447.701. Eligible projects, director's duties--owner to repay, when. - Missouri Statutes

Eligible projects, director's duties--owner to repay, when.

447.701. 1. The director of the department of economic developmentmay consider the direct and indirect economic benefits projected to beprovided by the eligible project. An applicant for funding or tax creditand exemption assistance pursuant to sections 447.702 to 447.708 mayprepare and submit an estimate of the direct and indirect economic benefitsin accordance with this section. The department of economic developmentmay accept the applicant's projection of the economic benefit of theeligible project. The total amount of state funding, tax credits or taxexemptions for each eligible project shall be limited to the projectedstate economic benefit, as determined by the department of economicdevelopment.

2. In the event the owner sells the abandoned or underutilizedproperty within a five-year period after the receipt of remediation taxcredits, grants, loans or loan guarantee, subject to sections 447.700 to447.718, the owner shall repay a portion of the tax credits and grant fundsprovided based on the percentage of the owner's investment for the projectto the department of economic development's total financial assistance,upon achieving an annual internal rate of return of twenty-five percent.The internal rate of return calculation shall be documented by the owner'scapital gains tax calculation. Owner investment is equity and debt for theeligible project.

(L. 1998 S.B. 827)