2007-01-08 Council Agenda - Laserfiche WebLink

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VERSION 1 1. One member shall be appointed by the school districts included within any economic development plan or area funded by the economic development sales tax imposed by ordinance as authorized under Section 67.1305 RSMo (the “tax”). Such member shall be J-1-a appointed in any manner agreed upon by the affected districts; 2. Three members shall be appointed by the Mayor with the consent of the majority of the City Council; and 3. One member shall be appointed by the St. Louis County Council. B. Of the members initially appointed, three shall be designated to serve for terms of two years, and the remaining members shall be designated to serve for a term of four years from the date of such initial appointments. Thereafter, the members appointed shall serve for a term of four years, except that all vacancies shall be filled for unexpired terms in the same manner as were the original appointments. Section 2.41.030 Officers and rules of procedure. The Board may elect from its members a chairperson, a vice-chairperson, and a secretary. It may adopt such rules of procedures as it deems necessary to effectuate the provisions of this Chapter. Section 2.41.040 Revenue generated by the tax-Special trust fund. All revenue generated by the tax shall be deposited by the Finance Director in a special trust fund and shall be used solely for the designated purposes. If the tax is repealed, all funds remaining in the special trust fund shall continue to be used solely for the designated purposes. Any funds in the special trust fund which are not needed for current expenditures may be invested by the City Council in accordance with applicable laws relating to the investment of City funds. Section 2.41.050 Use of revenue generated by the tax. A. No revenue generated by the tax shall be used for any retail development project, except for the redevelopment of downtown areas and historic districts. Not more than twenty-five percent of the revenue generated shall be used annually for administrative purposes, including staff and facility costs. B. At least twenty percent of the revenue generated by the tax shall be used solely for projects directly related to long-term economic development preparation, including, but not limited to, the following: 1. Acquisition of land;