St. Francois County approves Chapter 100 tax abatement for Bismarck Granules

St. Francois County commissioners voted to authorize issuance of industrial revenue bond documents under Chapter 100 of Missouri statutes to implement a partial real and personal property tax abatement for Bismarck Granules, the county's attorney-adviser said.

The action, approved by unanimous voice vote at the commission meeting, authorizes documents that place title to the project with the county during the abatement period and lease the property to the company while it makes reduced property tax payments (payments in lieu of taxes) that will be distributed to taxing districts. Mark Grim, bond counsel with Gilmore & Bell, told the commission the county assumes no liability for the transaction and that the company will reimburse the county for legal fees related to the deal.

At the meeting, Mark Grim, Gilmore & Bell,…