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Municipalities are authorized by state statute to implement a sales tax for economic development.
This sales tax must be used for economic development activities detailed in the statute.
This can include improving or building roads, sidewalks and other infrastructure, adding parks and trails and updating existing buildings and property if it will improve the community.
The tax must be approved by the majority of voters.
The Board of Aldermen must vote to collect the tax and can suspend or repeal it any time.
This sales tax does not authorize the City to incur additional debt; it only authorizes the City to collect a sales tax to produce revenue for economic development activities.
Some businesses will be purchased to allow for flood mitigation. Those that will remain will see a reduction in flooding and improved access to their businesses from MoDOT improvements. These improvements are also expected to provide a better opportunity for new business development in the area.
While final plans are still in development, the community has requested that the project include green spaces to enhance walkability and pedestrian safety, and that the City focus on securing non-chain restaurants and small local businesses as part of future development plans.
About 25 acres (on the south side of Manchester Road) will be available. The City has also identified approximately five additional potential redevelopment parcels on the north side of Manchester Road.
The city does not assess a local property tax. The funding of Brentwood Bound will not change local property tax rates.