Missouri Revised Statutes
Chapter 99 - Municipal Housing
Section 99.1042 - Adoption of development financing by ordinance — county assessor to determine total equalized assessed value — calculation of ad valorem taxes — allocation of economic activity taxes.

Effective - 28 Aug 2003
99.1042. Adoption of development financing by ordinance — county assessor to determine total equalized assessed value — calculation of ad valorem taxes — allocation of economic activity taxes. — 1. A municipality, after designating a development area, adopting a development plan, and adopting any development project in conformance with the procedures of sections 99.1000 to 99.1060, may adopt development financing for the development project area selected for any such development project by passing an ordinance. Upon the adoption of the first of any such ordinances, the municipality shall establish, or shall direct the authority to establish, a special allocation fund for the development area.
2. Immediately upon the adoption of a resolution or ordinance adopting development financing for a development project area pursuant to subsection 1 of this section, the county assessor shall determine the total equalized assessed value of all taxable real property within such development project area by adding together the most recently ascertained equalized assessed value of each taxable lot, block, tract, or parcel of real property within such development project area as of the date of the adoption of such resolution or ordinance and shall provide to the clerk of the municipality written certification of such amount as the total initial equalized assessed value of the taxable real property within such development project area.
3. In each of the twenty-five calendar years following the adoption of an ordinance adopting development financing for a development project area pursuant to subsection 1 of this section unless and until development financing for such development project area is terminated by ordinance of the municipality, the ad valorem taxes, and payments in lieu of taxes, if any, arising from the levies upon taxable real property in such development project area by taxing districts at the tax rates determined in the manner provided in section 99.1054 shall be divided as follows:
(1) That portion of taxes, penalties, and interest levied upon each taxable lot, block, tract, or parcel of real property in such development project area which is attributable to the initial equalized assessed value of each such taxable lot, block, tract, or parcel of real property in such development project area as certified by the county assessor in accordance with subsection 2 of this section shall be allocated to and, when collected, shall be paid by the collecting authority to the respective affected taxing districts in the manner required by law in the absence of the adoption of development financing;
(2) Payments in lieu of taxes attributable to the increase in the current equalized assessed valuation of each taxable lot, block, tract, or parcel of real property in the development project area and any applicable penalty and interest over and above the initial equalized assessed value of each such taxable lot, block, tract, or parcel of real property in such development project area as certified by the county assessor in accordance with subsection 2 of this section shall be allocated to and, when collected, shall be paid to the collecting officer of the municipality who shall deposit such payment in lieu of taxes into a separate segregated account for payments in lieu of taxes within the special fund. Payments in lieu of taxes which are due and owing shall constitute a lien against the real property from which such payments in lieu of taxes are derived and shall be collected in the same manner as real property taxes, including the assessment of penalties and interest where applicable. The lien of payments in lieu of taxes may be foreclosed in the same manner as the lien of real property taxes. No part of the current equalized assessed valuation of each taxable lot, block, tract, or parcel of property in any such development project area attributable to any increase above the initial equalized assessed value of each such taxable lot, block, tract, or parcel of real property in such development project area as certified by the county assessor in accordance with subsection 2 of this section shall be used in calculating the general state school aid formula provided for in section 163.031 until development financing for such development project area expires or is terminated in accordance with sections 99.1000 to 99.1060;
(3) For purposes of this section, "levies upon taxable real property in such development area by taxing districts" shall not include the blind pension fund tax levied under the authority of Section 38(b), Article III, of the Missouri Constitution, the merchants' and manufacturers' inventory replacement tax levied under the authority of subsection 2 of Section 6, Article X of the Missouri Constitution, the desegregation sales tax, or the conservation taxes.
4. In each of the twenty-five calendar years following the adoption of an ordinance or resolution adopting development financing for a development project area pursuant to subsection 1 of this section unless and until development financing for such development project area is terminated in accordance with sections 99.1000 to 99.1060, fifty percent of the economic activity taxes from such development project area shall be allocated to, and paid by the collecting officer of any such economic activity tax to, the treasurer or other designated financial officer of the municipality, who shall deposit such funds in a separate segregated account for economic activity taxes within the special allocation fund.
5. In no event shall a municipality collect and deposit economic activity taxes in the special allocation fund unless the developing project has been approved for state supplemental rural development financing pursuant to section 99.1045.
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(L. 2003 H.B. 289)

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Structure Missouri Revised Statutes

Missouri Revised Statutes

Title VII - Cities, Towns and Villages

Chapter 99 - Municipal Housing

Section 99.010 - Designation of law.

Section 99.020 - Definitions.

Section 99.030 - Declaration and purpose of law.

Section 99.040 - Creating a housing authority — need of, how determined.

Section 99.050 - Commissioners — appointment — qualifications — term — compensation.

Section 99.051 - Additional provisions, additional commissioners, St. Louis City — to be tenants of housing authority — qualifications, vacancies.

Section 99.052 - Commissioner may be employee of city or county.

Section 99.053 - Appointment of additional housing commissioner authorized where necessary to comply with federal law.

Section 99.055 - Annual audit, content — annual hearings.

Section 99.060 - Commissioner or employee of authority to have no interest in any housing project.

Section 99.070 - Commissioner, how removed.

Section 99.080 - Authority to constitute municipal corporation — powers — profits — profits to be applied, how — agents of authority, restrictions.

Section 99.090 - Rentals, how fixed.

Section 99.100 - Rentals and tenant selection — duties.

Section 99.103 - Authority may not rent or lease to certain persons, when — reapplication, when (Kansas City).

Section 99.110 - Authority may join or cooperate with other authorities or with private entities — certain authorities not to establish additional units, when.

Section 99.120 - Acquisition of property.

Section 99.130 - Housing projects subject to local regulations.

Section 99.132 - Violations of city property maintenance code, liability — construction of new units (Kansas City).

Section 99.134 - Commissioners of housing authority — membership — terms (Kansas City).

Section 99.140 - Authority to have power to issue bonds — liability therefor.

Section 99.150 - Bonds, how issued — how sold — interest.

Section 99.160 - Powers of authority in connection with issuance of bonds.

Section 99.170 - State auditor to pass upon validity of bonds.

Section 99.180 - Rights of an obligee of an authority.

Section 99.190 - Rights of authority upon the happening of an event of default.

Section 99.200 - Real property of authority exempt from levy and sale by virtue of an execution.

Section 99.210 - Authority may borrow money or accept grants or assistance from federal government.

Section 99.220 - Authority to file report annually.

Section 99.225 - Funds to be used only for certain purposes.

Section 99.230 - Effect of sections 99.010 to 99.230.

Section 99.300 - Citation of law.

Section 99.310 - Declaration of policy.

Section 99.320 - Definitions.

Section 99.330 - Authority may be created, when.

Section 99.340 - Board of commissioners — appointment — qualifications — terms.

Section 99.350 - Board of commissioners — meetings — quorum — employees.

Section 99.360 - Regional authority — creation — area of operation increased, how.

Section 99.370 - Regional authority — commissioners — terms — additional commissioner appointed, when and how.

Section 99.380 - Commissioners — compensation — certificate of appointment.

Section 99.390 - Commissioner — misconduct in office — removal — procedure.

Section 99.400 - Commissioner not to acquire interest voluntarily in clearance project — penalty.

Section 99.410 - Resolution creating authority deemed conclusive, when — filing.

Section 99.420 - Powers of authority.

Section 99.430 - Preparation and approval of redevelopment and urban renewal plans — modification of plan.

Section 99.450 - Authority may dispose of property, how.

Section 99.460 - Power of eminent domain — procedure.

Section 99.470 - Vacant land may be developed, when.

Section 99.480 - Bonds — authority to issue — how paid.

Section 99.490 - Bonds — conditions — interest rate — to be sold at par.

Section 99.500 - Bonds — commissioners not personally liable — not to constitute debt of a political subdivision or state — exempt from income taxes.

Section 99.510 - Commissioner's signature on bonds — validity — bonds deemed to be issued for lawful purpose.

Section 99.520 - Bond issues — additional powers of authority.

Section 99.530 - Default of bonds — rights of obligee.

Section 99.540 - Obligee — additional rights.

Section 99.550 - Bonds — who may invest in.

Section 99.560 - Authority may convey property to federal government in case of default.

Section 99.570 - Property of authority exempt from execution.

Section 99.580 - Powers of a public body to cooperate in land clearance project.

Section 99.585 - Tourism infrastructure projects, funds may be expended, when — limitations — relocation of owners, repayment required.

Section 99.590 - Public notice of conveyance or agreement not required.

Section 99.600 - Community may issue and sell bonds to aid project.

Section 99.610 - Two or more authorities may cooperate in joint project — governing body and community defined.

Section 99.620 - Annual report, satisfactory progress of projects, procedure to determine.

Section 99.630 - Authority may take over projects of constitutional charter city or county.

Section 99.640 - Master plan — municipalities authorized to prepare.

Section 99.650 - Construction of law.

Section 99.660 - Powers additional to those conferred by other laws.

Section 99.700 - Application for designation as a blighted area, who may request — certificate of tax abatement, when issued.

Section 99.705 - Assessor to issue current assessed value statement, when.

Section 99.710 - Assessor's statement, area covered — on file for ten years.

Section 99.715 - Assessor's statement to affect assessment of approved new construction or rehabilitation only.

Section 99.800 - Law, how cited.

Section 99.805 - Definitions.

Section 99.810 - Redevelopment plan, contents, adoption of plan, required findings — TIF restriction — reports by department of economic development, required when, contents.

Section 99.815 - County implementing project within boundaries of municipality, permission required — definition of municipality to include county.

Section 99.820 - Municipalities' powers and duties — public disclosure requirements — officials' conflict of interest, prohibited — commission appointment and powers — transparency of records.

Section 99.821 - Redevelopment plans, TIF revenue deposited in infrastructure for economic growth fund — use of moneys (St. Louis City).

Section 99.825 - Adoption of ordinance for redevelopment, public hearing required — objection procedure — hearing and notices not required, when — restrictions on certain projects — submission to state auditor and department of revenue.

Section 99.830 - Notice of public hearings, publication and mailing requirements, contents.

Section 99.835 - Secured obligations authorized — interest rates — how retired — sale — approval by electors not required — surplus fund distribution — exception — county collectors' and municipal treasurers' duties — no personal liability for commis...

Section 99.840 - Obligation, refunded to pay redevelopment costs, requirements — other obligations of municipality pledged to redevelopment may qualify.

Section 99.843 - Greenfield areas, no new projects to be designated, when.

Section 99.845 - Tax increment financing adoption — division of ad valorem taxes — payments in lieu of tax, deposit, inclusion and exclusion of current equalized assessed valuation for certain purposes, when — other taxes included, amount — new state...

Section 99.847 - No new TIF projects authorized for flood plain areas, applicability of restriction. (Clay, Cole, Jackson, Platte, and St. Charles counties; cities of Hannibal, Jefferson City, Springfield, and St. Joseph)

Section 99.848 - Emergency services property tax or economic activities tax, reimbursement from special allocation fund authorized, when — rate set by board or governing body.

Section 99.850 - Costs of project paid — surplus fund in special allocation fund — distribution — dissolution of fund and redevelopment area.

Section 99.855 - Tax rates for districts containing redevelopment projects, method for establishing — county assessor's duties — method of extending taxes to terminate, when.

Section 99.860 - Severability.

Section 99.865 - Report by municipalities, contents, publication — satisfactory progress of project, procedure to determine — reports by department of revenue required, when, contents, publication on accountability portal — rulemaking authority — dep...

Section 99.866 - Blighted low-income housing site, financing agreement between state and St. Louis City for possible retention of federal geospatial intelligence jobs — limitation on amount.

Section 99.875 - Definitions.

Section 99.877 - Municipalities may establish urban homesteading program and homesteading agency — members, qualifications, appointment, terms — secretary to be selected — staff — expenses.

Section 99.879 - Abandoned property report on suitability for rehabilitation or construction, duties of building official, notice to owners — hearing — right of owner to contest — decision, procedure — eminent domain action, when.

Section 99.881 - Publications of available property, notice, content — transfer to applicant, when — consideration for transfer — rehabilitation on construction for residential use.

Section 99.884 - Prior to issue of certificate of occupancy no transfer of property except transfer to mortgagee or lienholder — without approval — requirements.

Section 99.886 - Discrimination in sale or rental prohibited.

Section 99.888 - Inspection by government agencies authorized, when — purpose.

Section 99.891 - Applicants, priority for selection.

Section 99.893 - Financial assistance may be provided by urban homesteading agency — loans to be secured by mortgage — right of assignment of mortgage.

Section 99.896 - Abatement or deferral of real property taxes, requirements.

Section 99.899 - Agency may accept property from U.S. government, notice, publication, content — conveyance of property to urban homesteader, requirements.

Section 99.901 - Urban homesteading fund established, purpose.

Section 99.903 - Bond issues authorized for funding — powers of municipalities — bonded indebtedness, how paid — proceeds from bond issues not to be used for refinancing existing loans, exception.

Section 99.905 - Bond's rate of interest — maturing when — may be with or without right to call for payment or redemption — minimum price of bond — sale requirements.

Section 99.907 - Tax exemption for interest on bonds.

Section 99.910 - Form of bond, how determined — more restrictive or additional criteria for mortgages and loans may be set by municipality.

Section 99.912 - Civil actions to compel governing body issuing bonds to perform all duties.

Section 99.915 - Title — funding exclusions — act supersedes other inconsistent laws.

Section 99.918 - Definitions.

Section 99.919 - Out-of-state business, projects that relocate, calculation of new net revenues.

Section 99.921 - Downtown economic stimulus authority authorized, limitations.

Section 99.924 - Board of commissioners to govern authority, exceptions — appointment of commissioners, terms, vacancies.

Section 99.927 - Powers of authority exercised by board — quorum requirements, meetings, officers, expenses, removal.

Section 99.930 - Contracts, authority may transact business, when — validity of authority not to be challenged, when.

Section 99.933 - Authority to be public body corporate and politic, powers — disclosure of conflicts of interest — disadvantaged business enterprise to be approved (Kansas City, St. Louis City, St. Louis County).

Section 99.936 - Disposal of real property.

Section 99.939 - Fund established for community development corporations (Kansas City, St. Louis County, St. Louis City, Boone County) — fund administration — diversion of certain sales tax revenues to general revenue fund — grants and loans awarded.

Section 99.942 - Development plan, contents — goal for certain projects (Kansas City, St. Louis City, St. Louis County, Boone County) — adoption of development plan, procedure.

Section 99.945 - Permission needed for designation of development area outside boundaries of municipality.

Section 99.948 - Powers of municipality creating authority — powers authorized to authority — public hearings held, when.

Section 99.951 - Adoption of authorizing ordinance, public hearings to be held — notice for hearing, contents.

Section 99.954 - Financing project costs, issuance of obligations permitted, procedure — immunity from liability for obligations — retiring or refinancing debt, restrictions.

Section 99.957 - Adoption of development financing by ordinance — county assessor to determine total equalized assessed value — calculation of ad valorem taxes — allocation of economic activity taxes.

Section 99.958 - Endowment, Carnegie Research I University, private funds needed for one-half of endowment.

Section 99.960 - Disbursement of project costs, approval of department required — application, contents — finance board to make determination — cap on disbursements — time limitations on disbursements — development costs defined — projects ineligible...

Section 99.963 - State supplemental downtown development fund established, moneys in fund, use of moneys, disbursements — rulemaking authority.

Section 99.965 - Termination of development financing, when, procedure — dissolution of special fund and termination of designated area.

Section 99.968 - Debt service levies, computation of.

Section 99.975 - Application approvals, limitations.

Section 99.980 - Businesses relocating in development area, authority to report to department, when — status of development plan, report to be submitted, contents — access to project sites — annual financial statements required.

Section 99.1000 - Definitions.

Section 99.1006 - Rural economic stimulus authority authorized, limitations.

Section 99.1009 - Board of commissioners to govern authority — appointment of commissioners, terms, vacancies.

Section 99.1012 - Powers of authority exercised by board — quorum requirements, meetings, officers, expenses, removal.

Section 99.1015 - Contracts, authority may transact business, when — validity of authority not to be challenged, when.

Section 99.1018 - Authority to be public body corporate and politic, powers — disclosure of conflicts of interest.

Section 99.1021 - Disposal of real property.

Section 99.1027 - Developmental plan, contents, adoption of, procedure.

Section 99.1030 - Permission needed for designation of development area outside boundaries of municipality.

Section 99.1033 - Powers of municipality creating authority — powers authorized to authority — public hearings held, when.

Section 99.1036 - Adoption of authorizing ordinance, public hearings to be held — notice for hearing, contents.

Section 99.1039 - Financing project costs, issuance of obligations permitted, procedure — immunity from liability for obligations — retiring or refinancing debt, limitations.

Section 99.1042 - Adoption of development financing by ordinance — county assessor to determine total equalized assessed value — calculation of ad valorem taxes — allocation of economic activity taxes.

Section 99.1043 - Endowment, Carnegie Research I University, private funds needed for one-half of endowment.

Section 99.1045 - Disbursement of project costs, approval required by agriculture and small business development authority — application, contents — cap on disbursements — time limitations on disbursements — rulemaking authority.

Section 99.1048 - State supplemental rural development fund established, moneys in fund, use of moneys, disbursements — rulemaking authority.

Section 99.1051 - Termination of development financing, when, procedure — dissolution of special fund and termination of designated area.

Section 99.1054 - Debt service levies, computation of.

Section 99.1060 - Businesses relocating in development area, authority to report to department, when — status report submitted, contents — access to project sites — annual financial statements required.

Section 99.1080 - Citation of law.

Section 99.1082 - Definitions.

Section 99.1086 - Redevelopment plan, contents — adoption of plan, when.

Section 99.1088 - Public hearing required, notice requirements — changes to a plan without further hearing, when — boundaries of redevelopment area not to be changed after adoption.

Section 99.1090 - Application to department for approval of project costs, approval procedure — rulemaking authority.

Section 99.1092 - Fund established, allocation of moneys — rulemaking authority.

Section 99.1205 - Citation of law — definitions — tax credit allowed, amount — procedure to claim — cap on aggregate tax credit amount — report required — rulemaking authority.