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 r - Missouri Statutes

Fund established for community development corporations (Kansas City,St. Louis County, St. Louis City, Boone County)--fundadministration--diversion of certain sales tax revenues togeneral revenue fund--grants and loans awarded.

99.939. 1. Any home rule city with more than four hundred thousandinhabitants and located in more than one county, any county with a charterform of government and with more than one million inhabitants, any city notwithin a county, and any county of the first classification with more thanone hundred thirty-five thousand four hundred but less than one hundredthirty-five thousand five hundred inhabitants and any municipality locatedtherein shall by ordinance establish a fund for the purpose of providingfunds to community development corporations in such city for comprehensiveprograms within such city to stimulate economic development, housing, andother public benefits leading to the development of economicallysustainable neighborhoods or communities, such fund to be known as the"Community Development Corporation Revolving Fund". Notwithstandingsection 33.080, RSMo, to the contrary, any moneys remaining in the fund atthe end of the biennium shall not revert to the credit of the generalrevenue fund.

2. The community development corporation revolving fund shall beadministered by a community development corporation revolving fund board,which shall consist of six members appointed by the chief elected officialof such municipality or county, of which one shall be a member of theeconomic stimulus authority, three shall be members of the local regionalcommunity development association, and two shall be members of localbusiness or financial organizations. The initial members shall servestaggered terms of one, two, and three years as determined by the chiefelected official at the time of appointment. Thereafter, successor membersshall be appointed by the chief elected official for a term of three years,and shall hold office until a successor is appointed. Any member may beremoved by the chief elected official for inefficiency, neglect of duty, ormisconduct. All vacancies shall be filled by appointment of the chiefelected official for the unexpired term. No member shall receivecompensation for the member's services, but shall be entitled to necessaryand reasonable expenses, including travel expenses, incurred in thedischarge of the member's duties. The chief elected official shall appointthe chair of the board, and the members of the board shall elect officersfrom the membership of the board.

3. Beginning January 1, 2004, up to five percent of the state salestax increment portion of other net new revenues generated by developmentprojects certified for state supplemental downtown development financingpursuant to sections 99.915 to 99.980, but not being used for statesupplemental downtown development financing, may be available forappropriation by the general assembly from the state supplemental downtowndevelopment fund, to the general revenue fund, for the purpose of providinggrants to cities or counties as set forth herein. A city or countydescribed in subsection 1 of this section may, upon application to thedepartment of economic development, receive a grant for deposit into thecity or county community development corporation revolving fund for thepurposes of funding a community development corporation revolving fundprogram pursuant to subsection 4 of this section. Any city or countyotherwise eligible shall not be denied participation in the grant programdue to a lack of projects certified for state supplemental downtowndevelopment financing, but such grants shall be limited to incrementalrevenues generated from certified projects in any city or county describedin subsection 1 of this section. At no time shall the sum of the grantsexceed one million five hundred thousand dollars annually.

4. From money granted to a city or county described in subsection 1of this section for deposit in the community development corporationrevolving fund, the city or county, through the community developmentcorporation revolving fund board, shall provide grants and forgivable loansto community development corporations in such municipality for communityeconomic development activities implemented by such corporations. Theboard shall give special funding consideration to collaborations oncommunity development projects between developers organized for profit andnonprofit developers. All expenses for such projects shall be paid for outof the community development corporation revolving fund. Any moneyappropriated, and any other money made available by gift, grant, bequest,contribution, or otherwise to carry out the purposes of this section, andall interest earned on, and income generated from, money in the fund shallbe paid to, and deposited in, the community development corporationrevolving fund.

(L. 2003 H.B. 289)

Effective 7-07-03