251.603. Definitions.
Definitions.
251.603. As used in sections 251.600 to 251.630, the following termsshall mean:
(1) "Baseline year", the calendar year prior to the effective date ofa resolution by the regional economic development district board approvinga regional economic development project; provided, however, if economicactivity taxes from businesses other than businesses locating in theregional economic development project area decrease in the regionaleconomic development project area in the year following the year in whichthe resolution approving a regional economic development project isapproved by a regional economic development district board, the baselineyear may, at the option of the regional economic development district boardapproving the regional economic development project, be the year followingthe year of the adoption of the resolution approving the regional economicdevelopment project;
(2) "Board", a regional economic development district board createdunder the provisions of section 251.605;
(3) "Collecting officer", the officer of the municipality, county, orother taxing jurisdiction responsible for receiving and processing paymentsin lieu of taxes and economic activity taxes and the officer of themunicipality, county, or other taxing jurisdiction responsible forreceiving and processing local sales tax revenues collected by the directorof revenue on behalf of such municipality, county, or other taxingjurisdiction;
(4) "County", any county of the state of Missouri and any city notwithin a county;
(5) "Economic activity taxes", the total additional revenue fromtaxes which are imposed by a municipality, county, or other taxingdistricts, and which are generated by economic activities within eachregional economic development project area, which exceed the amount of suchtaxes generated by economic activities within such regional economicdevelopment project area in the baseline year; but excluding personalproperty taxes, taxes imposed on sales or charges for sleeping rooms paidby transient guests of hotels and motels, licenses, fees, specialassessments, and any taxes imposed by the municipality, county, or othertaxing district after the effective date of a resolution by a regionaleconomic development district board approving a regional economicdevelopment project;
(6) "Governing body", a legislative body or other authority governinga city, county, or a city not within a county;
(7) "Obligations", bonds, loans, debentures, notes, specialcertificates, or other evidences of indebtedness issued by a regionaleconomic development district, municipality, county, or commission, orother public entity authorized to issue such obligations under the regionaleconomic development district law to carry out a regional economicdevelopment project or to refund outstanding obligations;
(8) "Payment in lieu of taxes", those revenues from real property ineach regional economic development project area, which taxing districtswould have received had the regional economic development district notadopted a regional economic development plan and which would result fromlevies made after the effective date of a resolution of the board approvinga regional economic development project during the time the currentequalized value of real property in such regional economic developmentproject area exceeds the total equalized value of real property in suchregional economic development project area during the baseline year untilincremental tax financing for such regional economic development projectarea expires or is terminated under the provisions of the regional economicdevelopment district law;
(9) "Regional economic development area", an area designated by aregional economic development district board which shall have the followingcharacteristics:
(a) It includes only those parcels of real property directly andsubstantially benefited by the proposed regional economic development plan;
(b) It will be improved by the regional economic development project;
(c) It is contiguous;
(d) It is not included in any other redevelopment plan or using anyother tax increment financing program; and
(e) The board has declared development of the area is not likely tooccur without benefit of the proposed regional economic development plan;
(10) "Regional economic development district", a district formed byagreement of two or more county or city governing bodies for the purpose ofthe economic development of such district, the boundaries of which mayencompass all or any part of one or more entire counties and all or anypart of one or more entire cities;
(11) "Regional economic development plan", the comprehensive programof a regional economic development district to improve a regional economicdevelopment area, thereby enhancing the tax bases of the taxing districtswhich extend into the regional economic development area, through thereimbursement, payment, or other financing of regional economic developmentproject costs in accordance with the regional economic development districtlaw. The regional economic development plan shall conform to therequirements of section 251.621;
(12) "Regional economic development project", any regional economicdevelopment project within a regional economic development area whichconstitutes a major initiative in furtherance of the objectives of theregional economic development plan, and any such regional economicdevelopment project shall include a legal description of the area selectedfor such regional economic development project;
(13) "Regional economic development project area", the area locatedwithin a regional economic development area selected for a regionaleconomic development project;
(14) "Regional economic development project costs", costs to theregional economic development plan or a regional economic developmentproject, as applicable, which are expended on public property, buildings,or rights-of-ways for public purposes to provide infrastructure or supportfor a regional economic development project. Such costs shall only beallowed as an initial expense which, to be recoverable, shall be includedin the costs of a regional economic development plan or regional economicdevelopment project, including any amendments thereto adopted by the boardof the regional economic development district. Such infrastructure costsinclude, but are not limited to, the following:
(a) Costs of studies, appraisals, surveys, plans, and specifications;
(b) Professional service costs, including, but not limited to,architectural, engineering, legal, marketing, financial, planning, orspecial services;
(c) Property assembly costs, including, but not limited to,acquisition of land and other property, real or personal, or rights orinterests therein, demolition of buildings, and the clearing and grading ofland;
(d) Costs of rehabilitation, reconstruction, repair, or remodeling ofexisting public buildings and fixtures;
(e) Costs of construction of public works or improvements;
(f) Financing costs, including, but not limited to, all necessaryexpenses related to the issuance of obligations issued to finance all orany portion of the infrastructure costs of one or more regional economicdevelopment projects, and which may include capitalized interest on anysuch obligations and reasonable reserves related to any such obligations;
(g) All or a portion of a taxing district's capital costs resultingfrom any regional economic development project necessarily incurred or tobe incurred in furtherance of the objectives of the regional economicdevelopment plan, to the extent the board by written agreement accepts andapproves such infrastructure costs; and
(h) Payments to taxing districts on a pro rata basis to partiallyreimburse taxes diverted by approval of a regional economic developmentproject as approved by the board. In addition, any revenues of theregional economic development district may be expended on or used toreimburse any reasonable or necessary costs incurred or estimated to beincurred in furtherance of a regional economic development plan or aregional economic development project;
(15) "Resolution", a resolution enacted by the regional economicdevelopment district board;
(16) "Special allocation fund", the fund of the regional economicdevelopment district required to be established under section 251.618 whichspecial allocation fund shall contain at least three separate segregatedaccounts into which payments in lieu of taxes are deposited in one account,economic activity taxes are deposited in a second account, and otherrevenues, if any, received by the regional economic development districtfor the purpose of implementing a regional economic development plan or aregional economic development project are deposited in a third account;
(17) "Taxing district's capital costs", those costs of taxingdistricts for capital improvements that are found by the regional economicdevelopment district to be necessary and to directly result from a regionaleconomic development project; and
(18) "Taxing districts", any political subdivision of this statehaving the power to levy taxes if the future tax revenues of such districtwould be affected by the establishment of a regional economic developmentproject.
(L. 2007 H.B. 741)