Section 17 Missouri Development Finance Board Act

• Library: Urban Development Subdivisions, and Annexations (2011 Ed.)

The MDFB Act (Missouri Development Finance Board Act), §§ 100.250–100.297, RSMo 2000 and Supp. 2010, supplants the earlier Economic Development, Export and Infrastructure Funding Act, which, in turn, supplanted the IDFA (Industrial Development Funding Act). In Curchin v. Missouri Industrial Development Board, 722 S.W.2d 930 (Mo. banc 1987), the Supreme Court held unconstitutional certain tax credits granted in § 100.297, now RSMo 2000, of the IDFA. Notwithstanding Curchin, each of the succeeding enactments has continued the invalidated provision on the statute books.

The MDFB Act provides for low-interest loans and loan guarantees to both public and private borrowers. Section 100.260, RSMo Supp. 2010, establishes three special funds for economic and industrial development from which private loan proceeds may originate:

The Industrial Development and Reserve Fund The Industrial Development Guarantee Fund The Export Finance Fund

The MDFB Act also establishes a separate Infrastructure Development Fund and authorizes low-interest...