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MO HB96
Bill
Status
1/9/2013
Primary Sponsor
William White
Click for details
AI Summary
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Repeals section 99.835 and enacts two new sections (99.826 and 99.835) relating to tax increment financing
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Requires all tax increment financing projects, plans, designations, and amendments to be approved by no less than two-thirds of qualified voters from all affected taxing entities at the next regularly scheduled municipal or general election
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Allows municipalities to issue obligations secured by special allocation funds for redevelopment costs, with surplus funds distributed annually to taxing districts
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Permits municipalities to pledge net new revenues or mortgages on redevelopment projects as additional security for obligations
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Specifies that tax increment financing obligations are special obligations payable solely from pledged funds and do not require voter referendum approval for issuance (separate from the project approval requirement)
Legislative Description
Requires a tax increment financing plan, project, designation, or amendment to be approved by at least two-thirds of the voters of the taxing entities that would be affected by the proposal
Last Action
Referred: Economic Development(H)
1/31/2013