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. - Missouri Statutes

Adoption of development financing by ordinance--county assessor todetermine total equalized assessed value--calculation of ad valoremtaxes--allocation of economic activity taxes.

99.957. 1. A municipality, after designating a development area,adopting a development plan, and adopting any development project inconformance with the procedures of sections 99.915 to 99.980, may adoptdevelopment financing for the development project area selected for anysuch development project by passing an ordinance. Upon the adoption of thefirst of any such ordinances, the municipality shall establish, or shalldirect the authority to establish, a special allocation fund for thedevelopment area.

2. Immediately upon the adoption of a resolution or ordinanceadopting development financing for a development project area pursuant tosubsection 1 of this section, the county assessor shall determine the totalequalized assessed value of all taxable real property within suchdevelopment project area by adding together the most recently ascertainedequalized assessed value of each taxable lot, block, tract, or parcel ofreal property within such development project area as of the date of theadoption of such resolution or ordinance and shall provide to the clerk ofthe municipality written certification of such amount as the total initialequalized assessed value of the taxable real property within suchdevelopment project area.

3. In each of the twenty-five calendar years following the adoptionof an ordinance adopting development financing for a development projectarea pursuant to subsection 1 of this section unless and until developmentfinancing for such development project area is terminated by ordinance ofthe municipality, the ad valorem taxes, and payments in lieu of taxes, ifany, arising from the levies upon taxable real property in such developmentproject area by taxing districts at the tax rates determined in the mannerprovided in section 99.968 shall be divided as follows:

(1) That portion of taxes, penalties, and interest levied upon eachtaxable lot, block, tract, or parcel of real property in such developmentproject area which is attributable to the initial equalized assessed valueof each such taxable lot, block, tract, or parcel of real property in suchdevelopment project area as certified by the county assessor in accordancewith subsection 2 of this section shall be allocated to and, whencollected, shall be paid by the collecting authority to the respectiveaffected taxing districts in the manner required by law in the absence ofthe adoption of development financing;

(2) Payments in lieu of taxes attributable to the increase in thecurrent equalized assessed valuation of each taxable lot, block, tract, orparcel of real property in the development project area and any applicablepenalty and interest over and above the initial equalized assessed value ofeach such taxable lot, block, tract, or parcel of real property in suchdevelopment project area as certified by the county assessor in accordancewith subsection 2 of this section shall be allocated to and, whencollected, shall be paid to the collecting officer of the municipality whoshall deposit such payment in lieu of taxes into a separate segregatedaccount for payments in lieu of taxes within the special fund. Payments inlieu of taxes which are due and owing shall constitute a lien against thereal property from which such payments in lieu of taxes are derived andshall be collected in the same manner as real property taxes, including theassessment of penalties and interest where applicable. The lien ofpayments in lieu of taxes may be foreclosed in the same manner as the lienof real property taxes. No part of the current equalized assessedvaluation of each taxable lot, block, tract, or parcel of property in anysuch development project area attributable to any increase above theinitial equalized assessed value of each such taxable lot, block, tract, orparcel of real property in such development project area as certified bythe county assessor in accordance with subsection 2 of this section shallbe used in calculating the general state school aid formula provided for insection 163.031, RSMo, until development financing for such developmentproject area expires or is terminated in accordance with sections 99.915 to99.980;

(3) For purposes of this section, "levies upon taxable real propertyin such development area by taxing districts" shall not include the blindpension fund tax levied under the authority of section 38(b), article III,of the Missouri Constitution, the merchants' and manufacturers' inventoryreplacement tax levied under the authority of subsection 2 of section 6,article X of the Missouri Constitution, the desegregation sales tax, or theconservation taxes.

4. In each of the twenty-five calendar years following the adoptionof an ordinance or resolution adopting development financing for adevelopment project area pursuant to subsection 1 of this section unlessand until development financing for such development project area isterminated in accordance with sections 99.915 to 99.980, fifty percent ofthe economic activity taxes from such development project area shall beallocated to, and paid by the collecting officer of any such economicactivity tax to, the treasurer or other designated financial officer of themunicipality, who shall deposit such funds in a separate segregated accountfor economic activity taxes within the special allocation fund. Providedhowever, in any county, the governing body of the county may, byresolution, exclude any portion of any countywide sales tax of such county.

5. In no event shall a municipality collect and deposit economicactivity taxes in the special allocation fund unless the developing projecthas been approved for state supplemental downtown development financingpursuant to section 99.960.

(L. 2003 H.B. 289)

Effective 7-07-03