HB298 - Capitol Complex Improvement District; authorize demolition of certain property, authorize grants for development of certain property.

2 Co-Sponsors

An Act To Amend Section 29-5-201, Mississippi Code Of 1972, To Amend The Definition Of "improvement Projects" To Allow For The Demolition Of Slum And Blighted State-owned Properties Located Within The Capitol Complex Improvement District; To Provide That The Department Of Finance And Administration Shall Establish A Program To Provide Grants To Assist Developers In Paying Costs Associated With Acquisition And Development Of Tax-forfeited Property Within The Capitol Complex Improvement District That Has Been Struck Off To The State For The Nonpayment Of Ad Valorem Taxes, And To Place Such Property Into Use After Development, Which Will Increase The Value Of The Property And Promote Economic Development And The Public Interest Within The District; To Provide An Application Process For Entities Who Desire To Participate In The Grant Program; To Create The "capitol Complex Improvement District Tax-forfeited Property Fund" As A Special Fund In The State Treasury And To Provide That Monies In The Special Fund Shall Be Expended By The Department Of Finance And Administration, Upon Appropriation By The Legislature, To Provide Grants Authorized Under This Act; To Authorize The Department Of Finance And Administration To Contract With A Nonprofit Corporation For The Purpose Of Assisting The Department In Carrying Out The Provisions Of This Act; To Authorize The Issuance Of State General Obligation Bonds For The Purpose Of Providing Funds For The "capitol Complex Improvement District Tax-forfeited Property Fund"; And For Related Purposes.