Effective - 28 Aug 1998
447.702. Department loans to eligible projects, guidelines, conditions. — 1. The director of economic development, with the approval of the director of the department of natural resources, subject to the other provisions of sections 447.700 to 447.718, may lend moneys in the property reuse fund to persons for the purpose of paying allowable costs of an eligible project if the director determines that:
(1) The project is an eligible project and is economically sound; except that, the costs of remediation may exceed the fair market value of the property prior to redevelopment;
(2) The borrower is unable to finance necessary allowable costs through ordinary financial channels, and that the loan is the least amount necessary to cause the project to occur;
(3) The amount to be lent from the property reuse fund will not exceed one million dollars of the total allowable costs of the eligible project;
(4) When completed, the eligible project is projected to create not less than ten new jobs, or shall retain a business which supplies not less than twenty-five existing jobs, or a combination thereof, providing not less than an average of thirty-five hours of employment per week per job. Such projection shall be made by the department of economic development;
(5) The eligible project could not be achieved in the local area in which it is to be located if the portion of the project to be financed by the loan instead were to be financed by a loan guarantee pursuant to section 447.704; and
(6) The amount of the loan from the property reuse fund to be repaid will be adequately secured by a mortgage, lien, assignment or pledge at such amount and level of priority as the director may require.
2. The determinations of the director of economic development pursuant to subsection 1 of this section shall be conclusive for purposes of the validity of a loan commitment evidenced by a loan agreement signed by the director.
3. Fees, charges, rates of interest, times of payment of interest and principal and other terms, conditions and provisions of, and security for, loans made from the property reuse fund pursuant to this section shall be such as the director of economic development determines to be appropriate and in furtherance of the purpose for which the loans are made. The moneys used in making such loans shall be disbursed from the property reuse fund upon the written order of the director. The director shall give special consideration in setting the required job creation ratios and interest rates for loans that are for voluntary remediation actions.
4. The director of economic development may take all actions necessary or appropriate to collect or otherwise deal with any loan made under this section.
5. The director of economic development may fix service charges for the* making of a loan. Such charges shall be payable at such times and place and in such amounts and manner as may be prescribed by the director.
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(L. 1995 H.B. 414, A.L. 1998 S.B. 827)
*Word "the" does not appear in original rolls.
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.