620.017. Grants, loans or other financial assistance or services programs, funds to be used solely for required purpose, certain information required--failure to comply, funds must be repaid to depart
Grants, loans or other financial assistance or services programs,funds to be used solely for required purpose, certain informationrequired--failure to comply, funds must be repaid to department,contract law governs--annual report required, elements.
620.017. 1. The department of economic development shall requirethat any contract or agreement with any party which provides grants, loans,tax credits, other financial assistance or services, to which a monetaryvalue can be assigned, to such party through a program administered by thedepartment of economic development shall:
(1) Specify that such party shall use the proceeds of any such grant,loan, other financial assistance or the benefits of any services solely asrequired by that program through which the loan, grant, financialassistance or service is provided;
(2) Describe the economic incentive, including the amount and type ofeconomic incentive;
(3) State why the economic incentive is needed;
(4) State the public purpose or purposes for the economic incentive;
(5) State the goals for the economic incentive and the time periodsby which these goals will be met;
(6) Describe the financial obligation of the party if therequirements of the contract or agreement are not met;
(7) State the name and address of the parent corporation of therecipient, if any;
(8) State all other financial assistance known by the department thatwas received by the recipient for the same project; and
(9) Require a summary of jobs created to be reported annually asrequired under the provisions of subsection 1 of section 135.805, RSMo.
2. In addition, such a contract or agreement shall require that anyrecipient which uses the proceeds or services for any other purpose orfails to comply with any requirement established by the program throughwhich the loan, grant, tax credit, financial assistance or service isprovided shall return any remaining proceeds to the department and shallalso require that any proceeds expended or the value of any incentives orservices to which a monetary value can be assigned received by the partyshall be repaid to the department as required by the contract.
3. The contracts or agreements required by this section shall begoverned by and enforceable through the applicable provisions of contractlaw.
4. The department of economic development shall prepare an annualreport regarding all economic incentives administered in the previouscalendar year and submit such report to the governor, the president pro temof the senate, and the speaker of the house of representatives by Julyfirst of each year. The annual report shall be made available to thepublic and shall include, but not be limited to, the following elements:
(1) The total amount of economic incentives awarded by industry;
(2) The distribution of economic incentives by type and publicpurpose;
(3) The distribution of economic incentives by the size of allbusiness recipients;
(4) A reporting of any legal action taken by the department or thestate with any parties which have failed to comply with a contract oragreement pursuant to this section;
(5) A summary of jobs created as reported annually under theprovisions of subsection 1 of section 135.805, RSMo; and
(6) The annual report required under the provisions of thissubsection shall be made available to the public on the Missouriaccountability portal.
(L. 1992 S.B. 661 & 620 § 620.510, A.L. 1993 H.B. 566, A.L. 2004 S.B. 1099, A.L. 2009 H.B. 191)