Missouri Revised Statutes













Chapter 353

Urban Redevelopment Corporations Law

←353.020

Section 353.030.1

353.040→

August 28, 2015

Organization of corporation--contents of articles of agreement.

353.030. Corporations referred to in this chapter as urban redevelopment

corporations may be organized in the following manner: The articles of

agreement or association shall be prepared, subscribed and acknowledged, and

filed in the office of the secretary of state pursuant to the general

corporations laws of the state and shall contain:



(1) The name of the proposed corporation, which must have the words

"redevelopment corporation" as a part thereof.



(2) The purposes for which it is formed which shall be as follows: To

acquire, construct, maintain and operate a redevelopment project or

redevelopment projects in accordance with the provisions of this law.



(3) The amount of the capital stock, and if any be preferred stock the

preference thereof.



(4) The number of shares of which the capital shall consist all of which

shall have a par value.



(5) The city in which its principal business office is to be located.



(6) Its duration, which shall not exceed ninety-nine years.



(7) The number of directors, which shall not be less than three, nor more

than thirteen.



(8) The names and post-office addresses of the directors for the first

year, at least one of whom shall be a resident of the state of Missouri.



(9) The names and post-office addresses of the subscribers to the

articles of association or agreement.



(10) A provision that in the event that income debenture certificates are

issued by the corporation, the owners thereof shall have the same right to

vote as they would have if possessed of certificates of stock of the amount

and par value of the income debenture certificates held by them. The

articles may provide for the retirement of income debenture certificates or

preferred stock of the corporation as and when there shall be funds available

in the treasury of the corporation from the receipt of amortization or sinking

fund in installments for the purpose. Interest shall not be paid by the

corporation upon such income debenture certificates in excess of nine percent

per annum. Provided, however, that this limitation shall not apply to other

debt of the corporation.



(11) A declaration that the corporation has been organized to serve a

public purpose; that all real estate acquired by it and all structures

erected by it are to be acquired for the purpose of promoting the public

health, safety and welfare, and that the stockholders of the corporation

shall when they subscribe to and receive the stock thereof, agree that the

net earnings of the corporation shall be limited to an amount not to exceed

eight percent per annum of the cost to such corporation of the redevelopment

project including the cost of the land, or the balances of such cost as

reduced by amortization payments; provided, that the net earnings derived

from any redevelopment project shall in no event exceed a sum equal to eight

percent per annum upon the entire cost thereof. Such net earnings shall be

computed after deducting from gross earnings the following:



(a) All costs and expenses of maintenance and operation;



(b) Amounts paid for taxes, assessments, insurance premiums and other

similar charges;



(c) An annual amount sufficient to amortize the cost of the entire

project at the end of the period, which shall not be more than sixty years

from the date of completion of the project. The development plan may contain

provisions satisfactory to the legislative authority authorizing such plan

that any surplus earnings in excess of the rate of net earnings provided in

this chapter may be held by the corporation as a reserve for maintenance of

such rate of return in the future and may be used by the corporation to

offset any deficiency in such rate of return which may have occurred in prior

years; or may be used to accelerate the amortization payments; or for the

enlargement of the project; or for reduction in rentals therein; provided,

that any excess of such surplus earnings remaining at the termination of the

tax relief granted pursuant to section 353.110 shall be turned over by the

corporation to the city.



(12) A declaration that such corporations are organized* for the purpose

of the clearance, replanning, reconstruction or rehabilitation of blighted

areas, and the construction of such industrial, commercial, residential or

public structures as may be appropriate, including provisions for recreational

and other facilities incidental or appurtenant thereto.



(L. 1943 p. 751 § 7, A.L. 1945 p. 1242 § 3, A.L. 1947 V. I p.

393, A.L. 1969 S.B. 373, A.L. 1974 2d Ex. Sess. S.B. 1)



Effective 1-9-75



*Word "recognized" appears in original rolls, probably a typographical

error.







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