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, explained the Chapter 100 structure and the documents before the commission: "These bonds are not like bonds that the county might issue for a courthouse...the county has no liability as part of the transaction." He said the county takes title to the project during the abatement period and leases it back to the company, and that the company will make partial tax payments distributed proportionately to taxing districts.

The approved documents include job-performance provisions. Grim described a minimum job requirement while noting some ambiguity in the transcript about the exact floor: "The documents have a provision that requires a company to create, at least 46 jobs. I think the current expectation is 53 jobs..." Commissioners and presenters repeatedly tied the incentive to jobs during discussion.

Dr. Michael Sobe, identified in the meeting as superintendent of the Bismarck School District, spoke in support: "We just appreciate the agreement that's being made and any help that we will be able to do more things for our students." County and city representatives described the project as a long-running regional economic development effort that the city and school district determined was worth partial tax relief in return for local investment and jobs.

Commission discussion noted that each Chapter 100 project typically stands on its own and that jurisdictions evaluate incentives case by case. Grim addressed precedent concerns by saying officials generally assess the scale and job impact of each prospective project.

County staff confirmed the company (identified at the meeting as Bismarck Granules, whose parent company was identified as IKO) will pay the county's bond counsel fees and reimburse legal costs; county officials said the county itself will not incur implementation costs. The transcript records references to local stakeholders and state contacts that supported the project, including Dale Wright, Mike Henderson and Elaine Gannon.

The commission then made and seconded a motion to accept the ordinance and associated documents authorizing the issuance and related actions. A roll call was held and the motion was approved by voice/roll-call as "Aye" by the commissioners present. The meeting record noted Commissioner Buckley was unavailable due to surgery and had previously expressed support.

Votes at a glance: - Motion to authorize issuance of industrial revenue bond documents and related Chapter 100 tax abatement for Bismarck Granules — Outcome: approved (unanimous voice/roll-call).