Zoning Development Speech
[2009-11-12]
ZONING, SUBDIVISION AND LAND DEVELOPMENT LAW
IN MISSOURI
JANUARY 8, 2009
SPONSORED BY: LORMAN EDUCATIONAL SERVICES
Tracy Hunsaker Gilroy
The Gilroy Law Firm
231 South Bemiston, Suite 800
St. Louis, MO 63105
(314) 965-3536
A. PUBLIC FINANCING OF DEVELOPMENTS: IT’S CONSTITUTIONAL
Controversial and often misunderstood, statutory procedures to gain public funding for private development projects are a routine and constitutional process and bargaining chip in most every community redevelopment project.
After the statutory procedures are followed, the issue of notes and bonds finance project costs. Depending on the chosen statute, the notes and bonds are repaid with new tax revenues and other sources as briefly discussed herein.
The public financing options come in different shapes and sizes. Here is a list of the most commonly used processes:
|
Title |
Statute |
Financing Function |
|
Real Property Tax Increment Allocation Redevelopment Act
(“TIF”) |
99.800 to 99.865 R.S.Mo. |
“Municipalities” pledge incremental real property and sales tax revenues to fund infrastructure of the development, inclusive of acquisition of property. |
|
Missouri Transportation Development District Act
(“TDD”) |
238.200 to 238.275 R.S.Mo. |
“Political subdivision” imposes additional sales taxes, property taxes and/or special assessments that fund transportation-related public improvements of the development project. |
|
Community Improvement District Act
(“CID”) |
67.1401 to 67.1571 R.S.Mo. |
“Political subdivision” imposes additional sales taxes, property taxes and/or special assessments that fund community-related public improvements and services in the development project. |
|
Neighborhood Improvement District Act
(“NID”) |
Art. III, § 38(c) Constitution
67.453 to 67.475 R.S.Mo. |
“Municipalities” issue general obligation debt to finance public improvements, which debt is repaid with revenues generated by a special assessment levied against the property benefited by such improvements. |
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