Effective - 28 Aug 1998
447.701. Eligible projects, director's duties — owner to repay, when. — 1. The director of the department of economic development may consider the direct and indirect economic benefits projected to be provided by the eligible project. An applicant for funding or tax credit and exemption assistance pursuant to sections 447.702 to 447.708 may prepare and submit an estimate of the direct and indirect economic benefits in accordance with this section. The department of economic development may accept the applicant's projection of the economic benefit of the eligible project. The total amount of state funding, tax credits or tax exemptions for each eligible project shall be limited to the projected state economic benefit, as determined by the department of economic development.
2. In the event the owner sells the abandoned or underutilized property within a five-year period after the receipt of remediation tax credits, grants, loans or loan guarantee, subject to sections 447.700 to 447.718, the owner shall repay a portion of the tax credits and grant funds provided based on the percentage of the owner's investment for the project to the department of economic development's total financial assistance, upon achieving an annual internal rate of return of twenty-five percent. The internal rate of return calculation shall be documented by the owner's capital gains tax calculation. Owner investment is equity and debt for the eligible project.
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(L. 1998 S.B. 827)
Structure Missouri Revised Statutes
Title XXIX - Ownership and Conveyance of Property
Chapter 447 - Lost and Unclaimed Property
Section 447.010 - Duty of persons finding lost money, goods.
Section 447.020 - Appointment of appraisers by circuit judge.
Section 447.030 - Appraiser's list, where filed — publication.
Section 447.040 - Procedure if no owner appears, when.
Section 447.050 - Restoration of property, when — owner may sue, when.
Section 447.060 - Failure to discover — penalty.
Section 447.070 - Goods retained until payment of charges.
Section 447.080 - Sale of unclaimed property.
Section 447.090 - Unclaimed proceeds.
Section 447.100 - Carrier's responsibility ceases, when.
Section 447.110 - Sale of property upon which advances are made, when.
Section 447.500 - Law, how cited — exceptions — purpose.
Section 447.503 - Definitions.
Section 447.517 - Utilities, funds held or owing presumed abandoned, when.
Section 447.533 - Interest, dividends or their earnings deemed unclaimed property, when.
Section 447.536 - Abandonment period, effective when — exception for payroll checks.
Section 447.547 - Law of abandoned property not applicable, when.
Section 447.572 - Examination of records by treasurer and persons authorized, when.
Section 447.575 - Enforcing delivery, court action.
Section 447.579 - Rules authorized.
Section 447.583 - Reciprocal agreements with other states — attorney general's duties, when.
Section 447.585 - Another state may recover property from state of Missouri, when.
Section 447.620 - Definitions.
Section 447.622 - Petition, requirements.
Section 447.624 - Proceeding, where commenced, procedure.
Section 447.625 - Procedures in home rule cities.
Section 447.626 - Expeditious treatment.
Section 447.628 - Notice of pendency of suit, effect.
Section 447.630 - Hearing, plan of rehabilitation.
Section 447.632 - Grant of petition, requirements.
Section 447.634 - Grant of temporary possession.
Section 447.636 - Quarterly report.
Section 447.638 - Restoration of possession, compensation.
Section 447.640 - Quitclaim judicial deed may be granted, conditions, effect.
Section 447.700 - Definitions.
Section 447.701 - Eligible projects, director's duties — owner to repay, when.
Section 447.702 - Department loans to eligible projects, guidelines, conditions.
Section 447.706 - Grants, guidelines, conditions.
Section 447.712 - Tort immunity.
Section 447.716 - Failure of purchaser to perform, sanctions.