MS SB2846

Authorizes Mississippi municipalities to enter into voluntary taxpayer agreements with property owners or developers in Tax Increment Financing (TIF) project areas as an alternative financing mechanism for redevelopment projects

Taxpayer agreements may secure bond repayments, provide payments in lieu of or in addition to tax increment revenues, and can be secured by liens on real property with parity to ad valorem tax liens

Agreements are limited to a maximum term of 30 years and do not constitute taxes, public debt, or pledges of state or municipal credit

Municipalities may issue conduit bonds secured by taxpayer agreement payments, liens, tax increment revenues, or any combination thereof, with no obligation to advance funds or levy additional taxes

Expands the definition of "redevelopment project" to include costs of acquisition, construction, installation and equipping of public or private improvements, including buildings, for developer-undertaken projects