Section 16.6 Industrial Development Corporations Law

• Library: Local Government Deskbook (2017 Ed.)

D. (§16.6) Industrial Development Corporations Law

In contrast to LCRAs, PIEs, and 353 corporations, each of which is limited to designated blighted areas under locally approved plans for redevelopment, the Industrial Development Corporations law, Chapter 349, RSMo, limits local governing body authority to approval of the formation of an industrial development corporation (variously identified as a “corporation” or “authority” but commonly referred to as an IDA) and consent to appointments to an IDA board of directors by the local chief executive officer. Thereafter, the IDA may proceed without further local legislative action. Section 349.045, RSMo 2016.

An IDA may be incorporated in any county, city, or incorporated town or village. Three taxpaying voters may file an application for permission to apply for incorporation to the local governing body, § 349.025, RSMo 2016, and, if approved, the articles of incorporation are sent to the Missouri Secretary of State...