Effective - 28 Aug 1995
447.716. Failure of purchaser to perform, sanctions. — 1. Any person who agrees to purchase abandoned property as part of a qualified project and subsequently breaches the agreement or fails to use the property reuse fund moneys for allowable costs may be responsible for immediate repayment of the moneys with interest to the property reuse fund together with a ten percent penalty on the total amount granted or loaned. The director of the department of economic development, or the director's designee, shall take such action as the director deems appropriate to effect and secure repayment of the moneys, together with the interest and penalties due, to the property reuse fund. Nor may such person be eligible to receive the tax exemptions and credits described in section 447.708 and the liability releases and immunity described in section 447.714.
2. Any person who agrees to purchase abandoned property as part of a qualified project and subsequently fails to properly perform its voluntary remediation activities to the satisfaction and approval of the department of natural resources, may be responsible for immediate repayment of the moneys with interest to the property reuse fund together with a ten percent penalty on the total amount granted or loaned. Nor may such person be eligible to receive the tax exemptions and credits described in section 447.708 and the liability releases and immunity described in section 447.714.
3. Any person who obtained private financing for a qualified project and a loan guarantee pursuant to section 447.704 and violates any provision of sections 447.700 to 447.718 as described in subsection 1 or 2 of this section:
(1) May have the guarantee withdrawn by the department of economic development to the extent the amount of the guarantee exceeds the outstanding balance of principal and accrued interest under the private financing at the time of withdrawal;
(2) Shall not be eligible to receive the tax exemptions and credits described in section 447.708; and
(3) Shall not receive the liability releases and immunities described in section 447.714.
4. In the event of bankruptcy, insolvency, merger, acquisition or other valid change of business conditions of the purchaser or prospective purchaser which makes completion of the eligible project economically unsound or infeasible, the purchaser or prospective purchaser may elect to terminate their obligations for the eligible project upon ninety days' written notice to the affected governmental agency and the department of economic development. The director of the department of economic development may require repayment of the loan balance together with the interest which would have been received over the remaining term of the loan. Such purchaser or prospective purchaser may not receive the tax credits and abatements of section 447.708. In the discretion of the director of the department of natural resources, the purchaser or prospective purchaser may receive a release under section 447.714, as warranted by the voluntary remediation work actually performed.
5. The director of the department of economic development, with the approval of the director of the department of natural resources, shall determine which of the sanctions described in this section shall be imposed, taking into consideration the severity and materiality of the breach or violation, and the promptness with which the breach or violation is remedied. The director of the department of economic development shall consult with the officer or other designee of the state, county or municipal government, or agency thereof, affected by the eligible project regarding the circumstances of the breach or violation.
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(L. 1995 H.B. 414)
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.