MS HB1948

Authorizes the City of Olive Branch to acquire, develop, and improve real estate within a specified project area in Section 5, Township 2 South, Range 6 West for industrial, technological, or educational parks.

Grants city governing authorities power to own, construct, lease, sell, or dispose of property within the project area to individuals, firms, corporations, or governmental entities for industrial, technological, or educational uses without appraisal or competitive bidding requirements.

Permits leases and subleases of project area property for terms up to 50 years and authorizes construction of related infrastructure including streets, water systems, sewerage, drainage, utilities, and fire suppression systems.

Authorizes city to finance projects through general obligation bonds, revenue bonds, tax increment financing bonds, special assessment bonds, grants, donations, or general funds, with revenues from projects pledged to secure bonded debt.

Provisions are supplemental to existing state law and take effect upon passage.