The Missouri Chamber of Commerce and Industry is supporting a bill designed to fast-track redevelopment in Missouri downtowns.
HB 3231 is known as “The Missouri Innovation, Public Safety and Accountability Act.” Sponsored by Rep. Brad Christ (R-St. Louis), the bill creates tax incentives for developers who turn vacant office buildings into new homes and businesses.
The bill also allows communities to create innovation zones, designated economic areas that include historic downtowns, central business districts, town squares or a Main Street corridor.
The Senate Economic and Workforce Development Committee held a hearing for HB 3231 this week.
Christ told lawmakers that regional leaders could apply for the innovation zone designation through the Missouri Department of Economic Development.
Projects within an eligible innovation zone could qualify for a wide range of incentives, including income tax exemptions, opportunity zone benefits, office-to-residential tax credits, property tax abatements, tax increment financing and more, depending on the scope and type of development.
A statewide scorecard would determine how incentives are awarded. Projects could be eligible for greater financial support if they prioritize housing creation, affordability, historic preservation, public safety, infrastructure upgrades and workforce commitments.
“The state is losing GDP over the last three to four decades which equates to about $30 billion, so we need to get serious about economic development,” Christ said.
“This is an opportunity to revitalize our Main Streets, central business districts and downtowns across the state,” said Chance Hepola, director of government affairs for the Missouri Chamber.
For more information, contact Hepola at chepola@mochamber.com or call (573) 634-3511.
