This Redevelopment and Tax Increment Financing Plan and Interlocal Agreement to Implement Plan is the implementation of a Plan through issuance of the Bonds and completion of a Redevelopment Project to have a beneficial financial impact on the City and County in that both will enjoy increased tax receipts from the Site when the Bonds are retired and will enjoy increased tax receipts from nearby properties whose development is influenced and induced by the Redevelopment Project. This Plan can be used in any state.
Mississippi Redevelopment and Tax Increment Financing Plan (TIF) is a strategic urban development tool used by local governments to promote economic growth and stimulate redevelopment within designated areas. TIF Plans are implemented through an Interlocal Agreement, which outlines the responsibilities and cooperation between various stakeholders involved in the implementation process. The Mississippi TIF Plan entails a comprehensive strategy to revitalize blighted, deteriorating, or underdeveloped areas by leveraging future property tax increments generated from the defined district. The plan aims to finance infrastructure improvements, public facilities, and other eligible project costs that will attract private investments, encourage business development, and ultimately enhance the overall quality of life within the community. Depending on the specific needs and goals of a particular municipality, there can be different types of Mississippi Redevelopment and TIF Plans, including: 1. Infrastructure TIF: This type of TIF Plan focuses on financing and improving public infrastructure within a designated district. It typically involves the construction or rehabilitation of roads, bridges, water supply systems, sewerage facilities, and other essential infrastructure that would facilitate economic development and attract private investments. 2. Housing TIF: This TIF Plan primarily targets the creation or preservation of affordable housing units within a particular area. It aims to combat issues related to housing shortages, blight, or substandard living conditions, enabling residents to access affordable, safe, and well-maintained housing options. 3. Brownfield TIF: Brownfield redevelopment TIF Plans are designed to address the cleanup and redevelopment of environmentally contaminated or underutilized properties. By incentivizing the remediation of these sites, the plan stimulates investment, boosts property values, and contributes to environmental sustainability. 4. Tourism and Entertainment TIF: This type of TIF Plan seeks to support the development of tourism-focused projects, such as convention centers, hotels, entertainment venues, or sports stadiums. By leveraging tax increments generated from increased tourism activity, the plan aims to enhance the local economy, create jobs, and attract visitors to the area. The Interlocal Agreement plays a crucial role in the implementation of the TIF Plan, as it establishes the collaborative framework between the local government, school districts, and other entities involved. The agreement outlines the roles, responsibilities, and contribution of each party, ensuring effective coordination and cooperation throughout the redevelopment process. It may also provide guidelines on revenue sharing, reporting requirements, and the timeline for project completion. In summary, the Mississippi Redevelopment and Tax Increment Financing Plan, in its various types, offer a powerful tool for local governments to drive economic growth, improve infrastructure, address housing challenges, remediate brownfield sites, and promote tourism. The Interlocal Agreement serves as the foundation for successful plan implementation, ensuring effective collaboration among stakeholders for the benefit of the community.
