Mississippi House Bill HB1567

Mississippi 2022 Regular Session

• Introduced: 2/10/22
• Refer: 2/10/22
• Failed: 2/23/22

Caption

Bonds; authorize issuance to assist City of Jackson will demolition and removal of blighted properties.

Impact

The establishment of a special fund, titled the '2022 City of Jackson Blighted Properties Improvements Fund,' is central to the implementation of this bill. The fund will help streamline the financial management of resources earmarked for addressing the blight issues within Jackson. Additionally, the bill stipulates that the proceeds from the bonds issued will be explicitly used for the stated purposes of acquisition and demolition, ensuring that funds are allocated efficiently and effectively for urban revitalization efforts.

Summary

House Bill 1567 proposes the authorization for the issuance of state general obligation bonds specifically to assist the City of Jackson, Mississippi. The funds raised through these bonds will be allocated to the acquisition, demolition, and removal of blighted properties within the city. The act aims to facilitate urban development and improve the living conditions in areas impacted by such blighted properties. With a total issuance cap set at two million dollars, the bill emphasizes the state’s commitment to enhancing urban environments in Jackson while reducing the negative impact of abandoned and poorly maintained properties.

Contention

One notable aspect of House Bill 1567 is its provision that the bonds be exempt from taxation within the state, making them more attractive for potential investors and thus ensuring a smoother issuance process. However, as with many initiatives aiming to improve urban landscapes, there may be contention regarding the allocation of resources and the potential displacement of residents in the areas undergoing redevelopment. Stakeholders might debate the environmental and social impacts of demolishing existing structures, underscoring the need for a balanced approach to urban planning and development.