Effective - 28 Aug 2007
251.624. Termination of incremental tax financing, when, procedure. — 1. When all regional economic development project costs and all obligations issued to finance regional economic development project costs have been paid in full, the regional economic development district shall adopt a resolution terminating incremental tax financing for all regional economic development project areas. Immediately upon the adoption of such resolution, all payments in lieu of taxes, all economic activity taxes, and other net new revenues then remaining in the special allocation fund shall be deemed to be surplus funds; thereafter, the rates of the taxing districts shall be extended, and taxes shall be levied, collected, and distributed in the manner applicable in the absence of the adoption of incremental tax financing. Surplus payments in lieu of taxes shall be paid to the county collector who shall immediately thereafter pay such funds to the taxing districts in the regional economic development area selected in the same manner and proportion as the most recent distribution by the collector to the affected taxing districts of real property taxes from real property in the regional economic development area. Surplus economic activity taxes shall be paid to the taxing districts in the regional economic development area in proportion to the then current levy rates of such taxing districts that are attributable to such economic activity taxes. Any other funds remaining in the special allocation fund following the adoption of a resolution terminating incremental tax financing in accordance with this section shall be deposited to the general fund of the municipalities or counties that originally formed the regional economic development district in a pro rata amount determined by the regional economic development district board.
2. Upon the payment of all regional economic development project costs, retirement of obligations, and the distribution of any surplus funds under this section, the regional economic development district shall adopt a resolution dissolving the special allocation fund and terminating the designation of the regional economic development area as a regional economic development area.
3. Nothing in the regional economic development district law shall be construed as relieving property in such areas from paying a uniform rate of taxes, as required by Article X, Section 3 of the Missouri Constitution.
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(L. 2007 H.B. 741)
Structure Missouri Revised Statutes
Title XVI - Conservation, Resources and Development
Chapter 251 - Community Affairs, Planning and Development
Section 251.010 - Department created.
Section 251.020 - Definitions.
Section 251.030 - Functions of department.
Section 251.032 - Payments to regional planning commissions, how made — limitation.
Section 251.034 - Matching funds required — limitation on state funds.
Section 251.036 - Application for funds, how made — approval of governor required.
Section 251.040 - Department may require reimbursement from political subdivisions.
Section 251.050 - Director, appointment, compensation.
Section 251.060 - Duties of director.
Section 251.080 - Director may delegate his duties, structure department, appoint committees.
Section 251.090 - Powers of department.
Section 251.100 - Office of department to be in Jefferson City.
Section 251.110 - Biennial report to be submitted.
Section 251.120 - Interference with other state agencies or local governments not intended.
Section 251.140 - Transfer of duties and funds of office of state and regional planning.
Section 251.150 - Short title.
Section 251.170 - Department official state planning agency — powers and duties.
Section 251.180 - Projects covered.
Section 251.190 - State office, functions and powers.
Section 251.200 - Governor may assign state office additional duties.
Section 251.210 - State office annual report.
Section 251.220 - Source of matching funds.
Section 251.240 - State office in Jefferson City.
Section 251.250 - Regional commissions — membership — terms — qualifications.
Section 251.260 - Expenses of regional commission members.
Section 251.270 - Regional commission officers — meetings — records.
Section 251.280 - Regional commission may employ executive secretary, employees, consultants.
Section 251.290 - Regional commission may appoint advisory group — expenses of advisory members.
Section 251.300 - Regional commission, powers and duties — functions advisory only.
Section 251.310 - Regional commission annual report, to whom made.
Section 251.320 - Regional plan, contents.
Section 251.330 - Plan to be filed — hearing — notice.
Section 251.340 - Adoption of plan.
Section 251.350 - Certification of plan to local governmental units.
Section 251.360 - Selection of sites for facilities included in regional plan.
Section 251.370 - Adoption of plan by local governmental units — hearing — notice.
Section 251.380 - Authorized planning units may contract with federal, state, or local governments.
Section 251.390 - Regional commission may accept funds.
Section 251.400 - Regional commission budget — apportionment of costs to local units.
Section 251.410 - Regional commission may be compensated for unique services.
Section 251.420 - Regional commission may accept payment in kind from local units.
Section 251.440 - Dissolution of regional commission, procedure.
Section 251.470 - Citation of law.
Section 251.473 - Definitions.
Section 251.476 - Missouri main street program, established — purposes.
Section 251.479 - Techniques to be employed by program.
Section 251.481 - Plan, development of, contents of — pilot cities.
Section 251.483 - Duties of department of economic development.
Section 251.485 - Missouri main street program fund, created — uses of fund — fund not to lapse.
Section 251.500 - Definitions.
Section 251.505 - Economic development district, established, how, purpose — board established, how.
Section 251.510 - Powers of board.
Section 251.600 - Citation of law.
Section 251.603 - Definitions.
Section 251.605 - District may be established — board, members, how appointed.
Section 251.610 - Powers of the board.
Section 251.621 - Plan required, contents — findings required.
Section 251.624 - Termination of incremental tax financing, when, procedure.
Section 251.630 - Issuance of bonds, purpose — refunding — interest exempt from state taxation.