MO HB1709

Repeals and replaces section 99.847 of Missouri Revised Statutes regarding tax increment financing restrictions.

Prohibits new tax increment financing projects in areas designated as flood plains by the Federal Emergency Management Agency, unless the redevelopment area directly borders a river or major waterway and is substantially surrounded by properties with residential, industrial, or commercial zoning.

Exempts tax increment financing projects and districts approved before July 1, 2003 from the new flood plain restrictions.

Allows pre-2003 tax increment financing projects to modify, amend, or expand project costs by up to 40% of the original projected costs as they existed on June 30, 2003.

Allows pre-2003 tax increment financing districts to modify, amend, or expand districts by up to 5% as they existed on June 30, 2003.