251.624. Termination of incremental tax financing, when, procedure.
Termination of incremental tax financing, when, procedure.
251.624. 1. When all regional economic development project costs andall obligations issued to finance regional economic development projectcosts have been paid in full, the regional economic development districtshall adopt a resolution terminating incremental tax financing for allregional economic development project areas. Immediately upon the adoptionof such resolution, all payments in lieu of taxes, all economic activitytaxes, and other net new revenues then remaining in the special allocationfund shall be deemed to be surplus funds; thereafter, the rates of thetaxing districts shall be extended, and taxes shall be levied, collected,and distributed in the manner applicable in the absence of the adoption ofincremental tax financing. Surplus payments in lieu of taxes shall be paidto the county collector who shall immediately thereafter pay such funds tothe taxing districts in the regional economic development area selected inthe same manner and proportion as the most recent distribution by thecollector to the affected taxing districts of real property taxes from realproperty in the regional economic development area. Surplus economicactivity taxes shall be paid to the taxing districts in the regionaleconomic development area in proportion to the then current levy rates ofsuch taxing districts that are attributable to such economic activitytaxes. Any other funds remaining in the special allocation fund followingthe adoption of a resolution terminating incremental tax financing inaccordance with this section shall be deposited to the general fund of themunicipalities or counties that originally formed the regional economicdevelopment district in a pro rata amount determined by the regionaleconomic development district board.
2. Upon the payment of all regional economic development projectcosts, retirement of obligations, and the distribution of any surplus fundsunder this section, the regional economic development district shall adopta resolution dissolving the special allocation fund and terminating thedesignation of the regional economic development area as a regionaleconomic development area.
3. Nothing in the regional economic development district law shall beconstrued as relieving property in such areas from paying a uniform rate oftaxes, as required by article X, section 3 of the Missouri Constitution.
(L. 2007 H.B. 741)