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SECOND REGULAR SESSION
HOUSE BILL NO. 3372
103RD GENERAL ASSEMBL Y
INTRODUCED BY REPRESENT A TIVE EAL Y .
7273H.01I JOSEPH ENGLER, Chief Clerk
AN ACT
T o amend chapter 68, RSMo, by adding thereto one new section relating to port authorities.
Be it enacted by the General Assembly of the state of Missouri, as follows:
Section A. Chapter 68, RSMo, is amended by adding thereto one new section, to be
2 known as section 68.042, to read as follows:
68.042. 1. A development agr eement between a port authority and the federal
2 government for an incentivized development under section 68.040 shall contain the
3 following:
4 (1) A prov ision for an immediate buyout payment equal to the discounted
5 pr esent value of the project payments in lieu of taxes; and
6 (2) Community benefit payments to the municipality or , if unincorporated, the
7 county for the duration of the incentive term that are at least equal to five years of the
8 curr ent payment in lieu of taxes rate, plus any additional amount determined by the
9 port authority to offset the loss of community benefits fro m existing pr ojects; or
10 (3) Resolutions appr oving the development agreement by the governing body of
11 each political subdivision with land inside of the port authority .
12 2. Failur e to include the prov isions req uired under subsection 1 of this section in
13 any development agr eement between the port authority and the federal government
14 shall re sult in a statutory lien against the pr operty and the conveyance shall be voidable
15 by the port authority .
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EXPLANA TION — Matter enclosed in bold-faced brackets [thus] in the above bill is not enacted and is
intended to be omitted from the law . Matter in bold-face type in the above bill is proposed language.