Missouri Code of State Regulations
Title 4 - Department of Economic Development
Division 85 - Division of Business and Community
Chapter 9 - Amateur Sporting Tax Credit Program
Section 4 CSR 85-9.031 - Project Proposal
Universal Citation: 4 MO Code of State Regs 85-9.031
Current through Register Vol. 49, No. 18, September 16, 2024
PURPOSE: The purpose of this rule is to explain the requirements for submitting and processing a project proposal.
(1) The following will be included as part of the project proposal:
(A) The Project Proposal
Form, included herein;
(B)
Identification of a presumed economic impact or a proven economic
impact;
(C) The Memorandum of
Understanding for the E-Verify Program;
(D) A draft copy of the support contract, if
available;
(2) The department reserves the right to make reasonable request for additional documentation in order to approve or deny a Project Proposal Form;
(3) A project proposal must meet the following statutory criteria in order for the project to be reserved tax credits:
(A) There must be cap space
available. The department is limited to issuing only three (3) million dollars
in tax credits in a given state fiscal year. Should the DED have reached the
cap for a given year, any remaining applications will be placed on
administrative hold until the earlier of-
1. A
date upon which the support contract is awarded to another city, at which point
the application will be denied;
2.
A date upon which there is cap space available due to other denials in the
fiscal year covered by the application, at which point cap space will be
reserved for the applicant; or
3.
Until a date ninety (90) days following the end of the sporting event, at which
point the project will be denied.
(B) A project will be denied, even if it had
been previously approved, when it becomes apparent that the sporting event will
not be held as indicated in the project proposal. Denied projects shall have
their reserved cap space allotted to other sporting events;
(C) The applicant and site selection
organizations must be valid and fit within the appropriate definitions provided
under 4 CSR 85-9.011;
(D) No site
for a sporting event may have been chosen prior to December 1, 2012;
(E) Completed project proposals will be
reviewed in the order received.
1. Projects
will be given a reservation of tax credits in the order those projects complete
their review;
2. In the event two
(2) or more project proposals are received on the same day, and there is
insufficient cap space available, a lottery will be used to determine the order
of receipt;
3. Completed project
proposals received prior to April 11, 2014 will be also be reviewed in the
order received, but no reservation of cap space will be made prior to April 11,
2014;
(F) No support
contract will be certified unless the site selection organization has chosen to
use a location in Missouri during a competitive bidding process in which at
least one (1) competitive bid came from out of state; and
(G) No project proposal will result in a
reservation of tax credits after August 28, 2019;
(4) A project proposal must also demonstrate a positive economic impact in order for the project to be reserved tax credit:
(A) Demonstrate proof of a positive economic
impact. Project proposals which include major regional, national, and
international sports associations, amateur organizations, or major regional,
national, and international organizations must provide data which will be
analyzed by the department to find if the sporting event has a positive return
of general revenue proceeds to the state in the same state fiscal year as the
event. That analysis shall be performed by the department as a benefit cost
analysis using data provided by the applicant in the project proposal;
or
(B) A presumption of a positive
economic impact. The department will presume that the project generates a
positive economic impact if the project proposal uses any of the following site
selection organizations:
1. The National
Collegiate Athletic Association (NCAA);
2. An NCAA member conference, university, or
institution;
3. The National
Association of Intercollegiate Athletics (NAIA);
4. The United States Olympic Committee
(USOC);
5. A national governing
body (NGB) or international federation of a sport recognized by the
USOC;
6. The United States Golf
Association (USGA);
7. The United
States Tennis Association (USTA); or
8. The Amateur Softball Association of
America (ASA).
Disclaimer: These regulations may not be the most recent version. Missouri may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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