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| Home > Statutes > Usa Missouri |
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USA Statutes : missouri
Title : CORPORATIONS, ASSOCIATIONS AND PARTNERSHIPS
Chapter : Chapter 353 Urban Redevelopment Corporations Law
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This chapter shall be known and may be cited and referred to as
"The Urban Redevelopment Corporations Law". (L. 1943 p. 751 § 1, A.L.
1945 p. 1242, A.L. 1969 S.B. 373, A.L. 1976 H.B. 1369, A.L. 1988 H.B.
1738, A.L. 1993 H.B. 566 merged with S.B. 376)
(1966) Land Clearance for Redevelopment Authority Law, § 99.300 to 99.660
and the Urban Redevelopment Corporation Law, Chapter 353, do not violate
the constitutional provisions prohibiting the taking of private property
for public use without consent of owner. Annbar Associates v. West Side
Redevelopment Corp. (Mo.), 397 S.W.2d 635.
The following terms, whenever used or referred to in this
chapter, mean:
(1) "Area", that portion of the city which the legislative authority of
such city has found or shall find to be blighted so that the clearance,
replanning, rehabilitation, or reconstruction thereof is necessary to
effectuate the purposes of this law. Any such area may include buildings
or improvements not in themselves blighted, and any real property,
whether improved or unimproved, the inclusion of which is deemed
necessary for the effective clearance, replanning, reconstruction or
rehabilitation of the area of which such buildings, improvements or real
property form a part;
(2) "Blighted area", that portion of the city within which the
legislative authority of such city determines that by reason of age,
obsolescence, inadequate or outmoded design or physical deterioration
have become economic and social liabilities, and that such conditions are
conducive to ill health, transmission of disease, crime or inability to
pay reasonable taxes;
(3) "City" or "such cities", any city within this state and any county of
the first classification with a charter form of government and a
population of at least nine hundred thousand inhabitants or any county
with a charter form of government and with more than six hundred thousand
but less than seven hundred thousand inhabitants. The county's authority
pursuant to this chapter shall be restricted to the unincorporated areas
of such county;
(4) "Development plan", a plan, together with any amendments thereto, for
the development of all or any part of a blighted area, which is
authorized by the legislative authority of any such city;
(5) "Legislative authority", the city council or board of aldermen of the
cities affected by this chapter;
(6) "Mortgage", a mortgage, trust indenture, deed of trust, building and
loan contract, or other instrument creating a lien on real property, to
secure the payment of an indebtedness, and the indebtedness secured by
any of them;
(7) "Real property" includes lands, buildings, improvements, land under
water, waterfront property, and any and all easements, franchises and
hereditaments, corporeal or incorporeal, and every estate, interest,
privilege, easement, franchise and right therein, or appurtenant thereto,
legal or equitable, including restrictions of record, created by plat,
covenant or otherwise, rights-of-way and terms for years;
(8) "Redevelopment", the clearance, replanning, reconstruction or
rehabilitation of any blighted area, and the provision for such
industrial, commercial, residential or public structures and spaces as
may be appropriate, including recreational and other facilities
incidental or appurtenant thereto;
(9) "Redevelopment project", a specific work or improvement to effectuate
all or any part of a development plan;
(10) "Urban redevelopment corporation", a corporation organized pursuant
to this chapter; except that any life insurance company organized
pursuant to the laws of, or admitted to do business in, the state of
Missouri may from time to time within five years after April 23, 1946,
undertake, alone or in conjunction with, or as a lessee of any such life
insurance company or urban redevelopment corporation, a redevelopment
project pursuant to this chapter, and shall, in its operations with
respect to any such redevelopment project, but not otherwise, be deemed
to be an urban redevelopment corporation for the purposes of this section
and sections 353.010, 353.040, 353.060 and 353.110 to 353.160. (L. 1943
p. 751 § 3, A.L. 1945 p. 1242 § 2, A.L. 1947 V. I p. 393, A.L. 1969 S.B.
373, A.L. 1976 H.B. 1369, A.L. 1988 H.B. 1738, A.L. 1993 H.B. 566 merged
with S.B. 376, A.L. 2000 H.B. 1238, A.L. 2004 S.B. 1253)
Corporations referred to in this chapter as urban redevelopment
corporations may be organized in the following manner: The articles of
agreement or association shall be prepared, subscribed and acknowledged,
and filed in the office of the secretary of state pursuant to the general
corporations laws of the state and shall contain:
(1) The name of the proposed corporation, which must have the words
"redevelopment corporation" as a part thereof.
(2) The purposes for which it is formed which shall be as follows: To
acquire, construct, maintain and operate a redevelopment project or
redevelopment projects in accordance with the provisions of this law.
(3) The amount of the capital stock, and if any be preferred stock the
preference thereof.
(4) The number of shares of which the capital shall consist all of which
shall have a par value.
(5) The city in which its principal business office is to be located.
(6) Its duration, which shall not exceed ninety-nine years.
(7) The number of directors, which shall not be less than three, nor more
than thirteen.
(8) The names and post-office addresses of the directors for the first
year, at least one of whom shall be a resident of the state of Missouri.
(9) The names and post-office addresses of the subscribers to the
articles of association or agreement.
(10) A provision that in the event that income debenture certificates are
issued by the corporation, the owners thereof shall have the same right
to vote as they would have if possessed of certificates of stock of the
amount and par value of the income debenture certificates held by them.
The articles may provide for the retirement of income debenture
certificates or preferred stock of the corporation as and when there
shall be funds available in the treasury of the corporation from the
receipt of amortization or sinking fund in installments for the purpose.
Interest shall not be paid by the corporation upon such income debenture
certificates in excess of nine percent per annum. Provided, however, that
this limitation shall not apply to other debt of the corporation.
(11) A declaration that the corporation has been organized to serve a
public purpose; that all real estate acquired by it and all structures
erected by it are to be acquired for the purpose of promoting the public
health, safety and welfare, and that the stockholders of the corporation
shall when they subscribe to and receive the stock thereof, agree that
the net earnings of the corporation shall be limited to an amount not to
exceed eight percent per annum of the cost to such corporation of the
redevelopment project including the cost of the land, or the balances of
such cost as reduced by amortization payments; provided, that the net
earnings derived from any redevelopment project shall in no event exceed
a sum equal to eight percent per annum upon the entire cost thereof. Such
net earnings shall be computed after deducting from gross earnings the
following:
(a) All costs and expenses of maintenance and operation;
(b) Amounts paid for taxes, assessments, insurance premiums and other
similar charges;
(c) An annual amount sufficient to amortize the cost of the entire
project at the end of the period, which shall not be more than sixty
years from the date of completion of the project. The development plan
may contain provisions satisfactory to the legislative authority
authorizing such plan that any surplus earnings in excess of the rate of
net earnings provided in this chapter may be held by the corporation as a
reserve for maintenance of such rate of return in the future and may be
used by the corporation to offset any deficiency in such rate of return
which may have occurred in prior years; or may be used to accelerate the
amortization payments; or for the enlargement of the project; or for
reduction in rentals therein; provided, that any excess of such surplus
earnings remaining at the termination of the tax relief granted pursuant
to section 353.110 shall be turned over by the corporation to the city.
(12) A declaration that such corporations are organized* for the purpose
of the clearance, replanning, reconstruction or rehabilitation of
blighted areas, and the construction of such industrial, commercial,
residential or public structures as may be appropriate, including
provisions for recreational and other facilities incidental or
appurtenant thereto. (L. 1943 p. 751 § 7, A.L. 1945 p. 1242 § 3, A.L.
1947 V. I p. 393, A.L. 1969 S.B. 373, A.L. 1974 2d Ex. Sess. S.B. 1)
Effective 1-9-75
*Word "recognized" appears in original rolls, probably a typographical
error.
(1969) Under the provisions of Chapter 353, RSMo, an urban development
corporation cannot pay interest on any of its obligations at an annual
rate exceeding six percent. Council Plaza Redevelopment Corporation v.
Duffey (Mo.), 439 S.W.2d 526.
1. Any life insurance company operating as an urban
redevelopment corporation under this chapter shall be limited in its net
earnings derived exclusively from the ownership or operation of any
redevelopment project on real property owned by, or leased to, any such
life insurance company, and constructed pursuant to a redevelopment plan
to an amount not to exceed eight percent per annum of the cost to such
company of the redevelopment project including the cost of the land, or
the balances of such cost as reduced by amortization payments; provided,
that the net earnings derived from any redevelopment project shall in no
event exceed a sum equal to eight percent per annum upon the entire cost
thereof. Such net earnings shall be computed after deducting from gross
earnings the following:
(1) All costs and expenses of maintenance and operation;
(2) Amounts paid for taxes, assessments, insurance premiums and other
similar charges;
(3) An annual amount sufficient to amortize the cost of the entire
project at the end of the period, which shall be not more than sixty
years from the date of completion of the project.
2. The development plan may contain provisions satisfactory to the
legislative authority authorizing such plan that any surplus earnings in
excess of the rate of net earnings provided in this chapter may be held
by the company as a reserve for maintenance of such rate of return in the
future and may be used by the company to offset any deficiency in such
rate of return which may have occurred in prior years; or may be used to
accelerate the amortization payments; or for the enlargement of the
project; or for reduction in rentals therein; provided, that any excess
of such surplus earnings remaining at the termination of the tax relief
granted pursuant to section 353.110 shall be turned over by the company
to the city. (L. 1945 p. 1242 § 4, A.L. 1947 V. I p. 393)
No corporation now organized under the laws of this state shall
change its name to a name, and no such corporation hereafter organized
shall have a name, containing the word "redevelopment" as a part thereof
except as provided in this chapter. No foreign corporation now authorized
to do business in this state shall change its name to a name, and no such
corporation shall hereafter be authorized to do business in the state
with a name, containing the word "redevelopment" as a part thereof. (L.
1943 p. 751 § 10, A.L. 1945 p. 1242 § 5)
An urban redevelopment corporation shall operate under this
chapter on one or more redevelopment projects pursuant to an authorized
development plan, and with respect to each such project shall have such
rights, powers, duties, immunities and obligations, not inconsistent with
the provisions of this law, as may be conferred upon it by city ordinance
duly enacted by the legislative authority of a city affected by this
chapter which is authorizing or has authorized such plan; provided,
however, that no such rights or powers, except those previously granted,
shall be granted by any governing authority to any urban redevelopment
corporation after August 13, 1982, unless the governing authority shall
hold a public hearing for the stimulation of comment by those to be
affected by any such grant and shall determine thereafter that the area
covered by the plan is blighted; provided, however, that notwithstanding
the provisions of this section, such urban redevelopment corporation may,
as a redeveloper under the provisions of the land clearance for
redevelopment authority law, acquire property, by purchase or lease, from
a land clearance for redevelopment authority as defined in said law, in
the manner and under the terms and conditions specified in said law. (L.
1945 p. 1242 § 6, A.L. 1951 p. 364, A.L. 1982 H.B. 1713, et al.)
The provisions of the general corporation laws, as presently in
effect and as hereafter from time to time amended, shall apply to urban
redevelopment corporations, except where such provisions are in conflict
with the provisions of this law. (L. 1945 p. 1242 § 7)
In the event that any action with respect to which the holders
of income debentures shall have the right to vote is proposed to be
taken, notice of any meeting at which such action is proposed to be taken
shall be given to such holders in the same manner and to the same extent
as if they were stockholders entitled to notice of and to vote at such
meeting, and any articles filed pursuant to law in the office of the
secretary of state with respect to any such action, whether taken with or
without meeting, and any affidavit required by law to be annexed to such
articles shall contain the same statements or recitals, and such articles
shall be subscribed and acknowledged, and such affidavit shall be made,
in the same manner as if such debenture holders were stockholders holding
shares of an additional class of stock entitled to vote on such action,
or with respect to the proceedings provided for in such document. (L.
1945 p. 1242 § 7)
An urban redevelopment corporation shall establish and maintain
depreciation, obsolescence, and other reserves, also surplus and other
accounts, including, among others, a reserve for the payment of taxes
according to recognized standard accounting practices. (L. 1945 p. 1242 §
8)
No urban redevelopment corporation shall pay any interest on its
income debentures or dividends on its stock during any dividend year
unless there shall exist at the time of such payment no default under any
amortization requirements with respect to its indebtedness, nor unless
all accrued interest, taxes and other public charges shall have been duly
paid or reserves set up for the payment thereof, and adequate reserves
provided for depreciation, obsolescence and other proper reserves. (L.
1945 p. 1242 § 9)
1. Once the requirements of this section have been complied
with, the real property of urban redevelopment corporations acquired
pursuant to this chapter shall not be subject to assessment or payment of
general ad valorem taxes imposed by the cities affected by this law, or
by the state or any political subdivision thereof, for a period not in
excess of ten years after the date upon which such corporations become
owners of such real property, except to such extent and in such amount as
may be imposed upon such real property during such period measured solely
by the amount of the assessed valuation of the land, exclusive of
improvements, acquired pursuant to this chapter and owned by such urban
redevelopment corporation, as was determined by the assessor of the
county in which such real property is located, or, if not located within
a county, then by the assessor of such city, for taxes due and payable
thereon during the calendar year preceding the calendar year during which
the corporation acquired title to such real property. The amounts of such
tax assessments shall not be increased during such period so long as the
real property is owned by an urban redevelopment corporation and used in
accordance with a development plan authorized by the legislative
authority of such cities.
2. In the event, however, that any such real property was tax exempt
immediately prior to ownership by any urban redevelopment corporation,
such assessor or assessors shall, upon acquisition of title thereto by
the urban redevelopment corporation, promptly assess such land, exclusive
of improvements, at such valuation as shall conform to but not exceed the
assessed valuation made during the preceding calendar year of other land,
exclusive of improvements, adjacent thereto or in the same general
neighborhood, and the amount of such assessed valuation shall not be
increased during the period set pursuant to subsection 1 of this section
so long as the real property is owned by an urban redevelopment
corporation and used in accordance with a development plan authorized by
the legislative authority of such cities. For the next ensuing period not
in excess of fifteen years, ad valorem taxes upon such real property
shall be measured by the assessed valuation thereof as determined by such
assessor or assessors upon the basis of not to exceed fifty percent of
the true value of such real property, including any improvements thereon,
nor shall such valuations * be increased above fifty percent of the true
value of such real property from year to year during such next ensuing
period so long as the real property is owned by an urban redevelopment
corporation and used in accordance with an authorized development plan.
After a period totaling not more than twenty-five years, such real
property shall be subject to assessment and payment of all ad valorem
taxes, based on the full true value of the real property; provided, that
after the completion of the redevelopment project, as authorized by law
or ordinance whenever any urban redevelopment corporation shall elect to
pay full taxes, or at the expiration of the period, such real property
shall be owned and operated free from any of the conditions, restrictions
or provisions of this chapter, and of any ordinance, rule or regulation
adopted pursuant thereto, any other law limiting the right of domestic
and foreign insurance companies to own and operate real estate to the
contrary notwithstanding.
3. No tax abatement or exemption authorized by this section shall become
effective unless and until the governing body of the city:
(1) Furnishes each political subdivision whose boundaries for ad valorem
taxation purposes include any portion of the real property to be affected
by such tax abatement or exemption with a written statement of the impact
on ad valorem taxes such tax abatement or exemption will have on such
political subdivisions and written notice of the hearing to be held in
accordance with subdivision (2) of this subsection. The written statement
and notice required by this subdivision shall be furnished as provided by
local ordinance before the hearing and shall include, but need not be
limited to, an estimate of the amount of ad valorem tax revenues of each
political subdivision which will be affected by the proposed tax
abatement or exemption, based on the estimated assessed valuation of the
real property involved as such property would exist before and after it
is redeveloped;
(2) Conducts a public hearing regarding such tax abatement or exemption,
at which hearing all political subdivisions described in subdivision (1)
of this subsection shall have the right to be heard on such grant of tax
abatement or exemption;
(3) Enacts an ordinance which provides for expiration of development
rights, including the rights of eminent domain and tax abatement, in the
event of failure of the urban redevelopment corporation to acquire
ownership of property within the area of the development plan. Such
ordinance shall provide for a duration of time within which such property
must be acquired, and may allow for acquisition of property under the
plan in phases.
4. Notwithstanding any other provision of law to the contrary, payments
in lieu of taxes may be imposed by contract between a city and an urban
redevelopment corporation which receives tax abatement or exemption on
property pursuant to this section. Such payments shall be made to the
collector of revenue of the county or city not within a county by
December thirty-first of each year payments are due. The governing body
of the city shall furnish the collector a copy of any such contract
requiring payment in lieu of taxes. The collector shall allocate all
revenues received from such payment in lieu of taxes among all taxing
authorities whose property tax revenues are affected by the exemption or
abatement on the same pro rata basis and in the same manner as the ad
valorem property tax revenues received by each taxing authority from such
property in the year such payments are due.
5. The provisions of subsection 3 of this section shall not apply to any
amendment or future amendment to a phased development plan approved by
the governing body of the city prior to the effective date of the
provisions of subsection 3 of this section and upon which construction
has been in progress pursuant to such phased plan. (L. 1945 p. 1242 § 10,
A.L. 1947 V. I p. 393, A.L. 1986 H.B. 1327)
*Words "shall not" appear in original rolls.
Notwithstanding any requirement of law to the contrary, or the
absence of direct provision therefor in the instrument under which a
fiduciary is acting, every executor, administrator, trustee, guardian or
any other person, holding trust funds or acting in a fiduciary capacity,
unless the instrument under which such fiduciary is acting expressly
forbids, also the state, its subdivisions, cities, all other public
bodies, all public officers, corporations, organized under or subject to
the provisions of the banking law (including savings banks, savings and
loan associations, trust companies, private bankers and private banking
corporations), the state director of finance as conservator, liquidator
or rehabilitator of any such person, partnership or corporation, person,
partnership and corporations organized under or subject to the provisions
of the insurance law, the director of the department of insurance as
conservator, liquidator, or rehabilitator of any such person, partnership
or corporation, any of which owns or holds any real property within any
blighted area proposed to be cleared or redeveloped by an urban
redevelopment corporation, may grant, sell, lease or otherwise transfer
any such real property to an urban redevelopment corporation, and receive
and hold any cash, mortgages, or other securities or obligations
exchanged therefor by such urban redevelopment corporations, and may
execute such instruments and do such acts as may be deemed necessary or
desirable by them or it and by the urban redevelopment corporations in
connection with the development and any development plan. (L. 1943 p. 751
§ 18, A.L. 1945 p. 1242 § 11)
1. An urban redevelopment corporation may acquire real property
or secure options in its own name or, in the name of nominees, it may
acquire real property by gift, grant, lease, purchase, or otherwise.
2. An urban redevelopment corporation shall have the right to acquire by
the exercise of the power of eminent domain any real property in fee
simple or other estate which is necessary to accomplish the purpose of
this chapter, under such conditions and only when so empowered by the
legislative authority of the cities affected by this chapter.
3. An urban redevelopment corporation may exercise the power of eminent
domain in the manner provided for corporations in chapter 523, RSMo; or
it may exercise the power of eminent domain in the manner provided by any
other applicable statutory provision for the exercise of the power of
eminent domain. Property already devoted to a public use may be acquired
in like manner, provided that no real property belonging to any city,
county, or the state, or any political subdivision thereof may be
acquired without its consent. (L. 1943 p. 751 § 19, A.L. 1945 p. 1242 §
12)
(1975) This section and chapter 353 held not to violate constitution of
this state or of the United States. Parking Systems, Inc. v. Kansas City
Downtown Redevelopment Corp. (Mo.), 518 S.W.2d 11.
When title to real property has been vested in an urban
redevelopment corporation by gift, grant, devise, purchase, or by
condemnation proceedings or otherwise, the urban redevelopment
corporation may agree with the previous owners of such property, or any
tenants continuing to occupy or use it, or any other persons who may
occupy or use or seek to occupy or use such property, that such former
owner, tenant or other persons may occupy or use such property upon the
payment of a fixed sum of money for a definite term or upon the payment
periodically of an agreed sum of money. Such occupation or use shall not
be construed as a tenancy from month to month, nor require the giving of
notice by the urban redevelopment corporation for the termination of such
occupation or use or the right to such occupation or use, but immediately
upon the expiration of the term for which payment has been made the urban
redevelopment corporation shall be entitled to possession of the real
property and may maintain an action for either unlawful detainer or
ejectment for the purpose of recovering immediate possession thereof. (L.
1943 p. 751 § 21, A.L. 1945 p. 1242 § 13, A. 1949 H.B. 2081)
1. Any urban redevelopment corporation may borrow funds and
secure the repayment thereof by mortgage which shall contain reasonable
amortization provisions and shall be a lien upon no other real property
except that forming the whole or a part of a single development area.
2. Certificates, bonds and notes, or part interest therein, or any part
of an issue thereof, which are secured by a first mortgage on the real
property in a development area, or any part thereof, shall be securities
in which all the following persons, partnerships, or corporations and
public bodies or public officers may legally invest the funds within
their control:
(1) Every executor, administrator, trustee, guardian, committee or other
person or corporation holding trust funds or acting in a fiduciary
capacity;
(2) Persons, partnerships and corporations organized under or subject to
the provisions of the banking law (including savings banks, savings and
loan associations and trust companies);
(3) The state director of finance as conservator, liquidator or
rehabilitator of any such person, partnership or corporation;
(4) Persons, partnerships or corporations organized under or subject to
the provisions of the insurance law; fraternal benefit societies; and
(5) The state director of the department of insurance as conservator,
liquidator or rehabilitator of any such person, partnership or
corporation.
3. Any mortgage on the real property in a development area, or any part
thereof, may create a first lien, or a second or other junior lien, upon
such real property.
4. Any urban redevelopment corporation may sell or otherwise dispose of
any or all of the real property acquired by it for the purposes of a
redevelopment project. In the event of the sale or other disposition of
real property of any urban redevelopment corporation by reason of the
foreclosure of any mortgage or other lien, through insolvency or
bankruptcy proceedings, by order of any court of competent jurisdiction,
by voluntary transfer or otherwise, and the purchaser of such real
property of such redevelopment corporation shall continue to use, operate
and maintain such real property in accordance with the provisions of any
development plan, the legislative authority of any city affected by the
provisions of this chapter, may grant the partial tax relief provided in
section 353.110; but if such real property shall be used for a purpose
different than that described in the redevelopment plan, or in the event
that the purchaser does not desire the property to continue under the
redevelopment plan, or if the legislative authority shall refuse to grant
the purchaser continuing tax relief, the real property shall be assessed
for ad valorem taxes upon the full true value of the real property and
may be owned and operated free from any of the conditions, restrictions
or provisions of this chapter. (L. 1943 p. 751 § 22, A.L. 1945 p. 1242 §
14)
Any urban redevelopment corporation may accept grants or loans
of money from the government of the United States or any department or
agency thereof. (L. 1943 p. 751 § 23, A.L. 1945 p. 1242 § 15)
Any city subject to this chapter shall have power:
(1) To acquire by the exercise of the power of eminent domain, or
otherwise, an area designated on a master plan under the authority of the
legislative authority of the city as a redevelopment area;
(2) To clear any such real property and install, construct, and
reconstruct streets, utilities and any and all other city improvements
necessary for the preparation of such area for use in accordance with the
provisions of this chapter; and
(3) To sell or lease such real property for use in accordance with the
provisions of this chapter. (L. 1945 p. 1242 § 16)
Any corporation organized under the laws of the state of
Missouri, or admitted to do business in the state of Missouri, shall have
power to purchase any or all of the shares of stock of an urban
redevelopment corporation organized under the provisions of this chapter.
(L. 1945 p. 1242 § 17)
For projects related to any riverfront development designed to
enhance the location of an excursion gambling boat licensed under the
provisions of section 313.800 to 313.850, RSMo, real property tax
abatement under chapter 353, RSMo, shall not apply for each year of the
redevelopment project to the assessed value of the real property for
taxes due and payable during the calendar year preceding the calendar
year during which a redevelopment corporation acquires title to such real
property, but shall apply to any increase in the assessed value of such
property after the acquisition of the real property by a redevelopment
corporation. (L. 1994 H.B. 1248 & 1048 § 16)
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