Many House members of the state of Missouri have approved a variety of economic development incentives.
Many of the development initiatives will use money from tax revenue to ultimately fund the development plans. A new development tool would also be attached as many of the local officials can create obligation bonds which would fund a lot of the new projects. The bonds will also have to be paid back eventually and much of the sales tax would be utilized to pay off the bonds. The bill has been approved in the House of Representatives but still needs to be approved in the Senate.
Many of the incentives would be given out to projects that have a capital investment of approximately $50 million dollars and has an expected revenue generation of $50 million dollars as well. Any type of development outside of large cities would also have a chance at the incentives if they have support from the state and they have capital improvement of $100 million dollars. A House Majority Leader named Tim Jones states that the state of Missouri does not have the development tool but other states have implemented it with great success. Tim Jones also elaborates on how the majority of the incentives would be utilized to fund the tourism and entertainment industry.
Many of the counties that issue the bonds for the project must approve a resolution within a 30 day time period. The incentives are also not intended for any type of business that is looking to relocate to the state of Missouri. All of the casinos are also restricted from receiving the development incentives. Many of the projects must undergo a feasibility study in which the project revenue and incentives will be enough to ultimately pay for the development project.
Overall, the development bill should positively affect the entire state of Missouri.