HB1665 - Capitol Complex Improvement District; authorize incentive for development of property in.

2 Co-Sponsors

An Act To Provide That The Department Of Finance And Administration Shall Establish A Program To Provide Incentive Payments For Developers To Develop Property In The Capitol Complex Improvement District And To Place Such Property Into Use Which Will Increase The Value Of The Property And Promote Economic Development And The Public Interest Within The District; To Define Certain Terms For The Purposes Of This Act; To Provide An Application Process For Developers Who Desire To Participate In The Incentive Program; To Provide That When Property Is Developed According To A Development Plan And Placed Into Use, The City Of Jackson And Hinds County Shall Remit To The Department Of Finance And Administration For A Certain Period Of Time, The Revenue Derived From The Applicable Municipal Or County Ad Valorem Tax Levied For General Fund Purposes On A Portion Of The Increase In The Assessed Value Of The Property; To Require The Department Of Finance And Administration To Deposit Such Remitted Amounts Into A Special Fund Created In This Act And Expend Monies In The Fund, Upon Appropriation By The Legislature, To Provide Incentive Payments To Such Developers; To Provide For The Amount Of The Incentive Payments And Period Of Time That Incentive Payments Will Be Made To Developers; To Provide That After Incentive Payments Have Been Made To A Developer For The Time Provided In This Act, The Department Of Finance And Administration Shall Deposit Funds Received From Payments Remitted By The City Of Jackson And Hinds County Into The Capitol Complex Improvement District Project Fund For A Certain Period Of Time; And For Related Purposes.