MO HB1512

Repeals and replaces sections 99.805 and 99.825 of Missouri law relating to tax increment financing (TIF) for redevelopment areas

Requires two-thirds majority vote by municipal governing body to approve a redevelopment plan, project, or area designation if the TIF commission recommends against it (effective January 1, 2008)

Applies heightened restrictions on certain large counties: municipalities in charter counties with more than 950,000 inhabitants, 300,000-450,000 inhabitants, or 200,000-350,000 inhabitants must cap economic activity taxes and payments in lieu of taxes to only demolition and land clearing costs per redevelopment project

Limits TIF funding in economic development areas to infrastructure only (highways, roads, streets, bridges, sewers, water systems, sidewalks, etc.) and explicitly prohibits funding for buildings

Maintains existing definitions and procedures for blighted areas, conservation areas, redevelopment plans, and public hearing requirements for TIF designations