Resolution Number 67 | Session 2020-2021

Enhanced Enterprise Zone

Resolution

NOW THEREFORE BE IT RESOLVED by the St. Louis Board of Aldermen as follows: 1. The Subsequent Improvements shall be subject to subject to ad valorem real property tax abatement, as permitted by the EEZ Law and Ordinance No. 67494, for a period of 10 years from the completion of the Subsequent Improvements. The tax abatement shall be subject to the terms of a Development Agreement among the EEZ Board and the Property Owner (or an affiliate thereof), which shall require the payment of an annual contractual payment in lieu of taxes equal to 50% of the ad valorem real property taxes attributable to the Subsequent Improvements that would otherwise be due for each year during the abatement period. 2. For purposes of calculating the tax liability and tax abatement for the Subsequent Improvements and the real property upon which the Subsequent Improvements are located (the “Project Site”), any increase in the assessed value of the Project Site above the assessed value of the Project Site as of January 1, 2021 shall be deemed attributable to the Subsequent Improvements. 3. A copy of this Resolution shall be sent to the Director of the Missouri Department of Economic Development within 30 days of its approval, as required by the EEZ Law.

Download Full Resolution

Document attachments can only be viewed if opened with Adobe Reader

Resolution Details

Resolution Session: 2020-2021
Primary Sponsor Lisa Middlebrook
Committee Housing, Urban Development and Zoning

You need a program that can open Adobe PDF files. A free option:

Was this page helpful?      



Comments are helpful!
500 character limit

Feedback is anonymous.