MO SB624

Municipalities must submit applications to the Department of Economic Development for approval of disbursements from the downtown revitalization preservation fund, which are then forwarded to the Commissioner of the Office of Administration for final approval.

One hundred percent of local sales tax increment deposited to the special allocation fund must be used for redevelopment project costs, but contributions from private not-for-profit organizations or local contributions from tax abatement or other sources may be substituted on a dollar-for-dollar basis for the local match.

Applications must include identification of existing businesses in the redevelopment area, baseline state sales tax revenues, estimated state sales tax increment after redevelopment, developer affidavits, and methodologies used in determining tax increment estimates.

Annual disbursements from the downtown revitalization preservation fund cannot exceed $15 million, and individual redevelopment projects are limited to receiving such disbursements for a maximum of 25 years.

A redevelopment project approved for downtown revitalization preservation financing cannot subsequently elect to receive tax increment financing under the real property tax increment allocation redevelopment act while continuing to receive downtown revitalization financing.