ST. LOUIS (KMOX) – With regional leaders looking on, Missouri Gov. Jay Nixon on Wednesday morning signed into law a bill that gives the St. Louis, St. Charles and Jefferson County Tax Increment Financing Commissions a little more power.

The bill, signed at the East-West Council of Governments meeting (HB1434), will still allow city TIF commissions to approve TIFs rejected by county boards, but will only allow them to fund demolition and land clearance.

St. Charles County Executive Steve Ehlmann says it will be good for the entire region.

“(It will) redirect those resources,” he says, “that in the past have simply been going to retail development, with municipalities competing against others. Those resources now can go into projects that create new jobs for the region.”

Nixon signed the bill at East-West because it was a council study on TIFs that prompted legislative action.

“The study done by East-West,” Nixon says, “has shown that there’s been a huge over-expenditure of these kind of breaks out there and this is a tool, tax increment financing, which has been from the taxpayer’s perspective, for schools and other things, has been abused. Too much money spent on too few jobs.”

“I thought it was especially important to sign this at East-West Gateway,” Nixon says, “that is focused on regional issues and we have, quite frankly, wasted too much money on TIFs for too long; this bill will make a substantial difference.”

(TM and Copyright 2016 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2016 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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