SB 942 - This act limits the tax abatements that may be used with respect to Land Clearance for Redevelopment Authorities and Urban Redevelopment Corporations. School districts are given specific consideration.

LAND CLEARANCE FOR REDEVELOPMENT AUTHORITIES - The local Board of Education may appoint a member to the Authority. In constitutional charter cities, taxes levied by taxing districts other than the city shall not be abated without the consent of the other taxing districts. The city shall assess the value of new construction and rehabilitation for the purposes of the other taxes. No tax abatement may be issued by the city until it estimates the amount of tax revenue to be generated by the project and pays the school district 50% of that revenue amount. When any taxes are abated on a property, the Board of Education shall annually receive an amount from the city to make up for lost taxes.

URBAN REDEVELOPMENT CORPORATIONS - Taxes levied by taxing districts other than the city shall not be abated without the consent of the other taxing districts. No tax abatement may be issued by St. Louis City until it estimates the amount of tax revenue to be generated by the project and pays the school district 50% of that amount. When any taxes are abated on a property, the Board of Education shall annually receive an amount from the City of St. Louis to make up for lost taxes.
RONALD J. LEONE