Section 6 Industrial Development Corporations Law

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

The enabling acts discussed in §§1.2–1.5 above grant broad powers of review and approval to local governing bodies of the entities operating in accordance with those laws. LCRAs, PIEs, and 353 corporations are permitted to act only in legislatively designated blighted areas in which the local governing body has approved plans for redevelopment. The 1977 enactment of the IDA (industrial development corporations) law, Chapter 349, RSMo, took a radically different tack. In the IDA law, local governing body authority is limited to:

approval of the formation of an industrial development corporation (variously identified as a "corporation" or an "authority" in the IDA law, but most commonly referred to as an "authority" or simply an "IDA"); and consent to appointments of the authority board of directors by the local chief executive officer.

Thereafter, the IDA may proceed without further local legislative action. Section 349.045, RSMo Supp. 2010.

An IDA may be incorporated in any county, city, or incorporated town or village. Three taxpaying...