MS SB2915

Authorizes the City of Pascagoula's governing authorities to establish community redevelopment areas within existing urban renewal areas by resolution.

Requires the city to create a redevelopment trust fund for each community redevelopment area, funded by increases in sales tax collected within the area's boundaries.

Permits property owners in redevelopment areas to apply for grants to pay costs of exterior and interior improvements that improve property appearance and functionality, with grants paid over a period not exceeding 20 years.

Allows redevelopment trust funds to be used for administrative expenses, planning, property acquisition, clearance costs, development agreements, and owner grants as specified in the community redevelopment plan.

Requires separate accounting and annual independent audits of redevelopment trust funds, with audit expenses paid from the trust fund.