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Committee forwards Central Mo payment‑in‑lieu‑of‑taxes pilot request to full commission without recommendation
Summary
The committee received a request from the Industrial Development Board related to a Central Mo expansion and forwarded the related payment‑in‑lieu‑of‑taxes (PILOT) proposal to the full commission with no recommendation.
The committee reviewed a request from the Industrial Development Board for a payment‑in‑lieu‑of‑taxes (PILOT) pilot tied to a proposed Central Mo expansion. Committee members noted the city council had acted previously and described a typical pilot schedule used in prior projects.
According to materials discussed in committee and read into the record, an example pilot schedule would be three years with an initial 0% taxable year, followed by 30% in year two, 70% in year three and full taxation thereafter. The committee voted to forward the request to the full commission without a recommendation so the full commission can evaluate terms and any city‑level actions already taken.
Committee members said the pilot approach has been used in prior economic development projects and that any final PILOT terms will be negotiated and approved by the full commission.
