The Senate Economic Development, Tourism and Local Government Committee will hear MEDC's priority legislation HB 741, containing both the Missouri Economic Development Code and the Regional Economic Development District legislation on Wednesday, April 18, at 1:30 p.m. in the Senate Lounge (3rd floor, West side of the Capitol). We want to be respectful of the committee’s time and ask MEDC members to send written testimony to me to give to the committee on behalf of your organization. This will put your organization on record in support of the bill without having to make the trip to Jefferson City. The committee likes written testimony because it helps shorten the hearings. You should send written testimony to me at RayTheTaxman@earthlink.net by Tuesday, April 17, at 5:00 p.m. Please address the written testimony to:
Sen. John Griesheimer
Chairman of the Senate Economic Development, Tourism and Local Government Committee
State Capitol Building, Room 227
Jefferson City, MO 65101
The key points to hit in any testimony is that the MEDCode is a development tool that is similar to tax increment financing except that it is completely voluntary and flexible for all taxing districts. Taxing districts that want to participate may contribute any portion of any tax or none at all. It simply formalizes a process we already use to provide public infrastructure for projects. For the regional economic development districts, the bill allows us to form regional districts for regional economic development purposes and projects and allows the districts to impose a local sales tax or use other local financing to support the district’s projects. The regional economic development districts would receive NO state tax support – it is entirely a local tool.
MEDC wishes to thank Rep. David Pearce and Rep. Darrell Pollock for sponsoring the legislation and Senator Chris Koster for handling the bill in the Senate.
