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MO SB961
Bill
Status
2/27/2014
Primary Sponsor
Jamilah Nasheed
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AI Summary
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Adds new section 99.844 to Missouri law creating a definition for "arts and education district redevelopment area"
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Defines eligible areas as redevelopment areas in a city not within a county containing more than five redevelopment projects with plans approved prior to 2004
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Allows arts and education district redevelopment areas to receive economic activity taxes and payments in lieu of taxes for up to 25 years from ordinance adoption (versus standard tax increment financing periods)
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Requires passage of a local ordinance to authorize the extended 25-year tax incentive period in the arts and education district redevelopment area
Legislative Description
Authorizes certain tax increment financing projects in St. Louis City to have a longer project period
Last Action
Second Read and Referred S Jobs, Economic Development and Local Government Committee
3/26/2014