Missouri legislation · 2026 Regular Session
Missouri HB3372: Creates new provisions for bonds issued by a port authority
Status: In committee, May 15, 2026
What the bill says
To amend chapter 68, RSMo, by adding thereto one new section relating to port authorities. Section A. Chapter 68, RSMo, is amended by adding thereto one new section, to be known as section 68.042, to read as follows: 68.042. 1. A development agreement between a port authority and the federal government for an incentivized development under section 68.040 shall contain the following: (1) A provision for an immediate buyout payment equal to the discounted present value of the project payments in lieu of taxes; and (2) Community benefit payments to the municipality or, if unincorporated, the coun.
From the introduced text:
To amend chapter 68, RSMo, by adding thereto one new section relating to port authorities. Section A. Chapter 68, RSMo, is amended by adding thereto one new section, to be known as section 68.042, to read as follows: 68.042. 1. A development agreement between a port authority and the federal government for an incentivized development under section 68.040 shall contain the following: (1) A provision for an immediate buyout payment equal to the discounted present value of the project payments in lieu of taxes; and (2) Community benefit payments to the municipality or, if unincorporated, the county for the duration of the incentive term that are at least equal to five years of the current payment in lieu of taxes rate, plus any additional amount determined by the port authority to offset the loss of community benefits from existing projects; or (3) Resolutions approving the development agreement by the governing body of each political subdivision with land inside of the port authority. 2. Failure to include the provisions required under subsection 1 of this section in any development agreement between the port authority and the federal government shall result in a statutory lien against the property and the conveyance shall be voidable by the port authority. ✔ EXPLANATION -- Matter enclosed in bold-faced brackets [thus] in the above bill is …
Sponsors
- (D, 036) · primary sponsor