Bob Miserez Archives - Missourinet

Missouri board considers helping some struggling Convention and Visitors Bureaus

June 19, 2020 By Alisa Nelson

The Missouri Development Finance Board is debating about whether to come up with ways to help some local Convention and Visitors Bureaus taking a financial hit by the coronavirus. Executive Director Bob Miserez says the St. Louis and Kansas City bureaus have contacted the board about their struggles.

“Most of them are dependent upon hotel/motel sales tax. Hotel/motels have not had any people staying there to pay sales tax. So those budgeted revenues are pretty much gone. Hopefully, they’re starting to come back but it may be a while,” he says.

Due to coronavirus fears and restrictions, fewer visitors have been coming from out of state to visit Missouri’s many tourist attractions. The state has been missing out on all those visitors that would normally drive through or come through its airports, spend money to hitch a ride to various places, crash at a hotel, shop, eat, and party.

Several major college and high school sporting events were called off or limited the number of fans allowed earlier this spring – slapping Missouri cities set to host the games with a serious financial burden. The state of Missouri’s professional sports has also hurt communities. The plug was pulled on the St. Louis Blues hockey season. The St. Louis Cardinals and Kansas City Royals teams are still sitting on the sidelines.

Miserez says the board is in early discussions and is working to get financial information from some of the tourism bureaus.

“We need to review all those – what their actual sources of revenue are – and see if we can come up with something that will then help tide them through this situation,” he says.

Miserez says the bureaus are very important to state tourism marketing. They share the cost of tourism promotion with the state.

Vote delayed on proposed loan program for Missouri cities struggling during coronavirus

June 16, 2020 By Alisa Nelson

The state Development Finance Board has delayed a vote on a proposed low-interest loan program for smaller Missouri cities who have experienced financial pain from the coronavirus. Executive Director Bob Miserez tells Missourinet the $5 million plan could be limited to Missouri towns with a population of 25,000 or fewer.

Vote delayed on proposed loan program for Missouri cities struggling during coronavirus

“We didn’t know how much that limited amount of funds was going to really impact and be meaningful to the largest cities in the state,” he says. “Plus, they’re a lot more sophisticated and they do have access to other programs. They’re going to be hurting also but we didn’t know that we would be meaningful and have a real impact to them.”

Miserez says all but about 29 Missouri cities could qualify.

The board is considering a loan minimum of $50,000 to a maximum $300,000 to help cover essential services like police, fire department and waste management.

“There’s a lot of programs out there that can help small businesses,” he says. “We could also, but we didn’t see that kind of assistance going to local governments and we knew that they were going to be facing budget shortfalls. When you get to a point like we got this year where the revenues just fall off the cliff, how do they then match what they’re not receiving to pay the costs that they’ve already obligated themselves to pay?”

Members are looking at a plan that could include loans between one year and four years with a stair step interest rate structure. Under the initial proposal, cities who would get a loan would be required to shell out a $1,000 deposit.

“Basically to escrow – to help us offset the costs of developing this and the legal to develop the loan documents, which are going to be fairly simple but then we’re not going to charge any loan origination fees thereafter. We were proposing that upon approval and funding of a loan that the $1,000 be rebated back to them. In effect, it would cost them nothing to apply,” says Miserez.

If approved, the program could be up and running by mid to end of July. The board could vote on the proposal later this month.

Board members include:
• Marie Carmichael, Chair
• Reuben A. Shelton, Vice Chairman
• John E. Mehner
• Matthew L. Dameron
• Kelley M. Martin
• Bradley G. Gregory
• Cliff Holekamp
• Mike Kehoe, Lieutenant Governor
• Rob Dixon, Director, Missouri Department of Economic Development
• Chris Chinn, Director, Missouri Department of Agriculture
• Carol Comer, Director, Missouri Department of Natural Resources