MS HB1105

Authorizes Mississippi municipalities to establish community redevelopment areas within existing urban renewal areas and create corresponding redevelopment trust funds.

Permits property owners in community redevelopment areas to apply for grants to fund exterior and interior improvements that enhance property appearance and functionality, with grant payments beginning 12 months after completion and spanning up to 20 years.

Requires any increase in sales tax collected within the community redevelopment area to be deposited into the redevelopment trust fund to support grants and other redevelopment activities.

Allows trust fund expenditures for administrative costs, planning, property acquisition, clearance and relocation, development agreements, and property improvement grants; prohibits use for furniture, equipment, or general maintenance.

Requires separate accounting and annual independent audits of redevelopment trust funds; permits municipalities to delegate powers to urban renewal agencies or other designated entities; effective July 1, 2015.