Establishes the Missouri Entertainment Facility - Capital Assistance Program
Impact
The legislation intends to stimulate economic growth through substantial public investment in large-scale entertainment venues like sports stadiums and arenas. By offering incentives such as state tax increment financing, withholding tax retention, and matching grants, the bill encourages private investment in significant projects. Additionally, the fund designed for this program aims to bolster the overall economy by creating employment opportunities and fostering new economic activities within local communities.
Summary
Senate Bill 822 establishes the Missouri Entertainment Facility - Capital Assistance Program (MEF-CAP), aimed at providing financial incentives for the development and enhancement of entertainment facilities in Missouri. The bill outlines eligibility criteria for projects seeking state assistance, including a minimum project cost of $250 million and a seating capacity of at least 20,000. Moreover, projects must secure local government support and demonstrate significant economic impacts, including the creation of jobs and increased state tax revenues.
Contention
Despite its potential benefits, SB 822 may face scrutiny regarding the reliance on public funds for private projects. Critics may argue that such financial assistance could lead to market distortions, where taxpayer money is used to subsidize wealthy professional sports franchises. Opponents might express concerns about the long-term fiscal implications of such investments, particularly in terms of accountability regarding the repayment of assistance if the terms of the project are breached or if the franchise relocates.
Creates new $100 assessment for convictions of certain sexual offenses to fund counseling for victims and their families; establishes Sexual Offender Victim Counseling Fund.