MO SB1688

Creates the "Missouri Downtown Economic Stimulus Act Extension Act" to extend and expand the existing MODESA program, which incentivized over $2 billion in private investment and draws over 20 million visitors annually to Kansas City and St. Louis development projects

Extends the maximum term for development project obligations and payments in lieu of taxes from the original limits to 35 years for both existing development projects and new expanded development projects

Allows development areas to expand beyond central business districts and include three or more noncontiguous areas, while removing requirements to demonstrate projects could not be financed without state incentives

Establishes new tax increment funding sources including 85% of residential income taxes from project area residents, 85% of state sales and income tax increments for new employees, and 100% of construction worker income taxes during building phases

Authorizes the Department of Economic Development to approve expanded development projects within 60 days of complete application unless contrary to state interests, with temporary rulemaking authority exempt from standard procedures for two years