447.706. Grants, guidelines, conditions.

MISSOURI STATUTES AND CODES

447.706. Grants, guidelines, conditions.

Grants, guidelines, conditions.

447.706. 1. The director of economic development, with the approvalof the director of the department of natural resources, subject to otherapplicable provisions of sections 447.700 to 447.718, may issue a grant toa governmental* agency for the purpose of paying the allowable costs ofpublic capital improvements needed to cause an eligible project if:

(1) The project otherwise qualifies as an eligible project and iseconomically sound;

(2) The project proposed is a cooperative venture between a municipalor county government and a prospective private purchaser of the facility;

(3) The prospective purchaser is unable to finance the entire cost ofthe project through ordinary financial channels upon comparable terms and,further, a lender is unwilling to make the loan even with a loan guaranteepursuant to section 447.704. When completed, the eligible project isprojected to create not less than ten new jobs, or shall retain a businesswhich supplies not less than twenty-five existing jobs, or a combinationthereof, providing not less than an average of thirty-five hours ofemployment per week per job. Such projection shall be made by thedepartment of economic development; and

(4) The amount to be issued in a grant shall not exceed one milliondollars.

2. The determinations of the director of economic developmentpursuant to subsection 1 of this section shall be conclusive for purposesof the validity of a grant agreement signed by the director.

3. Grants from the property reuse fund pursuant to this section shallbe such as the director of economic development determines to beappropriate and in furtherance of the purpose for which the grants aremade. The moneys used in making such grants shall be disbursed from theproperty reuse fund upon written order of the director of economicdevelopment. The director shall give special consideration in setting therequired job creation ratios and project locations for project grants thatare for voluntary remediation actions.

4. The director of economic development shall issue such grants to agovernmental agency to administer and direct the expenditure of the fundsfor public capital improvements. Such grant money shall not be used tohire or pay additional employees of the recipient governmental agency.

5. The director of economic development may fix service charges forthe** making of a property reuse grant. Such charges shall be payable atsuch times and place and in such amounts and manner as may be prescribed bythe director.