99.1092. Fund established, allocation of moneys--rulemaking authority. - Missouri Statutes

Fund established, allocation of moneys--rulemaking authority.

99.1092. 1. There is hereby established within the state treasury aspecial fund to be known as the "Downtown Revitalization PreservationFund", to be administered by the department of economic development. Anyunexpended balance and any interest in the fund at the end of the bienniumshall be exempt from the provisions of section 33.080, RSMo, relating tothe transfer of unexpended balances to the general revenue fund. The fundshall consist of:

(1) The first fifteen million dollars of other net new revenuesgenerated annually by the redevelopment projects;

(2) Money received from costs charged under subsection 7 of section99.1090; and

(3) Gifts, contributions, grants, or bequests received from federal,private, or other sources.

2. Notwithstanding the provisions of section 144.700, RSMo, to thecontrary, the department of revenue shall annually submit the first fifteenmillion dollars of other net new revenues generated by the redevelopmentprojects to the treasurer for deposit in the downtown revitalizationpreservation fund.

3. The department of economic development shall annually disbursefunds from the downtown revitalization preservation fund in amountsdetermined under the certificates of approval for projects, providing thatthe amounts of other net new revenues generated from the redevelopment areahave been verified and all of the conditions of sections 99.1080 to 99.1092are met. If the revenues appropriated from the downtown revitalizationpreservation fund are not sufficient to equal the amounts determined to bedisbursed under such certificates of approval, the department of economicdevelopment shall disburse the revenues on a pro rata basis to all suchprojects and other costs approved under section 99.1090.

4. In no event shall the amounts distributed to a project from thedowntown revitalization preservation fund exceed the lessor of the amountof the certificates of approval for projects or the actual other net newrevenues generated by the projects.

5. The department of economic development shall not disburse anymoneys from the downtown revitalization preservation fund for any projectwhich has not complied with the annual reporting requirements determined bythe department of economic development.

6. Money in the downtown revitalization preservation fund may bespent for the reasonable and necessary costs associated with theadministration of the program authorized under sections 99.1080 to 99.1092.

7. No municipality shall obligate or commit the expenditure ofdisbursements received from the downtown revitalization preservation fundprior to receiving a certificate of approval for the redevelopment projectgenerating other net new revenues. In addition, no municipality shallcommence work on a redevelopment project prior to receiving a certificateof approval for the redevelopment project.

8. Taxpayers in any redevelopment area who are required to remitsales taxes under chapter 144, RSMo, shall provide additional informationto the department of revenue in a form prescribed by the department byrule. Such information shall include, but shall not be limited to,information upon which other net new revenues can be calculated and salestax generated in the redevelopment area by such taxpayer in the baselineyear and during the time period related to the sales tax remittance.

9. Any rule or portion of a rule, as that term is defined in section536.010, RSMo, that is created pursuant to the authority delegated in thissection shall become effective only if it complies with and is subject toall of the provisions of chapter 536, RSMo, and, if applicable, section536.028, RSMo. This section and chapter 536, RSMo, are nonseverable and ifany of the powers vested with the general assembly pursuant to chapter 536,RSMo, to review, to delay the effective date, or to disapprove and annul arule are subsequently held unconstitutional, then the grant of rulemakingauthority and any rule proposed or adopted after August 28, 2003, shall beinvalid and void.

(L. 2005 H.B. 58 merged with S.B. 210)