Effective - 28 Aug 1980
100.410. Property in a project, how disposed of. — Property in a project may be disposed of as follows:
(1) An authority may sell, lease, exchange or otherwise transfer real property, including land and improvements as provided for in the project, or any interest therein in a project area to any developer for industrial and commercial or related uses or for public use in accordance with the plan, subject to such covenants, conditions and restrictions as may be deemed to be in the public interest or to carry out the purposes of this law; provided that such sale, lease, exchange or other transfer, and any agreement relating thereto, may be made only after, or subject to, the approval of the plan by the governing body of the city. Such real property shall be sold, leased or transferred at its fair value for uses in accordance with the plan notwithstanding such value may be less than the cost of such property to the authority. In determining the fair value of real property for uses in accordance with the plan, an authority shall take into account and give consideration to the uses and purposes required by such plan; the restrictions upon, and the covenants, conditions and obligations assumed by, the developer of such property; the objectives of the plan for the prevention of the recurrence of blighted, insanitary or undeveloped industrial areas; and such other matters as the authority shall specify as being appropriate. In fixing rentals and selling prices, an authority shall give consideration to appraisals of the property for such uses made by experts employed by the authority.
(2) An authority shall, by public notice published at least two times in a newspaper having a general circulation in its area of operation, prior to the consideration of any industrial development contract proposal, invite proposals from, and make available all pertinent information to, private industrial developers or any persons interested in undertaking the development of an area, or any part thereof, which the governing body has declared to be in need of industrial development. Such notice shall identify the area and shall state that such further information as is available may be obtained at the office of the authority. The authority shall consider all proposals and the financial and legal ability of the prospective developers to carry out their proposals and may negotiate with any industrial developer for proposals for the purchase or lease of any real property in the industrial clearance project area. The authority may accept such industrial development contract proposal as it deems to be in the public interest and in furtherance of the purposes of this law; provided that the authority has, not less than thirty days prior thereto, notified the governing body in writing of its intention to accept such industrial development contract proposal. Thereafter, the authority may execute such industrial development contract in accordance with the provisions of subdivision (1) of this section and deliver deeds, leases and other instruments and take all steps necessary to effectuate such industrial development contract. In its discretion, the authority may, with regard to the foregoing provisions of this subdivision, dispose of real property in a project area to private developers for redevelopment under such reasonable competitive bidding procedures as it shall prescribe, subject to the provisions of subdivision (1).
(3) In carrying out a project, an authority may:
(a) Convey to the city such real property as, in accordance with the development plan, is to be laid out into streets, alleys and public ways, this power being additional to and not limiting any and all other powers of conveyance of property to cities expressed herein generally or otherwise;
(b) Grant servitudes, easements and rights-of-way for public utilities, sewers, streets and other similar facilities, in accordance with the plan; and
(c) Convey to the municipality, county or other appropriate public body such real property as, in accordance with the plan, is to be used for parks, schools, public buildings, facilities or other public purposes.
(4) An authority may temporarily operate and maintain real property in a project area pending the disposition of the property for industrial development, without regard to the provisions of subdivisions (1) and (2) above, for such uses and purposes as may be deemed desirable even though not in conformity with the plan.
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(L. 1967 p. 172 § 12, A.L. 1980 H.B. 1477)
Structure Missouri Revised Statutes
Title VII - Cities, Towns and Villages
Chapter 100 - Industrial Development
Section 100.010 - Definitions.
Section 100.020 - Municipality may carry out industrial development projects.
Section 100.030 - Acceptance of federal grants or gifts.
Section 100.040 - Plans for industrial development to be made.
Section 100.090 - General obligation bonds authorized.
Section 100.100 - Revenue bonds authorized, how paid.
Section 100.105 - Municipality to file annual report on bond issuances with department, content.
Section 100.120 - Time for election — subsequent elections.
Section 100.130 - Municipality to fix terms and form of revenue bonds.
Section 100.140 - Sinking fund for revenue bonds.
Section 100.150 - Revenue bonds payable from revenues only — statement on bond.
Section 100.155 - Revenue bonds, municipalities, refunding issue authorized — form and terms.
Section 100.160 - Municipality to carry out plan on receipt of funds.
Section 100.170 - Construction to be under contract — how let, notice.
Section 100.190 - Property acquired may be sold.
Section 100.200 - Sales of industrial development property acquired with revenue bonds.
Section 100.250 - Title of act.
Section 100.255 - Definitions.
Section 100.270 - Board's powers and duties — rules, authority to promulgate.
Section 100.277 - Employment and business opportunities required to be provided, to whom.
Section 100.282 - Limitations on approval of loans.
Section 100.291 - Guarantees issued by board, when — application, fee — information required.
Section 100.292 - Guarantee agreement provisions.
Section 100.297 - Tax credit for owner of revenue bonds or notes, purpose, when, amount, limitation.
Section 100.300 - Short title.
Section 100.310 - Definitions.
Section 100.320 - Planned industrial expansion authority created, powers exercised, when.
Section 100.330 - Commissioners, number reduced, appointment, term, vacancies.
Section 100.340 - Commission, quorum, officers, legal services, how obtained.
Section 100.350 - Commissioner, expenses — certificate of appointment.
Section 100.360 - Commissioner, removal for cause, hearing.
Section 100.390 - Authority to be a body corporate and politic, powers and duties of authority.
Section 100.400 - Preparation and approval of plans, regulations governing.
Section 100.410 - Property in a project, how disposed of.
Section 100.420 - Authority may exercise power of eminent domain.
Section 100.430 - Bonds, issuance by authority.
Section 100.440 - Bonds, how issued, authorized and sold.
Section 100.445 - Allowable rates of interest.
Section 100.470 - Payment of bonds secured, how.
Section 100.480 - Powers of obligee granted by authority.
Section 100.490 - Obligee, rights of, exception.
Section 100.500 - Bonds or other obligations legal investments for enumerated purposes, when.
Section 100.530 - Public bodies may assist a project, how.
Section 100.540 - Sales by public body to authority, how made.
Section 100.550 - Cities may levy taxes or sell bonds to finance grants to an authority.
Section 100.560 - Two or more authorities may cooperate in a project.
Section 100.570 - Ad valorem tax benefits available, when.
Section 100.590 - Authority may assume projects of constitutional charter cities, when.
Section 100.610 - Law to be liberally construed.
Section 100.620 - Powers conferred in this law to be supplemental to existing powers.
Section 100.710 - Definitions.
Section 100.740 - Financing agreement, authority to enter into.
Section 100.750 - Financing agreement, contents.
Section 100.760 - Credit agreement, conditions.
Section 100.770 - Factors considered in awarding credit.
Section 100.790 - Agreement contents.
Section 100.800 - Noncompliance by eligible industry, determination, penalty.
Section 100.810 - Evaluation of program.
Section 100.820 - Program costs, how paid, assessments.
Section 100.830 - Special fund, purposes — certification by employer.