Chapter 353 tax abatement is an incentive that encourages the redevelopment of blighted areas through the abatement of real property taxes. The City formed the Richmond Redevelopment Corporation in 2016 to administer this abatement program. The downtown area of Richmond is considered to be a “blighted area” therefore, properties in downtown are eligible for this incentive. Other areas of the City will need to be reviewed prior to application for this incentive. For more information regarding applications, downtown area development maps and the chapter 353 incentive policy, please contact James Gorham, Economic Development Director at 816-776-5304 extension 108. Chapter 353 Application Packet
Chapter 100 bond projects allow the city to issue bonds in order to assist in the financing of a project and provide sales tax exemption for project facility construction costs. The city utilizes these State of Missouri sales tax exemptions through the provisions established in the Revised Missouri State Statutes. Projects must meet certain criteria to qualify and approval is based on the discretion of City of Richmond. For more information please contact Tonya Willim, City Administrator, at 816-776-5304 or view the Missouri Department of Economic Development Chapter 100 Guidance Information.pdf.
Enhanced Enterprise Zone(EEZ) Tax Credit is a discretionary program that offered state tax credits, accompanied by local real property tax abatement, to Enhanced Business Enterprises. Tax credits may be provided each year for up to five tax years after the project commences operations. To receive tax credits for any of the years, the facility must have created and maintained the minimum:
*New or expanded business facility – 2 new employees and $100,000 new investment;
*Replacement business facility – 2 new employees and $100,000 new investment
*Company must offer health insurance at all times, of which at least 50 percent is paid by the employer, to all full-time employees in Missouri.
Eligible investment expenditures include the original cost of machinery, equipment, furniture, fixtures, land and building, and/or eight times the annual rental rate paid for the same. Inventory is not eligible. For more information and to view eligible business enterprises, visit Mo Dept of Economic Development EEZ-Ray County.