assessed valuation of the
taxable tangible property in the municipality to provide funds for the
carrying out of a project under sections 100.010 to 100.200. Proposals
for the issuance of general obligation bonds shall be submitted in the
manner provided by sections 95.135 to 95.170, RSMo, and if the issuance
of the bonds is approved by the constitutionally required percentage of
the voters voting on the proposition, the bonds shall be issued and a tax
shall be levied for their payment in the same manner as other general
obligation bonds of the municipality. (L. 1961 p. 189 § 9, A.L. 1976 H.B.
1359, A.L. 1990 H.B. 1621)

*(Transferred 1967; formerly 71.817)

Any municipality may issue revenue bonds to provide funds for
the carrying out of a project under sections 100.010 to 100.200. The
revenue bonds shall be paid solely from revenue received from the
project, and shall not be a general obligation of the municipality. (L.
1961 p. 189 § 10, A.L. 1976 H.B. 1359, A.L. 1992 H.B. 1380)

Effective 3-11-92

*(Transferred 1967; formerly 71.820)

No later than January thirty-first of each year, the
municipality shall file a report with the department of economic
development on the previous year's revenue bond issuances and general
obligation bond issuances, which report shall contain only the following
information:

(1) The name, address, spokesperson, and telephone number of the issuing
entity;

(2) The name, address, age, and type of business of the beneficiary firm;

(3) The amount, term, interest rate or rates, and date of issuance of the
bonds issued;

(4) The name and address of the underwriter, if any, of such bonds;

(5) The name and address of the guarantor, if any;

(6) The size, by assets and previous year's sales, and the current number
of employees, of the beneficiary firm;

(7) A copy of the preliminary official statement used when offering the
bonds for sale;

(8) The estimated number of new jobs to be generated by the proposed
project;

(9) A list of the use of bond proceeds, including whether the purpose of
the project and the funds generated by the issuance of such bonds is to
open a new business, build a branch plant, expand an existing facility,
or acquire an existing business together with a general description of
the real property or personal property purchased by or on behalf of the
municipality with such proceeds; and

(10) The estimated total cost of the project. (L. 1983 S.B. 316, A.L.
2003 H.B. 289)

The question of issuing general obligation bonds under a plan to
finance a project which has been approved by the governing body of the
municipality shall be submitted within one year from the date of approval
by the governing body. If the question of issuing general obligation
bonds is submitted and does not pass, the question shall not be submitted
to the voters until the governing body determines that the question may
be submitted. (L. 1961 p. 189 § 12, A.L. 1978 H.B. 971, A.L. 1983 S.B.
316)

Effective 6-22-83

*(Transferred 1967; formerly 71.827)

The municipality shall, by ordinance, provide the form of the
revenue bonds to be issued hereunder and shall set out the terms under
which such bonds shall be issued, including the rate of interest which
they shall bear and the number of years within which they are to be
redeemed. (L. 1961 p. 189 § 13)

*(Transferred 1967; formerly 71.830)

At or before the issuance of the revenue bonds the governing
body shall, by ordinance, create a sinking fund for the payment of the
bonds and the interest thereon, and shall set aside and pledge a
sufficient amount of the revenues of the project to be paid into the
sinking fund at intervals to be determined by ordinance prior to the
issuance of the bonds, for

(1) The interest upon the bonds as such interest shall fall due;

(2) The necessary fiscal agent charges for paying bonds and interest; and

(3) The payment of the bonds as they fall due or if all of the bonds
mature at the same time, the proper maintenance of a sinking fund
sufficient for their payment at maturity. (L. 1961 p. 189 § 14)

*(Transferred 1967; formerly 71.833)

Revenue bonds issued under sections 100.010 to 100.200 shall not
be payable from or charged upon any funds, other than the revenue pledged
to the payment thereof, nor shall the municipality issuing the bonds be
subject to any pecuniary liability thereon. Each revenue bond issued
under sections 100.010 to 100.200 shall recite, in substance, that the
bond, including interest thereon, is payable solely from the revenue
pledged to the payment thereof and that the bond does not constitute a
debt of the municipality within the meaning of any constitutional or
statutory limitation. (L. 1961 p. 189 § 15)

*(Transferred 1967; formerly 71.837)

1. Any municipality which has revenue bonds issued pursuant to
the provisions of sections 100.010 to 100.200 may issue refunding revenue
bonds to provide funds to refund any or all of such revenue bonds,
including payment of unpaid interest, premiums and other expenses
connected therewith, whether the bonds to be refunded have or have not
matured. The form of such refunding revenue bonds, and the terms under
which such refunding revenue bonds may be issued, including the number of
the years within which they are to be redeemed and their interest rate or
rates, which interest rate or rates may be less than, the same, or
greater than that of the revenue bonds being refunded, shall be specified
by the ordinance, order, indenture or resolution authorizing the
refunding bonds. Refunding under the provisions of this section may be
effected by a private or public sale of the refunding revenue bonds, and
the application of the proceeds to the purchase, redemption or payment of
the revenue bonds to be refunded, or by an exchange of the refunding
revenue bonds for the revenue bonds being refunded with the consent of
the holder or holders of the revenue bonds being refunded. The refunding
revenue bonds shall be paid solely from revenue received from the project
or projects financed by the revenue bonds being refunded, and shall not
be a general obligation of the municipality.

2. Any municipality proposing to issue refunding revenue bonds shall
issue those bonds pursuant to the provisions of sections 100.010 to
100.200. (L. 1981 S.B. 250 §§ 1, 2, A.L. 1983 S.B. 316)

Effective 6-22-83

When funds have been received by the municipality for the
carrying out of the project, the municipality shall purchase, construct,
extend or improve the facilities as provided by the plan. (L. 1961 p. 189
§ 16)

*(Transferred 1967; formerly 71.840)

Whenever the approved plan for the project calls for the
construction, improvement or extension of facilities, the municipality
shall enter into a contract for the purpose. All contracts shall be let
on competitive bidding to the lowest and best bidder. Notice of the
letting of the contracts shall be given in the manner provided by section
8.250, RSMo. (L. 1961 p. 189 § 17)

*(Transferred 1967; formerly 71.843)

(1967) This section is ordinarily applicable only to contracts whereby
city itself assumes obligation or indebtedness, and a third class city is
not required to let construction contracts for projects financed by
industrial revenue bonds by competitive bidding to lowest and best
bidder. Wring v. City of Jefferson (Mo.), 413 S.W.2d 292.

The municipality shall have the authority to enter into loan
agreements, sell, lease, or mortgage to private persons, partnerships or
corporations the facilities purchased, constructed or extended by the
municipality for manufacturing and industrial development purposes. In
the event that the facility has been financed by revenue bonds, the
installments of charges or rents shall be sufficient to meet the interest
and sinking fund requirements on the bonds. The loan agreement,
installment sale agreement, lease, or other such document shall contain
such other terms as are agreed upon between the municipality and the
obligor, provided that such terms shall be consistent with the other
provisions of sections 100.010 to 100.200. (L. 1961 p. 189 § 18, A.L.
1963 p. 125 § 71.847, A.L. 1983 S.B. 316, A.L. 2003 H.B. 289)

*(Transferred 1967; formerly 71.847)

Any municipality may sell or otherwise dispose of the property,
or buildings or plants acquired with the proceeds from the sale of
general obligation bonds issued under sections 100.010 to 100.200, to
private persons or corporations for warehousing, manufacturing or
industrial development purposes upon approval by the governing body. The
terms and method of the sale or other disposal shall be established by
the governing body so as to reasonably protect and promote the economic
well-being and the industrial development of the municipality. (L. 1961
p. 189 § 19, A.L. 1963 p. 125 § 71.850, A.L. 1976 H.B. 1359, A.L. 1983
S.B. 316)

Effective 6-22-83

*(Transferred 1967; formerly 71.850)

Any municipality may sell or otherwise dispose of the property
or buildings or plants, acquired with the proceeds from the sale of
revenue bonds issued under sections 100.100 to 100.190, to private
persons or corporations for manufacturing or industrial development
purposes. The terms and method of the sale or other disposal shall be
established so as to reasonably protect and promote the economic
well-being and the industrial development of the municipality, but in no
case shall the property or buildings or plants be sold for an amount less
than one which shall be sufficient to retire all outstanding revenue
bonds which were sold for the purchase or construction of the property or
buildings or plants. (L. 1967 p. 159 § 71.855, A.L. 1983 S.B. 316)

Effective 6-22-83

Sections 100.250 to 100.297 shall be known and may be cited as
the "Missouri Development Finance Board Act". (L. 1982 S.B. 681, A.L.
1985 H.B. 416, A.L. 1989 H.B. 378, A.L. 1994 H.B. 1248 & 1048)

As used in sections 100.250 to 100.297, the following terms mean:

(1) "Board", the Missouri development finance board created by section
100.265;

(2) "Borrower", any person, partnership, public or private corporation,
association, development agency or any other entity eligible for funding
under sections 100.250 to 100.297;

(3) "Development agency", any of the following:

(a) A port authority established pursuant to chapter 68, RSMo;

(b) The bi-state development agencies established pursuant to sections
70.370 to 70.440*, RSMo, and sections 238.010 to 238.100, RSMo;

(c) A land clearance for redevelopment authority established pursuant to
sections 99.300 to 99.660, RSMo;

(d) A county, city, incorporated town or village or other political
subdivision or public body of this state;

(e) A planned industrial expansion authority established pursuant to
sections 100.300 to 100.620;

(f) An industrial development corporation established pursuant to
sections 349.010 to 349.105, RSMo;

(g) A real property tax increment financing commission established
pursuant to sections 99.800 to 99.865, RSMo;

(h) Any other governmental, quasi-governmental or quasi-public
corporation or entity created by state law or by resolution adopted by
the governing body of a development agency otherwise described in
paragraphs (a) through (g) of this subdivision;

(4) "Development and reserve fund", the industrial development and
reserve fund established pursuant to section 100.260;

(5) "Export finance fund", the Missouri export finance fund established
pursuant to section 100.260;

(6) "Export trade activities" includes, but is not limited to,
consulting, international market research, advertising, marketing,
insurance, product research and design, legal assistance, transportation,
including trade documentation and freight forwarding, communication, and
processing of foreign orders to and for exporters and foreign purchases
and warehousing, when undertaken to export or facilitate the export of
goods or services produced or assembled in this state;

(7) "Guarantee fund", the industrial development guarantee fund
established by section 100.260;

(8) "Infrastructure development fund", the infrastructure development
fund established under section 100.263;

(9) "Infrastructure facilities", the highways, streets, bridges, water
supply and distribution systems, mass transportation facilities and
equipment, telecommunication facilities, jails and prisons, sewers and
sewage treatment facilities, wastewater treatment facilities, airports,
railroads, reservoirs, dams and waterways in this state, acquisition of
blighted real estate and the improvements thereon, demolition of existing
structures and preparation of sites in anticipation of development,
public facilities, and any other improvements provided by any form of
government or development agency;

(10) "Jobs now fund", the jobs now fund established under section 100.260;

(11) "Jobs now projects", the purchase, construction, extension, and
improvement of real estate, plants, buildings, structures, or facilities,
whether or not now in existence, used or to be used primarily as
infrastructure facilities or public facilities. When any entity provides
a certified design or operation plan which is demonstrably less than the
usual and customary average industry determination of cost for
installation, construction, purchasing, extension, and improvement of
real estate, manufacturing facilities, buildings, structures or
facilities, including public facilities, then the entity or company
providing such service may receive payment in an amount equal to the
usual and customary fee for such project plus additional compensation
equal to two times the percentage by which the cost of such
aforementioned criteria of such facility is less than the usual and
customary average industrial determination of cost for installation,
construction, materials, extension and improvement of real estate,
manufacturing facilities, buildings, structures, or facilities, including
public facilities. Such entity shall also pay to such company providing
such aforementioned service compensation equal to twenty-five percent of
the amount of any annual operational costs which are lower than the
customary average industry determination of cost for operation for such
facility, procedure, or service for a period of time equal to one-fourth
the design lifetime of such entity or five years whichever is less;

(12) "Participating lender", a lender authorized by the board to
participate with the board in the making of a loan or to make loans the
repayment of which is secured by the development and reserve fund;

(13) "Project", the purchase, construction, extension, and improvement of
real estate, plants, buildings, structures or facilities, whether or not
now in existence, used or to be used primarily as a factory, assembly
plant, manufacturing plant, fabricating plant, distribution center,
warehouse building, office building, port terminal or facility,
transportation and transfer facility, industrial plant, processing plant,
commercial or agricultural facility, nursing or retirement facility or
combination thereof, recreational facility, cultural facility, public
facilities, job training or other vocational training facility,
infrastructure facility, video-audio telecommunication conferencing
facility, office building, facility for the prevention, reduction,
disposal or control of pollution, sewage or solid waste, facility for
conducting export trade activities, or research and development building
in connection with any of the facilities defined as a project in this
subdivision. The term "project" shall also include any improvements,
including, but not limited to, road or rail construction, alteration or
relocation, and construction of facilities to provide utility service for
any of the facilities defined as a project under this subdivision, along
with any fixtures, equipment, and machinery, and any demolition and
relocation expenses used in connection with any such projects and any
capital used to promote and facilitate such facilities and notes payable
from anticipated revenue issued by any development agency;

(14) "Public facility", any facility or improvements available for use by
the general public including facilities for which user or other fees are
charged on a nondiscriminatory basis. (L. 1982 S.B. 681 § 2, A.L. 1985
H.B. 416, A.L. 1986 S.B. 664 merged with S.B. 731 merged with H.B. 989 &
1390, A.L. 1989 H.B. 378, A.L. 1990 H.B. 1564, A.L. 1992 S.B. 485, A.L.
1994 H.B. 1248 & 1048, A.L. 1997 2d Ex. Sess. S.B. 1, A.L. 1998 S.B. 829,
A.L. 2004 S.B. 1155)

*Section 70.440 was repealed by H.B. 1248 & 1048 in 1994.

1. There are hereby created four special funds, to be known as
the "Industrial Development and Reserve Fund", the "Industrial
Development Guarantee Fund", the "Export Finance Fund", and the "Jobs Now
Fund", into which the following may be deposited as and when received and
designated for deposit in one of such funds:

(1) Any moneys appropriated by the general assembly for use by the board
in carrying out the powers set forth in sections 100.250 to 100.297;

(2) Any moneys made available through the issuance of revenue bonds under
the provisions of sections 100.250 to 100.295*;

(3) Any moneys received from grants or which are given, donated, or
contributed to the fund from any source;

(4) Any moneys received in repayment of loans or from application fees,
reserve participation fees, guarantee fees and premium payments as
provided for under sections 100.250 to 100.297;

(5) Any moneys received as interest on deposits or as income on approved
investments of the fund;

(6) Any moneys obtained from the issuance of revenue bonds or notes by
the board;

(7) Any moneys that were in the industrial development fund authorized by
this section, the economic development reserve authorized by section
620.215*, RSMo, or the industrial revenue bond guarantee fund authorized
by section 620.240*, RSMo, respectively, as of September 28, 1985; and

(8) Any moneys obtained from any other available source.

2. The development and reserve fund, the guarantee fund, the jobs now
fund, and the export finance fund shall be administered by the board as
provided in sections 100.250 to 100.297. Separate accounts may be created
within the development and reserve fund and the guarantee fund for moneys
specifically appropriated, donated or otherwise received for industrial
development purposes. The board may also create such other separate
accounts within any of such funds as deemed necessary or appropriate by
the board to carry out the duties and purposes of sections 100.250 to
100.297. All such separate accounts may be administered by a corporate
trustee on behalf of the board upon the terms and conditions established
by the board.

3. Moneys in the jobs now fund, the development and reserve fund, the
guarantee fund, and the export finance fund shall be invested by the
board in the manner prescribed by the board and any interest earned on
invested moneys shall accrue to the benefit of the respective fund.

4. None of the funds and accounts of the board shall be considered a
state fund, and money deposited therein may not be appropriated
therefrom, nor shall any money deposited therein be subject to the
provisions of section 33.080, RSMo.

5. The commissioner of administration shall annually calculate the
increased amount of revenue to the state treasury due to the provisions
of sections 135.155, 135.286, 135.546, and subsection 7 of section
620.1039, RSMo, as enacted or modified by this act** and shall allocate
up to twelve million dollars of such revenue to the jobs now fund. (L.
1982 S.B. 681 § 3, A.L. 1985 H.B. 416, A.L. 1986 S.B. 731, A.L. 1989 H.B.
378, A.L. 2004 S.B. 1155)

*Sections 100.295, 620.215, and 620.240 were repealed by H.B. 416 in 1985.

**"This act" (S.B. 1155, 2004) contained numerous sections. Consult
Disposition of Sections table for a definitive listing.

An "Infrastructure Development Fund" shall be established from
which moneys shall be used to make low-interest or interest-free loans,
loan guarantees, or grants to local political subdivisions and to state
agencies. The fund may receive funds from the federal government for
infrastructure development purposes, but other public or private funds
may be received by the board for deposit in the fund. The general
assembly may appropriate state moneys to the fund. The infrastructure
development fund shall be administered by the board under the provisions
of sections 100.250 to 100.297. Any moneys remaining in the fund at the
end of any fiscal year shall not revert to the general revenue fund. (L.
1989 H.B. 378)

1. There is hereby created within the department of economic
development the "Missouri Development Finance Board", which shall
constitute a body corporate and politic and shall consist of twelve
members, including the lieutenant governor, the director of the
department of economic development and the director of the department of
agriculture. No more than five members appointed by the governor to the
board shall be of the same political party. Except for the lieutenant
governor, the director of the department of economic development and the
director of the department of agriculture, all members shall be appointed
by the governor by and with the advice and consent of the senate, and
shall serve for terms of four years. The persons serving as members of
the Missouri economic development, export and infrastructure board on
August 28, 1994, shall become members of the Missouri development finance
board for terms to expire at the same time their terms would have expired
if they had remained members of the Missouri economic development, export
and infrastructure board. The Missouri development finance board shall
replace the Missouri economic development, export and infrastructure
board. All moneys, property, any other assets or liabilities of the
Missouri economic development, export and infrastructure board on August
28, 1994, shall be transferred to the Missouri development finance board.
All powers, duties and functions performed by the Missouri economic
development, export and infrastructure board pursuant to sections 100.250
to 100.297 shall be transferred to the Missouri development finance board.

2. Each member of the board appointed by the governor shall have resided
in this state for at least five years prior to appointment. Except for
the lieutenant governor, director of the department of economic
development and the director of the department of agriculture, no person
may be appointed to the board who is an elected officer or employee of
the state, or any agency, board, commission, or authority established by
the state.

3. The governor shall designate one of the members of the board to serve
as chairman. The board shall meet at such times and places it shall
designate. Seven members shall constitute a quorum. No vacancy in the
membership shall impair the right of a quorum of the members to exercise
all of the rights and powers and to perform all of the duties of the
board.

4. Members of the board shall serve without compensation but shall be
reimbursed for their reasonable and necessary expenses incurred in the
performance of their duties. (L. 1982 S.B. 681 § 4, A.L. 1985 H.B. 416,
A.L. 1989 H.B. 378, A.L. 1992 S.B. 676 adopted by referendum (Proposition
C) November 3, 1992, A.L. 1993 H.B. 566, A.L. 1994 H.B. 1248 & 1048)

CROSS REFERENCE: Annual report for tax credits, RSMo 320.092

The board shall have the power to:

(1) Sue and be sued in its official name;

(2) Adopt and use an official seal;

(3) Confer with agencies of the state and development agencies, and with
representatives of business, industry, and labor for the purpose of
promoting the economic development of this state;

(4) Consider and review applications for loans to be made from the
development and reserve fund or for loans, bonds or notes to be made by
or secured by the development and reserve fund, the guarantee fund, the
export finance fund or the infrastructure development fund or any other
available money, under sections 100.250 to 100.297, and for grants or
loans to be made by or secured by the jobs now fund;

(5) Enter into agreements with development agencies, borrowers,
participating lenders and others to implement any of the provisions of
sections 100.250 to 100.297;

(6) Direct disbursements from the development and reserve fund, the
guarantee fund, the export finance fund, the infrastructure development
fund, and the jobs now fund as provided in sections 100.250 to 100.297;

(7) Administer the development and reserve fund, the guarantee fund, the
export finance fund, the infrastructure development fund, and the jobs
now fund and invest any portion of such funds not required for immediate
disbursement in obligations of the United States, or any agency or
instrumentality of the United States, in obligations of the state of
Missouri and its political subdivisions, in certificates of deposit and
time deposits or other obligations of banks and savings and loan
associations or in such other obligations as may be prescribed by the
board;

(8) Apply for and accept gifts, grants, appropriations, loans or
contributions to the development and reserve fund, the guarantee fund,
the export finance fund, the infrastructure development fund, and the
jobs now fund from any source, public or private, and enter into
contracts or other transactions with any federal or state agency, any
development agency, private organization, or any other source in
furtherance of the purposes of sections 100.250 to 100.297, and do any
and all things necessary in order to avail itself of such aid and
cooperation;

(9) Issue, from time to time, its negotiable revenue bonds or notes in
such principal amounts as, in its opinion, shall be necessary to provide
sufficient funds for achieving its purposes;

(10) Establish reserves to secure bonds, notes and loans issued or made
by the board, development agencies or participating lenders;

(11) Make, purchase, or participate in the making or purchase, of loans,
bonds, or notes to finance the costs of projects;

(12) Procure insurance, letters of credit, or other form of credit
enhancement, to secure the payment of principal and interest on any
loans, bonds or notes or other obligations of the board;

(13) Purchase, receive, take by grant, gift, devise, bequest or
otherwise, lease, or otherwise acquire, own, hold, improve, employ, use
and otherwise deal in and with, real or personal property, or any
interest therein, wherever situated;

(14) Sell, convey, lease, exchange, transfer or otherwise dispose of, all
or any of its property, or any interest therein, wherever situated;

(15) Conduct hearings and other methods of examination, and authorize any
of its members to do so, on any matter material for its information and
necessary to the exercise of the duties of the board;

(16) Employ and fix the compensation of an executive director and such
other agents or employees as it considers necessary;

(17) Adopt, alter, or repeal its own bylaws, rules, and regulations
governing the manner in which its business may be transacted;

(18) Assess or charge a fee for each application it receives for funding
for a project or a jobs now project and assess or charge other fees as
the board determines to be reasonable to carry out its purposes,
including, but not limited to, fees or premiums for loans made from the
development and reserve fund and the export finance fund and for loans,
bonds or notes secured by the development and reserve fund, the guarantee
fund, the export finance fund or the infrastructure development fund or
the jobs now fund;

(19) Make all expenditures which are incident and necessary to carry out
its purposes and powers;

(20) Take such action, enter into such agreements and exercise all other
powers and functions necessary or appropriate to carry out the duties and
purposes set forth in sections 100.250 to 100.297;

(21) Insure, coinsure, guarantee loans and make loans relating to
qualified export transactions and adopt criteria, by means of rules and
regulations, establishing which exporters shall be eligible for the
insurance, coinsurance, loan guarantees and loans which may be extended
by the board;

(22) Do all things necessary to ensure full participation by the state of
Missouri in any federal program which may relate to the construction,
repair, replacement or further development of the infrastructure of the
state and its political subdivisions;

(23) Receive funds from the federal government for deposit into the
infrastructure development fund or the jobs now fund and authorize
disbursements therefrom. The board may enter into agreements with
agencies of the federal government and may, on behalf of the state of
Missouri, do all things necessary to ensure full participation by the
state of Missouri in any federal program which may relate to the repair,
replacement or further development of the infrastructure of the state and
its political subdivisions;

(24) Set guidelines and priorities for loans, loan guarantees or grants
from the infrastructure development fund. The board is the sole state
agency authorized to set such guidelines and priorities with respect to
the infrastructure development fund on behalf of the state or any of its
political subdivisions, and loans, loan guarantees, or grants shall only
be made upon approval of the board;

(25) Make equity investments in or otherwise acquire ownership interests
in: for-profit and not-for-profit federal- or state-authorized community
development corporations; small business investment companies, including
minority or specialized small business investment companies; and
microloan corporations and similar lending institutions, when such
investments are deemed to enhance the benefit of the public;

(26) Make investments in Missouri certified capital companies, as defined
by subdivision (5) of subsection 2 of section 135.500, RSMo, or other
investment companies for investment in qualified Missouri businesses, as
defined by subdivision (14) of subsection 2 of section 135.500, RSMo. All
investments made by the board for the eventual investment in qualified
Missouri businesses shall be matched by an equivalent investment made by
the certified capital company or other investment firm for investment
into qualified Missouri businesses. All investments made into Missouri
qualified businesses under the provisions of this subdivision shall be in
the form of equity or unsecured debt financing. No investment shall be
made by the board under the provisions of this subdivision without the
approval of the director of the department of economic development; and

(27) Make loans and grants from the jobs now fund in accordance with the
provisions of section 100.293. (L. 1982 S.B. 681 § 5, A.L. 1985 H.B. 416,
A.L. 1986 S.B. 731, A.L. 1989 H.B. 378, A.L. 1994 H.B. 1248 & 1048, A.L.
1996 H.B. 1237, A.L. 2004 S.B. 1155)

CROSS REFERENCE: Multinational banks, securities and obligation of,
investment in, when, 409.950

1. The board may at any time issue revenue bonds for the purpose
of paying any part of the cost of any project or projects, or part
thereof, and for the purpose of refunding any of its bonds or the bonds
of any development agency. Every issue of its bonds shall be payable out
of the revenues of the board which may be pledged for such payment,
without preference or priority of the first bonds issued, subject to any
agreement with the holders of any other bonds or pledging any specified
revenues. The bonds shall be authorized by resolution of the board, shall
bear such date or dates, and shall mature at such time or times, but not
in excess of thirty years, as the resolution of the board shall specify.
The bonds shall be in such denominations, bear interest at such rates, be
in such form, either coupon or registered, be issued in such manner, be
payable in such place or places and be subject to redemption as such
resolution may provide. The bonds of the board may be sold at public or
private sale, as the board may specify, at such price or prices as the
board shall determine, but at not less than ninety-five percent of the
principal amount thereof, and at such interest rate as the board shall
determine, notwithstanding the provisions of section 108.170, RSMo.

2. The board may issue notes payable from the proceeds of bonds to be
issued in the future or from such other sources as the board may specify
as in the case of bonds. Such notes shall mature in not more than five
years and shall be sold at public or private sale, as the board may
specify, at not less than ninety-five percent of the principal amount
thereof and at such interest rate as the board shall determine,
notwithstanding the provisions of section 108.170, RSMo. The other
details with respect to such notes shall be determined by the board as in
the case of bonds.

3. The state shall not be liable on any notes or bonds of the board. Such
notes or bonds shall not be a debt of the state and shall contain on the
faces thereof a statement to such effect.

4. No member of the board nor any person authorized to execute notes or
bonds of the board shall be liable personally on such notes or bonds or
shall be subject to any personal liability or accountability by reason of
the issuance thereof.

5. The notes and bonds of the board are securities in which all public
bodies and political subdivisions of this state; all insurance companies
and associations and all other persons carrying on an insurance business;
all banks, trust companies, saving associations, savings and loan
associations, credit unions, and investment companies; all
administrators, guardians, executors, trustees, and other fiduciaries;
and all other persons who now or may hereafter be authorized to invest in
notes and bonds or other obligations of this state may properly and
legally invest funds, including capital, in their control or belonging to
them.

6. The board shall not be required to pay any taxes or any assessments
whatsoever to this state, any political subdivision of this state, or any
other governmental agency of this state. The notes and bonds of the
board, and the income therefrom, shall, at all times, be exempt from any
taxes and any assessments, except for estate taxes, gift taxes, and taxes
on transfers.

7. Nothing contained in sections 100.250 to 100.297 shall be deemed to
constitute a use of state funds or credit in violation of the provisions
of article III, sections 37, 38(a) and 39, of the Missouri Constitution.

8. The board shall have the power to contract with any development agency
to perform any governmental service, activity or undertaking which the
contracting development agency is authorized by law to perform or to
issue any bonds or notes which the contracting development agency is
authorized by law to issue. Any such contract shall be authorized by the
governing body of the development agency and by the board and shall state
the purpose of the contract and the powers and duties of the parties
thereunder. Any bonds or notes issued by the board on behalf of a
development agency shall be entitled to the same security as if such
bonds or notes were issued directly by the development agency. In
addition to any other security for such bonds or notes, the board may
secure such bonds, notes or other indebtedness in the manner described in
section 100.297. (L. 1982 S.B. 681 § 6, A.L. 1985 H.B. 416, A.L. 1997 2d
Ex. Sess. S.B. 1)

Effective 12-23-97

Funds expended for projects authorized in sections 100.255 to
100.293 shall provide appropriate employment and business opportunities
for participation by minority, women, and disadvantaged business
enterprises in compliance with all state laws, rules, and regulations.
(L. 2004 S.B. 1155)

1. A request for a loan from the development and reserve fund,
the infrastructure development fund or the export finance fund to fund
export trade activities or to carry out a project shall be in the form of
an application for the project to the board, which application shall be
in such form as the board may specify. After reviewing the application
and such other information as the board may require, the board may grant
all or a part of the loan request, provided the board determines that:

(1) The project will be a benefit to the economy or infrastructure of the
state;

(2) The project will generate sufficient revenues or the borrower will
otherwise have sufficient revenues available to enable the borrower to
repay the loan to the development and reserve fund, the infrastructure
development fund or the export finance fund, along with any interest to
be charged; and

(3) In the case of an infrastructure facility project, the loan will not
exceed ten million dollars.

2. Notwithstanding any other provision of law to the contrary, all
development agencies, as defined in section 100.255, shall have the power
to borrow funds from the board for any project, to contract with the
board, and to furnish a security interest in any of their revenues or
properties to the board to secure a loan from the board and to issue
notes in evidence thereof upon such terms as such development agencies
shall determine.

3. When the board issues bonds to provide loans for more than one
infrastructure project, the board shall make a reasonable effort to sell
the bonds to a purchaser that represents a group consisting of more than
one underwriter. (L. 1985 H.B. 416, A.L. 1986 S.B. 664 merged with S.B.
731 merged with H.B. 989 & 1390, A.L. 1989 H.B. 378, A.L. 1990 H.B. 1564,
A.L. 2004 S.B. 1155)

1. Within the discretion of the board, the development and
reserve fund, the infrastructure development fund or the export finance
fund may be pledged to secure the payment of any bonds or notes issued by
the board, or to secure the payment of any loan made by the board or a
participating lender which loan:

(1) Is requested to finance any project or export trade activity;

(2) Is requested by a borrower who is demonstrated to be financially
responsible;

(3) Can reasonably be expected to provide a benefit to the economy of
this state;

(4) Is otherwise secured by a mortgage or deed of trust on real or
personal property or other security satisfactory to the board; provided
that loans to finance export trade activities may be secured by export
accounts receivable or inventories of exportable goods satisfactory to
the board;

(5) Does not exceed five million dollars;

(6) Does not have a term longer than five years if such loan is made to
finance export trade activities; and

(7) Is, when used to finance export trade activities, made to small or
medium size businesses or agricultural businesses, as may be defined by
the board.

2. The board shall prescribe standards for the evaluation of the
financial condition, business history, and qualifications of each
borrower and the terms and conditions of loans which may be secured, and
may require each application to include a financial report and evaluation
by an independent certified public accounting firm, in addition to such
examination and evaluation as may be conducted by any participating
lender.

3. Each application for a loan secured by the development and reserve
fund, the infrastructure development fund or the export finance fund
shall be reviewed in the first instance by any participating lender to
whom the application was submitted. If satisfied that the standards
prescribed by the board are met and that the loan is otherwise eligible
to be secured by the development and reserve fund, the infrastructure
development fund or the export finance fund, the participating lender
shall certify the same and forward the application for final approval to
the board.

4. The securing of any loans by the development and reserve fund, the
infrastructure development fund or the export finance fund shall be
conditioned upon approval of the application by the board, and receipt of
an annual reserve participation fee, as prescribed by the board,
submitted by or on behalf of the borrower.

5. The securing of any loan by the export finance fund for export trade
activities shall be conditioned upon the board's compliance with any
applicable treaties and international agreements, such as the general
agreement on tariffs and trade and the subsidies code, to which the
United States is then a party.

6. Any taxpayer shall be entitled to a tax credit against any tax
otherwise due under the provisions of chapter 143, RSMo, excluding
withholding tax imposed by sections 143.191 to 143.261, RSMo, chapter
147, RSMo, or chapter 148, RSMo, in the amount of fifty percent of any
amount contributed in money or property by the taxpayer to the
development and reserve fund, the infrastructure development fund or the
export finance fund during the taxpayer's tax year, provided, however,
the total tax credits awarded in any calendar year beginning after
January 1, 1994, shall not be the greater of ten million dollars or five
percent of the average growth in general revenue receipts in the
preceding three fiscal years. This limit may be exceeded only upon joint
agreement by the commissioner of administration, the director of the
department of economic development, and the director of the department of
revenue that such action is essential to ensure retention or attraction
of investment in Missouri. If the board receives, as a contribution, real
property, the contributor at such contributor's own expense shall have
two independent appraisals conducted by appraisers certified by the
Master Appraisal Institute. Both appraisals shall be submitted to the
board, and the tax credit certified by the board to the contributor shall
be based upon the value of the lower of the two appraisals. The board
shall not certify the tax credit until the property is deeded to the
board. Such credit shall not apply to reserve participation fees paid by
borrowers under sections 100.250 to 100.297. The portion of earned tax
credits which exceeds the taxpayer's tax liability may be carried forward
for up to five years.

7. Notwithstanding any provision of law to the contrary, any taxpayer may
sell, assign, exchange, convey or otherwise transfer tax credits allowed
in subsection 6 of this section under the terms and conditions prescribed
in subdivisions (1) and (2) of this subsection. Such taxpayer,
hereinafter the assignor for the purpose of this subsection, may sell,
assign, exchange or otherwise transfer earned tax credits:

(1) For no less than seventy-five percent of the par value of such
credits; and

(2) In an amount not to exceed one hundred percent of annual earned
credits.

The taxpayer acquiring earned credits, hereinafter the assignee for the
purpose of this subsection, may use the acquired credits to offset up to
one hundred percent of the tax liabilities otherwise imposed by chapter
143, RSMo, excluding withholding tax imposed by sections 143.191 to
143.261, RSMo, chapter 147, RSMo, or chapter 148, RSMo. Unused credits in
the hands of the assignee may be carried forward for up to five years,
provided all such credits shall be claimed within ten years following the
tax years in which the contribution was made. The assignor shall enter
into a written agreement with the assignee establishing the terms and
conditions of the agreement and shall perfect such transfer by notifying
the board in writing within thirty calendar days following the effective
day of the transfer and shall provide any information as may be required
by the board to administer and carry out the provisions of this section.
Notwithstanding any other provision of law to the contrary, the amount
received by the assignor of such tax credit shall be taxable as income of
the assignor, and the excess of the par value of such credit over the
amount paid by the assignee for such credit shall be taxable as income of
the assignee. (L. 1985 H.B. 416, A.L. 1986 S.B. 731, A.L. 1989 H.B. 378,
A.L. 1990 H.B. 1564, A.L. 1993 H.B. 566, A.L. 1994 H.B. 1248 & 1048)

CROSS REFERENCE: Tax Credit Accountability Act of 2004, additional
requirements, RSMo 135.800 to 135.830

1. The development and reserve fund shall be used to prevent a
default in payment of principal or interest or to defray losses which may
be incurred in connection with bonds, notes or loans secured by the
development and reserve fund in accordance with the terms and provisions
of the resolution or trust indenture of the board authorizing such bonds,
notes or loans.

2. Upon certification by a participating lender that a loan secured by
the development and reserve fund is in default and noncollectible, and
that the property which secured the loan has been liquidated and applied
against the debt, and after a review by the board and its determination
of the same, the board shall distribute, from funds available in the
development and reserve fund, an amount not to exceed ninety percent of
the balance remaining to be paid by the borrower to the participating
lender. Upon payment to a participating lender to repay any loan, the
board shall become subrogated to the extent of such payment to all rights
which the participating lender had against the borrower.

3. A loan or issue of bonds or notes secured by the development and
reserve fund shall in no case constitute or be construed as an obligation
or an indebtedness of this state or of the board, and neither the state
nor the board shall be liable to repay any such loan, bonds or notes upon
any condition. (L. 1985 H.B. 416, A.L. 1986 S.B. 731)

1. The board may issue guarantees using moneys in the guarantee
fund for bonds or notes issued by the board or by development agencies
when the board makes the following findings:

(1) That the owners and lessees, if any, of the projects to be financed
are found to be financially responsible, and that sufficient income may
reasonably be expected to be derived from the projects to amortize the
interest and principal amount of the bonds or notes;

(2) That the projects will benefit the economy of this state.

2. The board shall evaluate the financial condition and business history
of project owners and lessees, and may require the attachment to each
application for guarantee under sections 100.250 to 100.297 a financial
report and evaluation by an independent certified public accounting firm,
in addition to such examination and evaluation as the board may make, in
determining whether the owner or lessee meets prescribed minimum
standards and qualifications before entering into any guarantee under
sections 100.250 to 100.297.

3. Every development agency requesting a bond or note guarantee under
sections 100.250 to 100.297 shall submit to the board supporting
documents, instruments, and other evidence showing the circumstances
surrounding the issuance of the bonds or notes, and an initial guarantee
fee and a premium payment as required by the board, to the guarantee
fund. Such fees and payments may be collected by the development agency
from the owners or lessees of the projects involved. (L. 1985 H.B. 416)

1. Guarantee agreements for bonds or notes entered into by the
board pursuant to the provisions of sections 100.250 to 100.297 shall
provide that:

(1) The board guarantees, and is hereby required, to use the moneys in
the guarantee fund to meet amortization payments as guaranteed under the
provisions of sections 100.250 to 100.297, as the same become due, in the
event, and to the extent, the board or the development agency issuing the
bonds or notes is unable to meet such payments in accordance with the
terms of the bond or note indenture when called on to do so; and

(2) The guarantee shall not be a general obligation of the state of
Missouri, but shall be a special obligation, and in no event shall the
guarantee be deemed an indebtedness of the state of Missouri, or of any
political subdivision thereof, and shall not be deemed to be an
indebtedness within the meaning of any constitutional or statutory
limitation upon the incurring of indebtedness.

2. Whenever the board, acting under the terms of any guarantee agreement,
deems it necessary to assume the obligation of maintenance of any project
the amortization payments of which have been guaranteed by the board, the
board may use funds available in the guarantee fund to pay insurance and
maintenance costs required for the preservation of the project and to
protect such fund from loss, or to minimize loss, in such manner as
deemed necessary by the board.

3. In addition to the provisions required by this section the guarantee
agreement shall include such other additional provisions, restrictions,
and conditions as the board shall determine to be necessary, including,
but not limited to, a detailing of the remedies that must be exhausted by
the bondholders or noteholders prior to any enforcement of the guarantee
agreement and the subrogation or other rights of the board with reference
to the project and its operation in the event the board makes payment
pursuant to the applicable guarantee agreement. (L. 1985 H.B. 416)

1. This section, section 100.277, * sections 135.950 to 135.973,
RSMo, and sections 178.760 to 178.764, RSMo, shall be known and may be
cited as the "Jobs Now Act".

2. There shall be created a "Jobs Now Recommendation Committee",
comprised of representatives of the department of economic development,
the department of agriculture, the department of natural resources, and
the department of transportation. The committee shall establish
application materials and procedures for development agencies to apply to
the board for grants or low-interest or interest-free loans for the
purpose of funding jobs now projects.

3. Applications shall be submitted simultaneously to the committee and
the board. The committee shall review the applications and prepare and
submit analyses and recommendations to the board for a determination as
to approval or denial of grants or loans from the jobs now fund.

4. In reviewing applications, the board shall give preference to
redevelopment projects that protect natural resources or rehabilitate
existing dilapidated or inadequate infrastructure in areas defined under
section 135.530, RSMo.

5. After reviewing applications and such other information as the board
may require, the board may grant all or a part of a grant or loan
request, provided the board determines:

(1) The jobs now project:

(a) Will not happen without the grant or loan from the board; or

(b) Will have a significant local economic impact; or

(c) Demonstrates high levels of job creation;

(2) In the case of a low-interest or interest-free loan, the jobs now
project will generate sufficient revenues or the borrower will otherwise
have sufficient revenues available to enable the borrower to repay the
loan to the jobs now fund, along with any interest to be charged; and

(3) No loan or grant may exceed two million dollars. (L. 2004 S.B. 1155)

*Word "and" appears in original rolls.

1. Except as provided in section 620.014, RSMo, sections 100.250
to 100.297 shall be subject to the provisions of sections 109.200 to
109.310, RSMo, the state and local records law, or the provisions of
sections 610.010 to 610.030, RSMo, relating to the meetings of
governmental bodies, and a member appointed pursuant to section 100.265
shall be exempt from the provisions of chapter 105, RSMo, provided that
the member shall not vote or participate in any matter in which the
member has a direct or indirect interest. For the purposes of sections
100.250 to 100.297, a "direct or indirect interest" means the ownership
of ten percent or more of any class of equity securities in any
corporation seeking a guarantee pursuant to the provisions of sections
100.250 to 100.297, occupying the office of vice president or other
office senior to the office of vice president, or a director, of any
corporation seeking a guarantee pursuant to the provisions of sections
100.250 to 100.297; provided, nothing contained in sections 100.250 to
100.297, nor the provisions of chapter 105, RSMo, shall prevent any
corporation, bank, or trust company from purchasing, selling, or
otherwise dealing in bonds or notes or mortgages guaranteed pursuant to
the provisions of sections 100.250 to 100.297. The development and
reserve fund may be pledged to secure loans made through a participating
lender with which a member of the board is affiliated so long as the
member does not participate in or attempt to influence the approval of
any such loan.

2. The board shall not knowingly extend or secure a loan or grant a tax
credit to, or issue any bonds or enter into any other agreement with or
on behalf of any business entity in which a board member, statewide
elected official, state legislator or employee of this state has a
substantial interest as defined in section 105.450, RSMo.

3. The board shall not knowingly extend or secure a loan or grant a tax
credit to, or issue any bonds or enter into any other agreement with or
on behalf of any business entity until each officer of the business
entity has notified the board of all campaign contributions such officer
has made within the previous two years, to the extent such contributions
are not otherwise reportable by the recipient, pursuant to the provisions
of chapter 130, RSMo. For the purposes of this section, "an officer"
means a person who is employed by the business entity in a policy-making
capacity and whose name is listed in the business entity's articles of
incorporation filed with the secretary of state. (L. 1985 H.B. 416, A.L.
1986 S.B. 731, A.L. 1994 H.B. 1248 & 1048, A.L. 1995 H.B. 414, A.L. 1996
H.B. 1237, A.L. 1997 2d Ex. Sess. S.B. 1)

Effective 12-23-97

1. The board may authorize a tax credit, as described in this
section, to the owner of any revenue bonds or notes issued by the board
pursuant to the provisions of sections 100.250 to 100.297, for
infrastructure facilities as defined in subdivision (9) of section
100.255, if, prior to the issuance of such bonds or notes, the board
determines that:

(1) The availability of such tax credit is a material inducement to the
undertaking of the project in the state of Missouri and to the sale of
the bonds or notes;

(2) The loan with respect to the project is adequately secured by a first
deed of trust or mortgage or comparable lien, or other security
satisfactory to the board.

2. Upon making the determinations specified in subsection 1 of this
section, the board may declare that each owner of an issue of revenue
bonds or notes shall be entitled, in lieu of any other deduction with
respect to such bonds or notes, to a tax credit against any tax otherwise
due by such owner pursuant to the provisions of chapter 143, RSMo,
excluding withholding tax imposed by sections 143.191 to 143.261, RSMo,
chapter 147, RSMo, or chapter 148, RSMo, in the amount of one hundred
percent of the unpaid principal of and unpaid interest on such bonds or
notes held by such owner in the taxable year of such owner following the
calendar year of the default of the loan by the borrower with respect to
the project. The occurrence of a default shall be governed by documents
authorizing the issuance of the bonds. The tax credit allowed pursuant to
this section shall be available to the original owners of the bonds or
notes or any subsequent owner or owners thereof. Once an owner is
entitled to a claim, any such tax credits shall be transferable as
provided in subsection 7 of section 100.286. Notwithstanding any
provision of Missouri law to the contrary, any portion of the tax credit
to which any owner of a revenue bond or note is entitled pursuant to this
section which exceeds the total income tax liability of such owner of a
revenue bond or note shall be carried forward and allowed as a credit
against any future taxes imposed on such owner within the next ten years
pursuant to the provisions of chapter 143, RSMo, excluding withholding
tax imposed by sections 143.191 to 143.261, RSMo, chapter 147, RSMo, or
chapter 148, RSMo. The eligibility of the owner of any revenue bond or
note issued pursuant to the provisions of sections 100.250 to 100.297 for
the tax credit provided by this section shall be expressly stated on the
face of each such bond or note. The tax credit allowed pursuant to this
section shall also be available to any financial institution or guarantor
which executes any credit facility as security for bonds issued pursuant
to this section to the same extent as if such financial institution or
guarantor was an owner of the bonds or notes, provided however, in such
case the tax credits provided by this section shall be available
immediately following any default of the loan by the borrower with
respect to the project. In addition to reimbursing the financial
institution or guarantor for claims relating to unpaid principal and
interest, such claim may include payment of any unpaid fees imposed by
such financial institution or guarantor for use of the credit facility.

3. The aggregate principal amount of revenue bonds or notes outstanding
at any time with respect to which the tax credit provided in this section
shall be available shall not exceed fifty million dollars. (L. 1985 H.B.
416, A.L. 1994 H.B. 1248 & 1048, A.L. 1997 2d Ex. Sess. S.B. 1)

Effective 12-23-97

CROSS REFERENCE: Tax Credit Accountability Act of 2004, additional
requirements, RSMo 135.800 to 135.830

(1987) This section violates section 38(a) of Article III of the Missouri
Constitution. Curchin v. Missouri Industrial Development Board, 722
S.W.2d 930 (Mo.banc).

Sections of this law shall be known and may be cited as "The
Planned Industrial Expansion Law". (L. 1967 p. 172 § 1)

As used in this law, the following words and terms mean:

(1) "Authority", a public body corporate and politic created by or
pursuant to sections of this law or any other public body exercising the
powers, rights and duties of such an authority;

(2) "Blighted area", an area which, by reason of the predominance of
defective or inadequate street layout, insanitary or unsafe conditions,
deterioration of site improvements, improper subdivision or obsolete
platting, or the existence of conditions which endanger life or property
by fire and other causes, or any combination of such factors, retards the
provision of housing accommodations or constitutes an economic or social
liability or a menace to the public health, safety, morals or welfare in
its present condition and use;

(3) "Bond", any bonds, including refunding bonds, notes, interim
certificates, debentures or other obligations issued by an authority
pursuant to this law;

(4) "City", all cities of this state now having or which hereafter have
four hundred thousand inhabitants or more according to the last decennial
census of the United States or any city that has adopted a home rule
charter pursuant to section 19 of article VI of the Missouri Constitution;

(5) "Clerk", the official custodian of records of the city;

(6) "Federal government", the United States of America or any agency or
instrumentality corporate or otherwise of the United States of America;

(7) "Governing body", the city council, common council, board of aldermen
or other legislative body charged with governing the municipality;

(8) "Industrial developer", any person, partnership or public or private
corporation or agency which enters or proposes to enter into an
industrial development contract;

(9) "Industrial development", the acquisition, clearance, grading,
improving, preparing of land for industrial and commercial development
and use and the construction, reconstruction, purchase, repair of
industrial and commercial improvements, buildings, plants, additions,
stores, shops, shopping centers, office buildings, hotels and motels and
parking garages, multi-family housing facilities, warehouses,
distribution centers, machines, fixtures, structures and other facilities
relating to industrial and commercial use in blighted, insanitary or
undeveloped industrial areas; and the existing merchants, residents, and
present businesses shall have the first option to redevelop the area
under this act;

(10) "Industrial development contract", a contract entered into between
an authority and an industrial developer for the industrial development
of an area in conformity with a plan;

(11) "Insanitary area", an area in which there is a predominance of
buildings and improvements which, by reason of dilapidation,
deterioration, age or obsolescence, inadequate provision for ventilation,
light, air, sanitation or open spaces, high density of population and
overcrowding of buildings, overcrowding of land, or the existence of
conditions which endanger life or property by fire and other causes, or
any combination of such factors, is conducive to ill health, transmission
of disease, infant mortality, juvenile delinquency and crime or
constitutes an economic or social liability and is detrimental to the
public health, safety, morals or welfare;

(12) "Obligee", any bondholders, agents or trustees for any bondholders,
lessor demising to the authority property used in connection with
industrial clearance project, or any assignee or assignees of the
lessor's interest or any part thereof, and the federal government when it
is a party to any contract with the authority;

(13) "Person", any individual, firm, partnership, corporation, company,
association, joint stock association, or body politic; and shall include
any trustee, receiver, assignee or other similar representative thereof;

(14) "Plan", a plan as it exists from time to time for the orderly
carrying on of a project of industrial development;

(15) "Project", any work or undertaking:

(a) To acquire blighted, insanitary and undeveloped industrial areas or
portions thereof including lands, structures or improvements the
acquisition of which is necessary or incidental to the proper industrial
development of the blighted, insanitary and undeveloped industrial areas
or to prevent the spread or recurrence of conditions of blight,
insanitary or undevelopment;

(b) To clear any such areas by demolition or removal of existing
buildings, structures, streets, utilities or other improvements thereon
and to install, construct or reconstruct streets, utilities and site
improvements essential to the preparation of sites for uses in accordance
with a plan;

(c) To construct, reconstruct, remodel, repair, improve, install
improvements, buildings, plants, additions, stores, shops, shopping
centers, office buildings, hotels and motels and parking garages,
multi-family housing facilities, warehouses, distribution centers,
machines, fixtures, structures and other facilities related to industrial
and commercial uses;

(d) To sell, lease or otherwise make available land in such areas for
industrial and commercial or related use or to retain such land for
public use, in accordance with a plan;

(16) "Public body", the state or any municipality, county, township,
board, commission, authority, district or any other subdivision of the
state;

(17) "Real property", all lands, including improvements and fixtures
thereon, and property of any nature appurtenant thereto, or used in
connection therewith, and every estate, interest and right, legal or
equitable, therein, including terms for years and liens by way of
judgment, mortgage or otherwise and the indebtedness secured by such
liens;

(18) "Undeveloped industrial area", any area which, by reason of
defective and inadequate street layout or location of physical
improvements, obsolescence and inadequate subdivision and platting
contains vacant parcels of land not used economically; contains old,
decaying, obsolete buildings, plants, stores, shops, shopping centers,
office buildings, hotels and motels and parking garages, warehouses,
distribution centers, structures; contains buildings, plants, stores,
shops, shopping centers, office buildings, hotels and motels and parking
garages, multi-family housing facilities, warehouses, distribution
centers and structures whose operation is not economically feasible;
contains intermittent commercial and industrial structures in a primarily
industrial or commercial area; or contains insufficient space for the
expansion and efficient use of land for industrial plants and commercial
uses amounting to conditions which retard economic or social growth, are
economic waste and social liabilities and represent an inability to pay
reasonable taxes to the detriment and injury of the public health,
safety, morals and welfare. (L. 1967 p. 172 § 2, A.L. 1980 H.B. 1477,
A.L. 1984 H.B. 1144, A.L. 1986 S.B. 591)

Effective 5-30-86

(1975) Held constitutional as not being special legislation because of
limit as to cities over 400,000. State ex rel. Atkinson v. Planned
Industrial Expansion Authority (Mo.), 517 S.W.2d 36.

There is hereby created in each city, as herein defined, a
public body corporate and politic to be known as "The Planned Industrial
Expansion Authority" of the city; provided, however:

(1) That such authority shall not transact any business or exercise its
powers hereunder until and unless the governing body shall approve, by
resolution or ordinance, the exercising in such city of the powers,
functions and duties of an authority under this law;

(2) That the governing body of a city shall not adopt a resolution or
ordinance pursuant to subdivision (1) above unless it finds:

(a) That one or more blighted, insanitary or undeveloped industrial areas
exist in such community; and

(b) That the development of such area or areas is necessary in the
interest of the public health, safety, morals or welfare of the residents
of such city. (L. 1967 p. 172 § 3)

Subsequent to August 13, 1980, the number of commissioners shall
be fifteen. Provided, however, by the process of attrition the number of
commissioners shall be reduced from twenty-five to fifteen by the
expiration of the terms of currently serving commissioners and
nonreplacement of any vacancies. Commissioners shall be appointed for a
term of four years each. All commissioners shall be appointed by the
mayor or chief executive officer of the city, shall be taxpayers of the
city, and shall have resided in the city for five years immediately prior
to their appointment. All vacancies shall be filled by the mayor or chief
executive officer of the city for the unexpired term, subsequent to the
time the number of commissioners is reduced to fifteen by attrition. (L.
1967 p. 172 § 4, A.L. 1980 H.B. 1477)

1. Notwithstanding the provisions of section 100.330 or any
other provision of law to the contrary, beginning August 28, 2000, the
number of commissioners in any city not within a county shall be five;
provided that, by the process of attrition the number of commissioners
shall be reduced from fifteen to five by the expiration of the terms of
currently serving commissioners and nonreplacement of any vacancies.
Commissioners shall be appointed for a term of four years each. All
commissioners shall be appointed by the mayor of any such city, shall be
taxpayers of the city, and shall have resided in the city for five years
immediately prior to their appointment. All vacancies shall be filled by
the mayor of the city for the unexpired term, subsequent to the time the
number of commissioners is reduced to five by attrition.

2. At any time, the governing body of a city not within a county may
adopt a plan of consolidation to combine the planned industrial expansion
authority of such city with the land clearance for redevelopment
authority of such city. (L. 2000 H.B. 1238 merged with S.B. 894, A.L.
2001 H.B. 596)

1. The powers hereunder vested in each authority shall be
exercised by the board of commissioners thereof. A majority of the
commissioners shall constitute a quorum of such board for the purpose of
conducting business and exercising the powers of the authority and for
all other purposes. Action may be taken by the board upon a vote of a
majority of the commissioners present, unless in any case the bylaws of
the authority shall require a larger number. Meetings of the board of an
authority may be held anywhere within the city.

2. The commissioners of an authority shall elect a chairman and vice
chairman from among the commissioners; however, the first chairman shall
be designated by the mayor. An authority may employ an executive
director, technical experts and such other officers, agents and
employees, permanent and temporary, as it may require, and shall
determine their qualifications, duties and compensation. For such legal
services as it may require, an authority may call upon the chief law
officer of the communities within its area of operation or may employ its
own counsel and legal staff. An authority may delegate to one or more of
its agents or employees such powers or duties as it may deem proper. (L.
1967 p. 172 § 5)

A commissioner of an authority shall receive no compensation for
his services, but shall be entitled to the necessary expenses, including
traveling expenses, incurred in the discharge of his duties. Each
commissioner shall hold office until his successor has been appointed and
has qualified. A certificate of the appointment or reappointment of any
commissioner shall be filed with the municipal or county clerk, as the
case may be, and such certificate shall be conclusive evidence of the due
and proper appointment of such commissioner. (L. 1967 p. 172 § 6)

For inefficiency or neglect of duty or misconduct in office, a
commissioner of an authority may be removed by the mayor, but a
commissioner shall be removed only after a hearing and after he shall
have been given a copy of the charges at least ten days prior to such
hearing and have had an opportunity to be heard in person or by counsel.
In the event of the removal of any commissioner, a record of the
proceedings, together with the charges and findings thereon, shall be
filed in the office of the city clerk. (L. 1967 p. 172 § 7)

1. No commissioner or employee of an authority shall voluntarily
acquire any interest, direct or indirect, in any project or in any
property included or planned by the authority to be included in any such
project, or in any contract or proposed contract in connection with any
such project.

2. Where the acquisition is not voluntary such commissioner or employee
shall immediately disclose such interest in writing to the authority and
such disclosure shall be entered upon the minutes of the authority.

3. A commissioner or employee who owns or controls any interest, direct
or indirect, in such property shall not participate in any action by the
authority affecting the property. If any commissioner or employee of the
authority owned or controlled within the preceding two years any interest
direct or indirect, in any property included or planned by the authority
to be included in any project, he immediately shall disclose such
interest in writing to the authority and such disclosure shall be entered
upon the minutes of the authority. Upon such disclosure such commissioner
or employee shall not participate in any action by the authority
affecting such property.

4. Any violation of the provisions of sections of this law shall
constitute misconduct in office; and the commissioner shall forfeit
forthwith his office. (L. 1967 p. 172 § 8)

1. In any suit, action or proceeding involving the validity or
enforcement of or relating to any contract of an authority or other
public body, such authority or other public body shall be conclusively
deemed to have become established and authorized to transact business and
exercise its powers hereunder upon proof of the adoption of the
appropriate resolution or ordinance prescribed in section 100.320 above.
Each such resolution or ordinance shall be deemed sufficient if it
authorized the exercise of powers hereunder by the authority or other
public body and finds in substantially the terms provided in subdivision
(2) of section 100.320, no further detail being necessary, that the
conditions therein enumerated exist.

2. A copy of such resolution or ordinance duly certified by the municipal
or county clerk, as the case may be, shall be admissible in evidence in
any suit, action or proceeding. (L. 1967 p. 172 § 9)

An authority shall constitute a public body corporate and
politic, exercising public and essential governmental functions and
having all the powers necessary or convenient to carry out and effectuate
the purposes and provisions of this law, including the following powers
in addition to others granted:

(1) To sue and to be sued; to have a seal and to alter the same at
pleasure; to have perpetual succession; to make and execute contracts and
other instruments necessary or convenient to the exercise of the powers
of the authority; and to make and from time to time amend and repeal
bylaws, rules and regulations, not inconsistent with this law, to carry
out the provisions of this law;

(2) To prepare or cause to be prepared plans for industrial development
plans and to undertake and carry out industrial clearance projects for
industrial development;

(3) To arrange or contract for the furnishing or repair, by any person or
agency, public or private, of services, privileges, works, streets,
roads, public utilities or other facilities for or in connection with a
clearance project; and notwithstanding anything to the contrary contained
in this law or any other provision of law, to agree to any conditions
that it may deem reasonable and appropriate attached to federal financial
assistance and imposed pursuant to federal law relating to the
determination of prevailing salaries or wages or compliance with labor
standards, in the undertaking or carrying out of a clearance project, and
to include in any contract let in connection with such a project
provisions to fulfill such of the conditions as it may deem reasonable
and appropriate;

(4) Within its area of operation, to purchase, lease, obtain options
upon, acquire by gift, grant, bequest, devise, eminent domain or
otherwise, any real or personal property or any interest therein,
including fee simple absolute title, together with any improvements
thereon, necessary or incidental to a project; to construct, reconstruct,
remodel, repair, improve, install improvements, buildings, plants,
additions, stores, shops, shopping centers, office buildings, hotels and
motels and parking garages, multi-family housing facilities, warehouses,
distribution centers, machines, fixtures, structures and other facilities
related to industrial and commercial uses; to sell, lease, exchange,
transfer, assign, subdivide, retain for its own use, mortgage, pledge,
hypothecate or otherwise encumber or dispose of any real or personal
property or any interest therein; to enter into contracts with developers
of property and with other public agencies containing covenants,
restrictions and conditions regarding the use of such property for
industrial and commercial and related purposes in accordance with the
planned project and such other covenants, restrictions and conditions as
the authority may deem necessary to prevent a recurrence of blighted,
insanitary, undeveloped industrial areas or to effectuate the purposes of
this law; to make any of the covenants, restrictions or conditions of the
foregoing contracts covenants running with the land, and to provide
appropriate remedies for any breach of any such covenants or conditions,
including the right in the authority to terminate such contracts and any
interest in the property created pursuant thereto; to borrow money and
issue bonds and provide security for loans or bonds; to insure or provide
for the insurance of any real or personal property or operations of the
authority against any risks or hazards, including the power to pay
premiums on any such insurance; and to enter into any contracts necessary
to effectuate the purposes of this law; provided, however, that no
statutory provision with respect to the acquisition, clearance or
disposition of property by other public bodies shall restrict an
authority or other public bodies exercising powers hereunder, in such
functions, unless the legislature shall specifically so state;

(5) To invest any funds held in reserves or sinking funds, or any funds
not required for immediate disbursement, in property or securities in
which savings banks may legally invest funds subject to their control; to
redeem its bonds at the redemption price established therein or to
purchase its bonds at less than redemption price, all bonds so redeemed
or purchased to be canceled;

(6) To borrow money and to apply for and accept advances, loans, grants,
contributions and any other form of financial assistance from the federal
government, the state, county, municipality or other public body or from
any sources, public or private, for the purposes of this law, to give
such security as may be required and to enter into and carry out
contracts in connection therewith; an authority, notwithstanding the
provisions of any other law, may include in any contract for financial
assistance with the federal government for a project such conditions
imposed pursuant to federal law as the authority may deem reasonable and
appropriate and which are not inconsistent with the purposes of this law;

(7) Within its area of operation, to make or have made all surveys,
studies and plans necessary to the carrying out of the purposes of this
law and, in connection therewith, to enter into or upon any land,
building or improvement thereon for such purposes and to make soundings,
test borings, surveys, appraisals and other preliminary studies and
investigations necessary to carry out its powers, but such entry shall
constitute no cause of action for trespass in favor of the owner of such
land, building or improvement except for injuries resulting from
wantonness or malice; and to contract or cooperate with any and all
persons or agencies, public or private, in the making and carrying out of
the surveys, appraisals, studies and plans;

(8) To prepare plans and provide reasonable assistance for the relocation
of families displaced from an industrial or commercial clearance project
area to the extent essential for acquiring possession of and clearing the
area or parts thereof;

(9) To make such expenditures as may be necessary to carry out the
purposes of this law; and to make expenditures from funds obtained from
the federal government without regard to any other laws pertaining to the
making and approval of appropriations and expenditures;

(10) To delegate to a municipality or other public body any of the powers
or functions of the authority with respect to the planning or undertaking
of a project, and the municipality or public body is hereby authorized to
carry out or perform such powers or functions for the authority;

(11) To loan the proceeds of the bonds or temporary notes hereinafter
authorized to provide for the purchase, construction, extension, and
improvement of a project by an industrial developer pursuant to an
industrial development contract approved by the authority in accordance
with subdivision (2) of section 100.410;

(12) To exercise all powers or parts or combinations of powers necessary,
convenient or appropriate to undertake and carry out plans and projects
and all the powers herein granted. (L. 1967 p. 172 § 10, A.L. 1980 H.B.
1477, A.L. 1982 H.B. 1411 & 1587, A.L. 1986 S.B. 591)

Effective 5-30-86

CROSS REFERENCES: Bi-state development agency, bonds of, investment in
authorized, RSMo 70.377 Multinational banks, securities and obligations
of, investment in, when, RSMo 409.950 Savings accounts in insured savings
and loan associations, investment in authorized, RSMo 369.194

1. Preparation and approval of plans shall be carried out within
the following regulations:

(1) An authority shall not acquire real property for a project unless the
governing body of the city has approved the plan, as prescribed in
subdivision (9) of this section.

(2) An authority shall not prepare a plan for a project area unless the
governing body of the city has declared, by resolution or ordinance, the
area to be blighted, insanitary or undeveloped industrial area in need of
industrial development.

(3) An authority shall not recommend a plan to the governing body of the
city until a general plan for the development of the city has been
prepared.

(4) The authority itself may prepare or cause to be prepared a plan or
any person or agency, public or private, may submit such a plan to an
authority. A plan shall be sufficiently complete to indicate its
relationship to definite local objectives as to appropriate land uses,
improved traffic, foster employment, public transportation, public
utilities, recreational and community facilities and other public
improvements and the proposed land uses and building requirements in the
project area, and shall include without being limited to:

(a) The boundaries of the project area, with a map showing the existing
uses and condition of the real property therein;

(b) A land use plan showing proposed uses of the area;

(c) Information showing the standards of population densities,
unemployment within area and adjacent areas, land coverage and building
intensities in the area after completion of the plan;

(d) A statement of the proposed changes, if any, in zoning ordinances or
maps, street layouts, street levels or grades, building codes and
ordinances;

(e) A statement as to the kind and number of additional public facilities
or utilities which will be required in the area after completion of the
plan;

(f) A schedule indicating the estimated length of time needed for
completion of each phase of the plan.

(5) Prior to recommending a plan to the governing body for approval, an
authority shall submit the plan to the planning agency, if any, of the
community in which the project area is located for review and
recommendations as to its conformity with the general plan for the
development of the city as a whole. The planning agency shall submit its
written recommendations with respect to the proposed plan to the
authority within thirty days after receipt of the plan for review. Upon
receipt of the recommendations of the planning agency, or, if no
recommendations are received within the thirty days, then without the
recommendations, an authority may recommend the plan to the governing
body of the city for approval.

(6) Prior to recommending a plan to the governing body for approval, an
authority shall consider whether the proposed land uses and building
requirements in the project area are designed with the general purpose of
accomplishing, in conformance with the general plan, a coordinated,
adjusted and harmonious development of the city and its environs which,
in accordance with present and future needs, will promote health, safety,
morals, order, convenience, prosperity and the general welfare, as well
as efficiency and economy in the process of development; including, among
other things, adequate provision for traffic, vehicular parking, the
promotion of safety from fire, panic and other dangers, adequate
provision for light and air, the promotion of the healthful and
convenient distribution of population, employment opportunities, the
provision of adequate transportation, water, sewerage and other public
utilities, schools, parks, recreational and community facilities and
other public requirements, the promotion of sound design and arrangement,
the wise and efficient expenditure of public funds, the prevention of the
recurrence of insanitary areas, conditions of blight or deterioration or
undeveloped industrial or commercial use.

(7) The recommendation of a plan by an authority to the governing body
shall be accompanied by the recommendations, if any, of the planning
commission concerning the plan; a statement of the proposed method and
estimated cost of the acquisition and preparation for the project area
and the estimated proceeds or revenues from its disposal to industrial
developers; a statement of the proposed method of financing the project;
a statement of a feasible method proposed for the relocation of families
to be displaced from the project area; and a schedule indicating the
estimated length of time needed for completion of each phase of the plan.

(8) The governing body of the community may hold a public hearing on any
plan or substantial modification thereof recommended by the authority,
after public notice thereof by publication in a newspaper of general
circulation in the community once each week for two consecutive weeks,
the last publication to be at least ten days prior to the date set for
hearing. The notice shall describe the time, date, place and purpose of
the hearing and shall also generally identify the area to be covered by
the plan. All interested parties shall be afforded at the public hearing
a reasonable opportunity to express their views respecting the proposed
plan.

(9) Following the hearing, the governing body may approve a plan if it
finds that the plan is feasible and in conformity with the general plan
for the development of the community as a whole. A plan which has not
been approved by the governing body when recommended by the authority may
be recommended again to it with any modifications deemed advisable.

(10) A plan may be modified at any time by the authority, or by the
governing body; provided that, if modified after the lease or sale of
real property in the project area, the modification must be consented to
by the industrial developer of the real property or his successor, or
their successors in interest affected by the proposed modification. Where
the proposed modification will substantially change the plan as
previously approved by the governing body, the modification must
similarly be approved by the governing body.

2. As an alternative to the procedures prescribed in subdivisions (2) and
(5) of subsection 1, an authority may find an area to be a blighted or
insanitary or undeveloped industrial area and in need of industrial or
commercial development and may simultaneously prepare a plan and
recommend to the governing body of the community the approval of such
finding of* a blighted or insanitary or undeveloped industrial area and
the approval of a plan, whether prepared by the authority or submitted to
the authority, and the governing body may make its finding and approve
the plan simultaneously. Simultaneously with such recommendation of a
finding of a blighted or insanitary or undeveloped industrial area and
recommendation of a plan to the governing body for approval, an authority
shall submit the finding of a blighted or insanitary or undeveloped area
and the plan to the planning agency, if any, of the community in which
the project area is located for review and recommendation as to the
conformity of the plan to the general plan for the development of the
community as a whole. The planning agency shall submit its written
recommendations with respect to the finding of a blighted or insanitary
or undeveloped industrial area and the plan to the authority and the
local governing body within thirty days after receipt of the findings and
the plan for review. Upon receipt of the recommendations of the planning
agency, or, if no recommendations are received within the thirty days,
then without the recommendations, the governing body may approve the
finding of a blighted or insanitary or undeveloped industrial area and
may approve the plan in the manner prescribed in subdivisions (8) and (9)
of subsection 1. (L. 1967 p. 172 § 11, A.L. 1980 H.B. 1477, A.L. 1982
H.B. 1411 & 1587)

*Word "or" appears in original rolls.

Property in a project may be disposed of as follows:

(1) An authority may sell, lease, exchange or otherwise transfer real
property, including land and improvements as provided for in the project,
or any interest therein in a project area to any developer for industrial
and commercial or related uses or for public use in accordance with the
plan, subject to such covenants, conditions and restrictions as may be
deemed to be in the public interest or to carry out the purposes of this
law; provided that such sale, lease, exchange or other transfer, and any
agreement relating thereto, may be made only after, or subject to, the
approval of the plan by the governing body of the city. Such real
property shall be sold, leased or transferred at its fair value for uses
in accordance with the plan notwithstanding such value may be less than
the cost of such property to the authority. In determining the fair value
of real property for uses in accordance with the plan, an authority shall
take into account and give consideration to the uses and purposes
required by such plan; the restrictions upon, and the covenants,
conditions and obligations assumed by, the developer of such property;
the objectives of the plan for the prevention of the recurrence of
blighted, insanitary or undeveloped industrial areas; and such other
matters as the authority shall specify as being appropriate. In fixing
rentals and selling prices, an authority shall give consideration to
appraisals of the property for such uses made by experts employed by the
authority.

(2) An authority shall, by public notice published at least two times in
a newspaper having a general circulation in its area of operation, prior
to the consideration of any industrial development contract proposal,
invite proposals from, and make available all pertinent information to,
private industrial developers or any persons interested in undertaking
the development of an area, or any part thereof, which the governing body
has declared to be in need of industrial development. Such notice shall
identify the area and shall state that such further information as is
available may be obtained at the office of the authority. The authority
shall consider all proposals and the financial and legal ability of the
prospective developers to carry out their proposals and may negotiate
with any industrial developer for proposals for the purchase or lease of
any real property in the industrial clearance project area. The authority
may accept such industrial development contract proposal as it deems to
be in the public interest and in furtherance of the purposes of this law;
provided that the authority has, not less than thirty days prior thereto,
notified the governing body in writing of its intention to accept such
industrial development contract proposal. Thereafter, the authority may
execute such industrial development contract in accordance with the
provisions of subdivision (1) of this section and deliver deeds, leases
and other instruments and take all steps necessary to effectuate such
industrial development contract. In its discretion, the authority may,
with regard to the foregoing provisions of this subdivision, dispose of
real property in a project area to private developers for redevelopment
under such reasonable competitive bidding procedures as it shall
prescribe, subject to the provisions of subdivision (1).

(3) In carrying out a project, an authority may:

(a) Convey to the city such real property as, in accordance with the
development plan, is to be laid out into streets, alleys and public ways,
this power being additional to and not limiting any and all other powers
of conveyance of property to cities expressed herein generally or
otherwise;

(b) Grant servitudes, easements and rights-of-way for public utilities,
sewers, streets and other similar facilities, in accordance with the
plan; and

(c) Convey to the municipality, county or other appropriate public body
such real property as, in accordance with the plan, is to be used for
parks, schools, public buildings, facilities or other public purposes.

(4) An authority may temporarily operate and maintain real property in a
project area pending the disposition of the property for industrial
development, without regard to the provisions of subdivisions (1) and (2)
above, for such uses and purposes as may be deemed desirable even though
not in conformity with the plan. (L. 1967 p. 172 § 12, A.L. 1980 H.B.
1477)

1. An authority shall have the right to acquire by the exercise
of the power of eminent domain any real property which it may deem
necessary for a project or for its purposes under this law after the
adoption by it of a resolution declaring that the acquisition of the real
property described therein is necessary for such purposes. Any authority
may exercise the power of eminent domain in the manner and under the
procedure provided for corporations in sections 523.010 to 523.070,
inclusive, and 523.090 and 523.100, RSMo, and acts amendatory thereof or
supplementary thereto; or it may exercise the power of eminent domain in
the manner now or which may be hereafter provided by any other statutory
provision available to the city, and, as to an authority in a
constitutional charter city, in the manner provided in the charter of
said city for the exercise of the power of eminent domain.

2. Property already devoted to a public use may be acquired in like
manner; provided that no real property belonging to the municipality, the
county or the state may be acquired without its consent. (L. 1967 p. 172
§ 13)

1. An authority shall have power to issue bonds from time to
time in its discretion for any of its corporate purposes including the
payment of principal and interest upon any advances for surveys and plans
for projects.

2. An authority shall also have power to issue refunding bonds for the
purpose of paying or retiring or in exchange for bonds previously issued
by it.

3. An authority may issue such types of bonds as it may determine,
including, without limiting the generality of the foregoing, bonds on
which the principal and interest are payable:

(1) Exclusively from the income, proceeds, and revenues of the project
financed with the proceeds of such bonds; or

(2) Exclusively from the income, proceeds, and revenues of any of its
projects whether or not they are financed in whole or in part with the
proceeds of such bonds.

4. Provided, that any such bonds may be additionally secured by a pledge
of any loan, grant or contributions, or parts thereof, from the federal
government or other source, or a mortgage of any project or projects of
the authority. (L. 1967 p. 172 § 14)

1. Bonds of an authority shall be authorized by its resolution
and may be issued in one or more series and shall bear such date or
dates, be payable upon demand or mature at such time or times, bear
interest at such rate or rates, not in excess of the maximum rate, if
any, applicable to general and business corporations, be in such
denomination or denominations, be in such form either coupon or
registered, carry such conversion or registration privileges, have such
rank or priority, be executed in such manner, be payable in such medium
of payment, at such place or places, and be subject to such terms of
redemption, with or without premium, as such resolution, its trust
indenture or mortgage may provide.

2. The bonds shall be sold at not less than ninety-five percent of par at
public or, if the authority determines it is in the best interest of the
authority, at private sale, notwithstanding the provisions of section
108.170, RSMo. The reason or reasons why private sale is in the best
interest of the authority shall be set forth in the order or resolution
authorizing the private sale; provided, however, that any issue in excess
of ten million dollars shall be sold only at public sale; provided,
further, that notice of such public or private sale shall be published in
a newspaper having a general circulation in the area of operation and
such medium of publication as the authority may deem at least once and
not later than ten days prior to such public or private sale. The
decision of the authority shall be conclusive. (L. 1967 p. 172 § 15, A.L.
1974 2d Ex. Sess. S.B. 1, A.L. 1976 H.B. 1359, A.L. 1980 H.B. 1477, A.L.
1982 H.B. 1411 & 1587)

If the interest rates allowed under the provisions of this act*
are greater than the interest rates allowed under the provisions of
senate bill no. 554** of the second regular session of the eightieth
general assembly, then the interest rates allowed under this act* shall
prevail over the interest rates set in senate bill no. 554**. (L. 1980
H.B. 1477 § 2)

*"This act" (H.B. 1477, 1980) contained this section and sections
100.310, 100.330, 100.390, 100.400, 100.410 and 100.440.

**Senate Bill 554 of the second regular session of the 80th General
Assembly, 1980, enacted sections 108.450, 108.455, 108.460, 108.465,
108.470.

1. Neither the commissioners of any authority nor any person
executing the bonds shall be liable personally on the bonds by reason of
the issuance thereof. Bonds issued under this section by an authority,
created by or pursuant to sections * shall not be a debt of the
municipality, the county or the state and neither the municipality, the
county or the state shall be liable thereon nor in any event shall such
bonds be payable out of any funds or properties other than those acquired
for the purposes of this law and such bonds shall not constitute an
indebtedness within the meaning of any constitutional or statutory debt
limitation or restriction.

2. Bonds of an authority are declared to be issued for an essential
public and governmental purpose and to be public instrumentalities, and
interest thereon and income therefrom shall be exempt from income taxes.
(L. 1967 p. 172 § 16)

*Apparent omission in text of original rolls.

1. In case any of the commissioners or officers of the authority
whose signatures appear on any bonds or coupons shall cease to be such
commissioners or officers before the delivery of such bonds, such
signatures shall, nevertheless, be valid and sufficient for all purposes,
the same as if such commissioners or officers had remained in office
until such delivery. Any provision of any law to the contrary
notwithstanding, any bonds issued pursuant to this law shall be fully
negotiable.

2. In any suit, action or proceeding involving the validity or
enforceability of any bond of any authority or the security therefor, any
such bond reciting in substance that it has been issued by the authority
to aid in financing a project, as herein defined, shall be conclusively
deemed to have been issued for such purpose and such project shall be
conclusively deemed to have been planned, located and carried out in
accordance with the purposes and provisions of this law. (L. 1967 p. 172
§ 17)

In connection with the issuance of bonds or the incurring of
obligations under leases and in order to secure the payment of such bonds
or obligations, an authority, in addition to its other powers, shall have
power:

(1) To pledge all or any part of its gross or net rents, fees or revenues
from projects to which its right then exists or may thereafter come into
existence;

(2) To mortgage all or any part of its real or personal property in a
project then owned or thereafter acquired;

(3) To covenant against pledging all or any part of its rents, fees and
revenues from projects, or against mortgaging all or any part of its real
or personal property in a project, to which its right or title then
exists or may thereafter come into existence or against permitting or
suffering any lien on such revenues or property; to covenant with respect
to limitations on its right to sell, lease or otherwise dispose of any
project or any part thereof; and to covenant as to what other, or
additional, debts or obligations may be incurred by it;

(4) To covenant as to the bonds to be issued and as to the issuance of
such bonds in escrow or otherwise, and as to the use and disposition of
the proceeds thereof; to provide for the replacement of lost, destroyed
or mutilated bonds; to covenant against extending the time for the
payment of its bonds or interest thereon; and to covenant for the
redemption of the bonds and to provide the terms and conditions thereof;

(5) To covenant, subject to the limitations contained in this law, as to
the amount of revenues to be raised each year or other period of time by
rents, fees and other revenues, and as to the use and disposition to be
made thereof; to create or to authorize the creation of special funds for
moneys held for operating costs, debt service, reserves, or other
purposes, and to covenant as to the use and disposition of the moneys
held in such funds;

(6) To prescribe the procedure, if any, by which the terms of any
contract with bondholders may be amended or abrogated, the amount of
bonds the holders of which must consent thereto and the manner in which
such consent may be given;

(7) To covenant as to the use, maintenance and replacement of any or all
of its real or personal property, the insurance to be carried thereon and
the use and disposition of insurance moneys, and to warrant its title to
such property;

(8) To covenant as to the rights, liabilities, powers and duties arising
upon the breach by it of any covenants, conditions or obligation; and to
covenant and prescribe as to events of default and terms and conditions
upon which any or all of its bonds or obligations shall become or may be
declared due before maturity and as to the terms and conditions upon
which such declaration and its consequences may be waived;

(9) To vest in any obligees of the authority the right to enforce the
payment of the bonds or any covenants securing or relating to the bonds;
to vest in any obligee or obligees holding a specified amount in bonds
the right, in the event of a default by said authority, to take
possession of and use, operate and manage any project or any part
thereof, title to which is in the authority, or any funds connected
therewith, and to collect the rents and revenues arising therefrom and to
dispose of such moneys in accordance with the agreement of the authority
with such obligees; to provide for the powers and duties of such obligees
and to limit the liabilities thereof; and to provide the terms and
conditions upon which such obligees may enforce any covenant or rights
securing or relating to the bonds; and

(10) To exercise all or any part or combination of the powers herein
granted; to make such covenants, other than and in addition to the
covenants herein expressly authorized, and to do any and all such acts
and things as may be necessary or convenient or desirable in order to
secure its bonds, or, in the absolute discretion of said authority, as
will tend to make the bonds more marketable notwithstanding that such
covenants, acts or things may not be enumerated herein. (L. 1967 p. 172 §
18)

Any authority shall have power by its resolution, trust
indenture, mortgage, lease or other contract to confer upon an obligee
holding or representing a specified amount in bonds, the right, in
addition to all rights that may otherwise be conferred, upon the
happening of an event of default as defined in such resolution or
instrument, by suit, action or proceeding in any court of competent
jurisdiction:

(1) To cause possession of any project or any part thereof, title to
which is in the authority, to be surrendered to any such obligee;

(2) To obtain the appointment of a receiver of any project of said
authority or any part thereof, title to which is in the authority, and of
the rents and profits therefrom. If such receiver be appointed, he may
enter and take possession of, carry out, operate and maintain such
project or any part thereof and collect and receive all fees, rents,
revenues, or other charges thereafter arising therefrom, and shall keep
such moneys in a separate account or accounts and apply the same in
accordance with the obligations of said authority as the court shall
direct; and

(3) To require said authority and the commissioners, officers, agents and
employees thereof to account as if it and they were the trustees of an
express trust. (L. 1967 p. 172 § 19)

An obligee of an authority shall have the right in addition to
all other rights which may be conferred on such obligee, subject only to
any contractual restrictions binding upon such obligee:

(1) By mandamus suit, action or proceeding at law or in equity, to compel
said authority and the commissioners, officers, agents or employees
thereof to perform each and every term, provision and covenant contained
in any contract of said authority with or for the benefit of such
obligee, and to require the carrying out of any or all such covenants and
agreements of said authority and the fulfillment of all duties imposed
upon said authority by this law; and

(2) By suit, action or proceeding in equity, to enjoin any acts or things
which may be unlawful, or the violation of any of the rights of such
obligee of said authority. (L. 1967 p. 172 § 20)

All public officers, municipal corporations, political
subdivisions and public bodies, all banks, trust companies, bankers,
savings banks and institutions, building and loan associations, savings
and loan associations, investment companies and other persons carrying on
a banking business, all insurance companies, insurance associations, and
other persons carrying on insurance business, and all executors,
administrators, curators, trustees, and other fiduciaries may legally
invest any sinking funds, moneys, or other funds belonging to them or
within their control in any bond or other obligations issued by an
authority pursuant to this law or commission, or agency or any other
public body in the United States for industrial purposes, when such bonds
and other obligations are secured by a contract for financial assistance
to be paid by the federal government or any agency thereof and such bonds
and other obligations shall be authorized security for all public
deposits. It is the purpose of this section to authorize any persons,
political subdivisions and officers, public or private, to use any funds
owned or controlled by them for the purchase of any such bonds or other
obligations. However, nothing contained in this section with regard to
legal investments shall be construed as relieving any person of any duty
of exercising reasonable care in selecting securities. (L. 1967 p. 172 §
21)

In any contract for financial assistance with the federal
government the authority may obligate itself, which obligation shall be
specifically enforceable and shall not constitute a mortgage,
notwithstanding any other laws, to convey to the federal government
possession of or title to the project and land therein to which such
contract relates which is owned by the authority, upon the occurrence of
a substantial default, as defined in such contract, with respect to the
covenants or conditions to which the authority is subject; such contract
may further provide that in case of such conveyance, the federal
government may complete, operate, manage, lease, convey or otherwise deal
with the project in accordance with the terms of such contract; provided,
that the contract requires that, as soon as practicable after the federal
government is satisfied that all defaults with respect to the project
have been cured and that the project will thereafter be operated in
accordance with the terms of the contract, the federal government shall
reconvey to the authority the project as then constituted. (L. 1967 p.
172 § 22)

All property including funds of an authority shall be exempt
from levy and sale by virtue of an execution, and no execution or other
judicial process shall issue against the same nor shall judgment against
an authority be a charge or lien upon its property; provided, however,
that the provisions of this section shall not apply to or limit the right
of obligees to foreclose or otherwise enforce any mortgage of an
authority or the right of obligees to pursue any remedies for the
enforcement of any pledge or lien given by the authority on its rents,
fees, grants or revenues. (L. 1967 p. 172 § 23)

For the purpose of aiding and cooperating in the planning,
undertaking or carrying out of a project located within the area in which
it is authorized to act, any public body may, upon such terms, with
reasonable consideration, as it may determine:

(1) Dedicate, sell, convey or lease any of its interest in any property,
or grant easements, licenses or any other rights or privileges therein to
an authority;

(2) Cause parks, playgrounds, recreational, community, educational,
water, sewer or drainage facilities, or any other works which it is
otherwise empowered to undertake, to be furnished in compliance with a
plan;

(3) Furnish, dedicate, close, vacate, pave, install, grade, regrade, plan
or replan streets, roads, sidewalks, ways or other places, which it is
otherwise empowered to undertake;

(4) Plan or replan, zone or rezone any part of the public body or make
exceptions from building regulations and ordinances if such functions are
of the character which the public body is otherwise empowered to perform;

(5) Cause administrative and other services to be furnished to the
authority of the character which the public body is otherwise empowered
to undertake or furnish for the same or other purposes;

(6) Incur the entire expense of any public improvements made by such
public body in exercising the powers granted in this section;

(7) Do any and all things necessary or convenient to aid and cooperate in
the planning or carrying out of a plan;

(8) Lend, grant or contribute funds to an authority;

(9) Employ any funds belonging to or within the control of such public
body, including funds derived from the sale or furnishing of property,
service, or facilities to an authority, in the purchase of the bonds or
other obligations of an authority and, as the holder of such bonds or
other obligations, exercise the rights connected therewith; and

(10) Enter into agreements, which may extend over any period,
notwithstanding any provision or rule of law to the contrary, with an
authority respecting action to be taken by such public body pursuant to
any of the powers granted by this law. If at any time title to, or
possession of, any project is held by any public body or governmental
agency, other than the authority, authorized by law to engage in the
undertaking, carrying out or administration of projects, including any
agency or instrumentality of the United States of America, the provisions
of such agreements shall inure to the benefit of and* may be enforced by
such public body or governmental agency. (L. 1967 p. 172 § 24)

*Word "any" appears in original rolls.

Any sale, conveyance, lease or agreement provided for in section
100.530 may be made by a public body without appraisal, public notice,
advertisement or public bidding. (L. 1967 p. 172 § 25)

Any city located in whole or in part within the area of
operation of an authority may grant funds to an authority for the purpose
of aiding such authority in carrying out any of its powers and functions
under this law. To obtain funds for this purpose the community may levy
taxes or may issue and sell its bonds. Any bonds to be issued by the city
pursuant to the provisions of this section shall be issued in the manner
and within the limitations, except as herein otherwise provided,
prescribed by the laws of this state for the issuance and authorization
of such bonds for public purposes generally. (L. 1967 p. 172 § 26)

1. Any two or more authorities may join or cooperate with one
another in the exercise of any or all of the powers conferred hereby for
the purpose of planning, undertaking or financing a project or projects
located within the area or areas of operation of any one or more of said
authorities.

2. When a project or projects are planned, undertaken or financed on a
regional or unified metropolitan basis, the terms "governing body" and
"community" as used in this law shall mean the governing bodies of the
appropriate communities and the appropriate communities cooperating in
the planning, undertaking or financing of such project or projects. (L.
1967 p. 172 § 27)

The ad valorem tax exemption benefits contained in chapter* 353,
RSMo 1959, of "The Urban Redevelopment Corporation Law" and more
specifically in sections 353.110 and 353.150(4), RSMo, shall not be
available to any urban redevelopment corporation on lands and
improvements situated within a project area under this law, unless the
governing body by a three-fourths vote of such body approves the ad
valorem tax exemption benefits. (L. 1967 p. 172 § 28)

*Word "section" appears in original rolls.

1. At least once a year, an authority shall file with the clerk
a report of its activities for the preceding year, and shall make
recommendations with reference to such additional legislation or other
action as it deems necessary in order to carry out the purposes of this
law.

2. Within sixty days after August 13, 1982, and every five years
thereafter, the governing body shall hold a public hearing regarding
those industrial development projects under the jurisdiction of the
authority. The purpose of the hearing shall be to determine if the
authority is making satisfactory progress under the proposed time
schedule contained within the approved plans for completion of such
projects. Notice of such public hearing shall be given in a newspaper of
general circulation in the area served by the authority once each week
for four weeks immediately prior to the hearing. (L. 1967 p. 172 § 29,
A.L. 1982 H.B. 1411 & 1587)

Any authority empowered to undertake and carry out projects in a
constitutional charter city under this law is hereby authorized to and
may, upon such terms and conditions as it may determine not inconsistent
with this law, and with the consent of the governing body of such
constitutional charter city, contract to and take over, assume, continue
and carry out all undertakings, obligations, rights, powers, plans and
activities, not inconsistent with this law, of such constitutional
charter city relating to planned or existing projects for industrial
development. (L. 1967 p. 172 § 30)

The governing body of any municipality, which is not otherwise
authorized to establish a planning agency with power to prepare a master
plan for the physical development of the community, is hereby authorized
and empowered to prepare such a master plan for the purposes of
initiating and carrying out a project under this law. (L. 1967 p. 172 §
31)

This law shall be construed liberally to effectuate the purposes
hereof. Insofar as the provisions of this law are inconsistent with the
provisions of any other law, the provisions of this law shall be
controlling. (L. 1967 p. 172 § 32)

The powers conferred by this law shall be in addition and
supplemental to the powers conferred by any other law. (L. 1967 p. 172 §
33)

Sections 100.700 to 100.850 shall be known as the "Missouri
Business Use Incentives for Large-Scale Development Act". (L. 1996 H.B.
1237 § 7)

As used in sections 100.700 to 100.850, the following terms mean:

(1) "Assessment", an amount of up to five percent of the gross wages paid
in one year by an eligible industry to all eligible employees in new
jobs, or up to ten percent if the economic development project is located
within a distressed community as defined in section 135.530, RSMo;

(2) "Board", the Missouri development finance board as created by section
100.265;

(3) "Certificates", the revenue bonds or notes authorized to be issued by
the board pursuant to section 100.840;

(4) "Credit", the amount agreed to between the board and an eligible
industry, but not to exceed the assessment attributable to the eligible
industry's project;

(5) "Department", the Missouri department of economic development;

(6) "Director", the director of the department of economic development;

(7) "Economic development project":

(a) The acquisition of any real property by the board, the eligible
industry, or its affiliate; or

(b) The fee ownership of real property by the eligible industry or its
affiliate; and

(c) For both paragraphs (a) and (b) of this subdivision, "economic
development project" shall also include the development of the real
property including construction, installation, or equipping of a project,
including fixtures and equipment, and facilities necessary or desirable
for improvement of the real property, including surveys; site tests and
inspections; subsurface site work; excavation; removal of structures,
roadways, cemeteries and other surface obstructions; filling, grading and
provision of drainage, storm water retention, installation of utilities
such as water, sewer, sewage treatment, gas, electricity, communications
and similar facilities; off-site construction of utility extensions to
the boundaries of the real property; and the acquisition, installation,
or equipping of facilities on the real property, for use and occupancy by
the eligible industry or its affiliates;

(8) "Eligible employee", a person employed on a full-time basis in a new
job at the economic development project averaging at least thirty-five
hours per week who was not employed by the eligible industry or a related
taxpayer in this state at any time during the twelve-month period
immediately prior to being employed at the economic development project.
For an essential industry, a person employed on a full-time basis in an
existing job at the economic development project averaging at least
thirty-five hours per week may be considered an eligible employee for the
purposes of the program authorized by sections 100.700 to 100.850;

(9) "Eligible industry", a business located within the state of Missouri
which is engaged in interstate or intrastate commerce for the purpose of
manufacturing, processing or assembling products, conducting research and
development, or providing services in interstate commerce, office
industries, or agricultural processing, but excluding retail, health or
professional services. "Eligible industry" does not include a business
which closes or substantially reduces its operation at one location in
the state and relocates substantially the same operation to another
location in the state. This does not prohibit a business from expanding
its operations at another location in the state provided that existing
operations of a similar nature located within the state are not closed or
substantially reduced. This also does not prohibit a business from moving
its operations from one location in the state to another location in the
state for the purpose of expanding such operation provided that the board
determines that such expansion cannot reasonably be accommodated within
the municipality in which such business is located, or in the case of a
business located in an incorporated area of the county, within the county
in which such business is located, after conferring with the chief
elected official of such municipality or county and taking into
consideration any evidence offered by such municipality or county
regarding the ability to accommodate such expansion within such
municipality or county. An eligible industry must:

(a) Invest a minimum of fifteen million dollars, or ten million dollars
for an office industry, in an economic development project; and

(b) Create a minimum of one hundred new jobs for eligible employees at
the economic development project or a minimum of five hundred jobs if the
economic development project is an office industry or a minimum of two
hundred new jobs if the economic development project is an office
industry located within a distressed community as defined in section
135.530, RSMo, or in the case of an approved company for a project for a
world headquarters of a business whose primary function is tax return
preparation in any home rule city with more than four hundred thousand
inhabitants and located in more than one county, create a minimum of one
hundred new jobs for eligible employees at the economic development
project. An industry that meets the definition of "essential industry"
may be considered an eligible industry for the purposes of the program
authorized by sections 100.700 to 100.850.

Notwithstanding the preceding provisions of this subdivision, a
development agency, as such term is defined in subdivision (3) of section
100.255, or a corporation, limited liability company, or partnership
formed on behalf of a development agency, at the option of the board, may
be authorized to act as an eligible industry with such obligations and
rights otherwise applicable to an eligible industry, including the rights
of an approved company under section 100.850, so long as the eligible
industry otherwise meets the requirements imposed by this subsection;

(10) "Essential industry", a business that otherwise meets the definition
of eligible industry except an essential industry shall:

(a) Be a targeted industry;

(b) Be located in a home rule city with more than twenty-six thousand but
less than twenty-seven thousand inhabitants located in any county with a
charter form of government and with more than one million inhabitants;

(c) Have maintained at least two thousand jobs at the proposed economic
development project site each year for a period of four years preceding
the year in which application for the program authorized by sections
100.700 to 100.850 is made and during the year in which said application
is made;

(d) For the duration of the certificates, retain at the proposed economic
development project site the level of employment that existed at the site
in the taxable year immediately preceding the year in which application
for the program authorized by sections 100.700 to 100.850 is made; and

(e) Invest a minimum of five hundred million dollars in the economic
development project by the end of the third year after the issuance of
the certificates under this program;

(11) "New job", a job in a new or expanding eligible industry not
including jobs of recalled workers, replacement jobs or jobs that
formerly existed in the eligible industry in the state. For an essential
industry, an existing job may be considered a new job for the purposes of
the program authorized by sections 100.700 to 100.850;

(12) "Office industry", a regional, national or international
headquarters, a telecommunications operation, a computer operation, an
insurance company, or a credit card billing and processing center;

(13) "Program costs", all necessary and incidental costs of providing
program services including payment of the principal of premium, if any,
and interest on certificates, including capitalized interest, issued to
finance a project, and funding and maintenance of a debt service reserve
fund to secure such certificates. Program costs shall include:

(a) Obligations incurred for labor and obligations incurred to
contractors, subcontractors, builders and materialmen in connection with
the acquisition, construction, installation or equipping of an economic
development project;

(b) The cost of acquiring land or rights in land and any cost incidental
thereto, including recording fees;

(c) The cost of contract bonds and of insurance of all kinds that may be
required or necessary during the course of acquisition, construction,
installation or equipping of an economic development project which is not
paid by the contractor or contractors or otherwise provided for;

(d) All costs of architectural and engineering services, including test
borings, surveys, estimates, plans and specifications, preliminary
investigations and supervision of construction, as well as the costs for
the performance of all the duties required by or consequent upon the
acquisition, construction, installation or equipping of an economic
development project;

(e) All costs which are required to be paid under the terms of any
contract or contracts for the acquisition, construction, installation or
equipping of an economic development project; and

(f) All other costs of a nature comparable to those described in this
subdivision;

(14) "Program services", administrative expenses of the board, including
contracted professional services, and the cost of issuance of
certificates;

(15) "Targeted industry", an industry or one of a cluster of industries
that is identified by the department as critical to the state's economic
security and growth and affirmed as such by the joint committee on
economic development policy and planning established in section 620.602,
RSMo. (L. 1996 H.B. 1237 § 8, A.L. 1998 H.B. 1656, A.L. 2003 H.B. 289
merged with S.B. 620, A.L. 2004 H.B. 1182 merged with S.B. 1155 merged
with S.B. 1394, A.L. 2005 S.B. 343)

Contingent expiration date, see § 135.284

1. The Missouri development finance board shall have, in
addition to the powers provided to it in sections 100.250 to 100.297, and
with the approval of the department, all the powers necessary to carry
out and effectuate the purposes and provisions of sections 100.700 to
100.850, including, but not limited to, the power to:

(1) Provide and finance economic development projects, pursuant to the
provisions of sections 100.700 to 100.850, and cooperate with eligible
industries in order to promote, foster and support economic development
within the state;

(2) Conduct hearings and inquiries, in the manner and by the methods as
it deems desirable, for the purpose of gathering information with respect
to eligible industries and economic development projects, and for the
purpose of making any determinations necessary or desirable in the
furtherance of sections 100.700 to 100.850; and

(3) Negotiate the terms of, including the amount of project costs, and
enter into financing agreements with eligible industries, and in
connection therewith to acquire, convey, sell, mortgage, finance or
otherwise dispose of any property, real or personal, loan bond proceeds,
and permit the use of assessments, in connection with an economic
development project, and to pay, or cause to be paid, in accordance with
the provisions of a financing agreement, the program costs of an economic
development project from any funds available therefor.

2. Certificates issued by the board pursuant to the provisions of
sections 100.700 to 100.850 shall not constitute an indebtedness or
liability of the state of Missouri within the meaning of any state
constitutional provision or statutory limitation, shall not constitute a
pledge of the faith and credit of the state of Missouri, shall not be
guaranteed by the credit of the state, and unless approved by a
concurrent resolution of the general assembly, no certificate in default
shall be paid by the state of Missouri. (L. 1996 H.B. 1237 § 9)

1. The department, in conjunction with the board, shall
establish the procedures and standards for the determination and approval
of eligible industries and their economic development projects by the
promulgation of rules or regulations in accordance with sections 100.700
to 100.850, chapter 536, RSMo, and section 620.1066, RSMo. These rules or
regulations shall mandate the evaluation of the credit worthiness of
eligible industries, the number of new jobs to be provided by an economic
development project to residents of the state, and the likelihood of the
economic success of the economic development project. No economic
development project which will result in the replacement of facilities
existing in the state shall be approved by the board.

2. With respect to each eligible industry making an application to the
board for incentives, and with respect to the economic development
project described in the application, the board shall request relevant
information, documentation and other materials and make inquiries of the
applicant as necessary or appropriate. After a diligent review of
relevant materials and completion of its inquiries, the board may by
resolution designate an economic development project. (L. 1996 H.B. 1237
§ 10)

CROSS REFERENCE: Tax Credit Accountability Act of 2004, additional
requirements, RSMo 135.800 to 135.830

The board may enter into, with the approval of the department
and in consultation with the office of administration, with any eligible
industry, a financing agreement with respect to its economic development
project. Subject to the inclusion of the mandatory provisions set forth
in sections 100.700 to 100.850, the terms and provisions of each
financing agreement shall be determined by negotiations between the board
and the eligible industry. (L. 1996 H.B. 1237 § 11)

The financing agreement shall provide in substance that:

(1) It may be assigned by the eligible industry only upon the prior
written consent of the board following the adoption of a resolution by
the board to such effect; and

(2) Upon default by the eligible industry in any obligations under the
financing agreement or other documents evidencing, securing or related to
the eligible industry's obligations, the board shall have the right, at
its option, to:

(a) Declare the financing agreement or other such documents in default;

(b) Accelerate and declare the total of all such payments due by the
eligible industry and sell the economic development project at public,
private, or judicial sale;

(c) Pursue any remedy provided under the financing agreement or other
such documents;

(d) Be entitled to the appointment of a receiver by the circuit court
wherein any part of the economic development project is located; and

(e) Pursue any other applicable legal remedy. (L. 1996 H.B. 1237 § 12)

After receipt of an application, the board may, with the
approval of the department, enter into an agreement with an eligible
industry for a credit pursuant to sections 100.700 to 100.850 if the
board determines that all of the following conditions exist:

(1) The applicant's project will create new jobs that were not jobs
previously performed by employees of the applicant in Missouri;

(2) The applicant's project is economically sound and will benefit the
people of Missouri by increasing opportunities for employment and
strengthening the economy of Missouri;

(3) Significant local incentives with respect to the project or eligible
industry have been committed, which incentives may consist of:

(a) Cash or in-kind incentives derived from any nonstate source,
including incentives provided by the affected political subdivisions,
private industry and/or local chambers of commerce or similar such
organizations; and/or

(b) Relief from local taxes, in either case as acceptable to the board;

(4) Receiving the credit is a major factor in the applicant's decision to
go forward with the project and not receiving the credit will result in
the applicant not creating new jobs in Missouri;

(5) Awarding the credit will result in an overall positive fiscal impact
to the state;

(6) There is at least one other state that the applicant verifies is
being considered for the project; and

(7) A significant disparity is identified, using best available data in
the projected costs for the applicant's project compared to the costs in
the competing state, including the impact of the competing state's
incentive programs. The competing state's incentive program shall include
state, local, private and federal funds. (L. 1996 H.B. 1237 § 13, A.L.
1997 2d Ex. Sess. S.B. 1)

Effective 12-23-97

In determining the credit that should be awarded, the board
shall take into consideration the following factors:

(1) The economy of the county where the projected investment is to occur;

(2) The potential impact on the economy of Missouri;

(3) The payroll attributable to the project;

(4) The capital investment attributable to the project;

(5) The amount the average wage paid by the applicant exceeds the average
wage paid within the county in which the project will be located;

(6) The costs to Missouri and the affected political subdivisions with
respect to the project;

(7) The financial assistance that is otherwise provided by Missouri and
the affected political subdivisions; and

(8) The magnitude of the cost differential between Missouri and the
competing state. (L. 1996 H.B. 1237 § 14)

The board shall determine the amount and duration of a project
and its associated assessments, credits and refunds. The credit amount
may not exceed the estimated assessment. Assessments made for any project
may not exceed a period of fifteen years. (L. 1996 H.B. 1237 § 15)

An agreement between the board and an eligible industry shall
include all of the following:

(1) A detailed description of the project that is the subject of the
agreement;

(2) A specific method for determining the number of new employees
employed during a taxable year who are performing jobs not previously
performed by an employee of the eligible industry;

(3) A requirement that the taxpayer shall annually report to the board
the number of new employees who are performing jobs not previously
performed by an employee, the total amount of salaries and wages paid to
eligible employees in new jobs, and any other information the board needs
to perform its duties pursuant to sections 100.700 to 100.850;

(4) A requirement that the taxpayer shall provide written notification to
the director and the board not more than thirty days after the taxpayer
makes or receives a proposal that would transfer the taxpayer's state tax
liability obligations to a successor taxpayer;

(5) Any other performance conditions that the board and the director
determine are appropriate; and

(6) A requirement that the taxpayer shall maintain operations at the
project location for at least a period of time equal to the number of
years for which credits are authorized in the financing agreement with
the board. (L. 1996 H.B. 1237 § 16)

If the board determines that an eligible industry, which has
received a credit pursuant to sections 100.700 to 100.850, is not
complying with the requirements of the credit agreement or all of the
provisions of sections 100.700 to 100.850, the board shall, after giving
the industry an opportunity to explain the noncompliance, notify the
department of revenue of the noncompliance and request a penalty. The
board shall state the amount of the penalty, which may not exceed the sum
of any previously allowed assessments pursuant to sections 100.700 to
100.850. (L. 1996 H.B. 1237 § 17)

On an annual basis, the director shall provide for an evaluation
of the program. The evaluation shall include an assessment of the
effectiveness of the program in creating new jobs in Missouri and of the
revenue impact of the program. The director shall submit a report on the
evaluation to the governor, the president pro tem of the senate, and the
speaker of the house of representatives. (L. 1996 H.B. 1237 § 18)

An agreement between the board and an eligible industry shall
provide that all or part of program costs are to be met by receipt of
assessments. Assessments shall be based upon wages paid to eligible
employees. If business or employment conditions cause the amount of the
assessment to be less than the amount projected in the agreement for any
time period, then the employer shall pay to the board the amount of such
difference, then a portion of withholding tax paid by the employer
pursuant to sections 143.191 to 143.265, RSMo, may be credited to the
board by the amount of such difference. The employer shall remit the
amount of the assessment to the board. When all program costs, including
the principal of, premium, if any, and interest on the certificates have
been paid, the employer credits shall cease. (L. 1996 H.B. 1237 § 19)

1. The board shall establish a special fund for and in the name
of each project. All received by the board in respect of the project and
required by the agreement to be used to pay program costs for the project
shall be deposited in the special fund. Amounts held in the special fund
may be used and disbursed by the board only to pay program costs for the
project.

2. Any disbursement in respect of a project pursuant to the provisions of
sections 100.700 to 100.850, and the special fund into which it is paid,
may be irrevocably pledged by the board for the payment of the principal
of, premium, if any, and interest on the certificate issued by the board
to finance or refinance, in whole or in part, the project.

3. The employer shall certify to the department of revenue that the
assessment is in accordance with an agreement and shall provide other
information the department may require.

4. If an agreement provides that all or part of program costs are to be
met by receipt of assessments, the provisions of this section shall also
apply to any successor to the original employer until such time as the
principal and interest on the certificates have been paid. (L. 1996 H.B.
1237 § 20)

1. To provide funds for the present payment of the costs of
economic development projects, the board may borrow money and issue and
sell certificates payable from a sufficient portion of the future
receipts of payments authorized by the agreement. The receipts shall be
pledged to the payment of principal of and interest on the certificates.
Certificates may be sold at public sale or at private sale at par,
premium, or discount of not less than ninety-five percent of the par
value thereof, at the discretion of the board, and may bear interest at
such rate or rates as the board shall determine, notwithstanding the
provisions of section 108.170, RSMo, to the contrary. Certificates may be
issued with respect to a single project or multiple projects and may
contain terms or conditions as the board may provide by resolution
authorizing the issuance of the certificates.

2. Certificates issued to refund other certificates may be sold at public
sale or at private sale as provided in this section with the proceeds
from the sale to be used for the payment of the certificates being
refunded. The refunding certificates may be exchanged in payment and
discharge of the certificates being refunded, in installments at
different times or an entire issue or series at one time. Refunding
certificates may be sold or exchanged at any time on, before, or after
the maturity of the outstanding certificates to be refunded. Certificates
may be issued for the purpose of refunding a like, greater or lesser
principal amount of certificates and may bear a higher, lower or
equivalent rate of interest than the certificates being renewed or
refunded.

3. The board shall determine if revenues provided in the agreement are
sufficient to secure the faithful performance of obligations in the
agreement.

4. Certificates issued pursuant to this section shall not be deemed to be
an indebtedness of the state or the board or of any political subdivision
of the state. (L. 1996 H.B. 1237 § 21, A.L. 1997 2d Ex. Sess. S.B. 1,
A.L. 2003 H.B. 289)

Effective 7-7-03

*This section was amended by both H.B. 289 and S.B. 620 during the first
regular session of the Ninety-second general assembly, 2003. Due to a
contingent expiration date in § 135.284, two versions of this section
appear here.

1. The approved company shall remit to the board a job
development assessment fee, not to exceed five percent of the gross wages
of each eligible employee whose job was created as a result of the
economic development project, or not to exceed ten percent if the
economic development project is located within a distressed community as
defined in section 135.530, RSMo, for the purpose of retiring bonds which
fund the economic development project.

2. Any approved company remitting an assessment as provided in subsection
1 of this section shall make its payroll books and records available to
the board at such reasonable times as the board shall request and shall
file with the board documentation respecting the assessment as the board
may require.

3. Any assessment remitted pursuant to subsection 1 of this section shall
cease on the date the bonds are retired.

4. Any approved company which has paid an assessment for debt reduction
shall be allowed a tax credit equal to the amount of the assessment. The
tax credit may be claimed against taxes otherwise imposed by chapters 143
and 148, RSMo, except withholding taxes imposed under the provisions of
sections 143.191 to 143.265, RSMo, which were incurred during the tax
period in which the assessment was made.

5. In no event shall the aggregate amount of tax credits authorized by
subsection 4 of this section exceed fifteen million dollars annually. Of
such amount, nine hundred fifty thousand dollars shall be reserved for an
approved project for a world headquarters of a business whose primary
function is tax return preparation that is located in any home rule city
with more than four hundred thousand inhabitants and located in more than
one county, which amount reserved shall end in the year of the final
maturity of the certificates issued for such approved project.

6. The director of revenue shall issue a refund to the approved company
to the extent that the amount of credits allowed in subsection 4 of this
section exceeds the amount of the approved company's income tax. (L. 1996
H.B. 1237 § 22, A.L. 1998 H.B. 1656, A.L. 2003 H.B. 289 and S.B. 620,
A.L. 2004 H.B. 1182 and S.B. 1155 and S.B. 1394, A.L. 2005 S.B. 343)

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