100.050. Approval of plan by governing body of municipality--information required--additional information required, when--payments in lieu of taxes, applied how. - Missouri Statutes

Approval of plan by governing body of municipality--informationrequired--additional information required, when--payments in lieuof taxes, applied how.

100.050. 1. Any municipality proposing to carry out a project forindustrial development shall first, by majority vote of the governing body ofthe municipality, approve the plan for the project. The plan shall includethe following information pertaining to the proposed project:

(1) A description of the project;

(2) An estimate of the cost of the project;

(3) A statement of the source of funds to be expended for the project;

(4) A statement of the terms upon which the facilities to be provided bythe project are to be leased or otherwise disposed of by the municipality; and

(5) Such other information necessary to meet the requirements ofsections 100.010 to 100.200.

2. If the plan for the project is approved after August 28, 2003, andthe project plan involves issuance of revenue bonds or involves conveyance ofa fee interest in property to a municipality, the project plan shalladditionally include the following information:

(1) A statement identifying each school district, community collegedistrict, county, or city affected by such project except property assessed bythe state tax commission pursuant to chapters 151 and 153, RSMo;

(2) The most recent equalized assessed valuation of the real propertyand personal property included in the project, and an estimate as to theequalized assessed valuation of real property and personal property includedin the project after development;

(3) An analysis of the costs and benefits of the project on each schooldistrict, community college district, county, or city; and

(4) Identification of any payments in lieu of taxes expected to be madeby any lessee of the project, and the disposition of any such payments by themunicipality.

3. If the plan for the project is approved after August 28, 2003, anypayments in lieu of taxes expected to be made by any lessee of the projectshall be applied in accordance with this section. The lessee may reimbursethe municipality for its actual costs of issuing the bonds and administeringthe plan. All amounts paid in excess of such actual costs shall, immediatelyupon receipt thereof, be disbursed by the municipality's treasurer or otherfinancial officer to each school district, community college district, county,or city in proportion to the current ad valorem tax levy of each schooldistrict, community college district, county, or city; however, in any countyof the first classification with more than ninety-three thousand eight hundredbut fewer than ninety-three thousand nine hundred inhabitants, or any countyof the first classification with more than one hundred thirty-five thousandfour hundred but fewer than one hundred thirty-five thousand five hundredinhabitants, if the plan for the project is approved after May 15, 2005, suchamounts shall be disbursed by the municipality's treasurer or other financialofficer to each affected taxing entity in proportion to the current ad valoremtax levy of each affected taxing entity.

(L. 1961 p. 189 § 5, A.L. 1983 S.B. 316, A.L. 2003 H.B. 289, A.L. 2005 H.B. 58 merged with H.B. 186 merged with S.B. 210, A.L. 2007 S.B. 22 merged with S.B. 233)

*(Transferred 1967; formerly 71.803)