Title
An Ordinance Authorizing an Application to be Filed with the Missouri Development Finance Board Pursuant to the Tax Credits for Contributions Program for the Downtown Market Plaza Project.
(Note: First read by Council on February 22, 2022. Passed by unanimous vote.)
Body
Issue/Request:
Authorization to file an application with the Missouri Development Finance Board pursuant to the Tax Credits for Contributions Program for the Downtown Market Plaza Project
Key Issues:
Authorization for staff to seek state funding for the Downtown Market Plaza Project pursuant to the MDFB program which authorizes tax credits for local contributions to the Downtown Revitalization Preservation Program.
Proposed City Council Motion:
I move for adoption of An Ordinance Authorizing an Application to be Filed with the Missouri Development Finance Board Pursuant to the Tax Credits for Contributions Program for the Downtown Market Plaza Project.
Background:
The Missouri Development Finance Board (the “Board”) is authorized by Section 100.286.6 of the Missouri Statutes (the “Tax Credit Statute”) to grant a tax credit equal to 50% on the value of any eligible contribution to the Board by any taxpayer. To be eligible for the credit, the contribution must be made to one of three funds established by the Board’s statutes: the Industrial Development and Reserve Fund, the Infrastructure Development Fund, or the Export Finance Fund.
Eligibility Requirements - The eligibility requirements are as follows:
1. Applicant Eligibility - To be eligible, an applicant must be a local political subdivision, a local
governmental entity created on behalf of or for the benefit of a local political subdivision, or a state agency. Applications from local governments must be authorized by duly adopted resolutions or ordinances of the elected governing body, and signed by the chief elected official or designated city representative.
2. Project Eligibility - For contributions made to the Infrastru...
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