MO SB777

Adds new definition of "disaster area" as a blighted area where the President approved federal disaster assistance under the Stafford Act, provided the municipality adopts a redevelopment ordinance within two years of the disaster declaration.

Establishes a "Missouri Supplemental Disaster Recovery Fund" beginning August 28, 2012, allowing municipalities in disaster areas to receive up to 50 percent of incremental state sales tax and state income tax revenues for redevelopment projects.

Requires municipalities to provide financial feasibility information through their governing body rather than only through developers for redevelopment projects in disaster areas.

Allows redevelopment project costs in disaster areas to include taxing districts' operating costs and debt service costs (in addition to capital costs) when the municipality approves such costs in writing.

Declares the act an emergency measure effective immediately upon passage to provide tax relief following recent natural disasters in Missouri.