AN ACT TO CREATE THE "CITY OF JACKSON REVITALIZATION ACT"; TO AMEND SECTION 27-65-101, MISSISSIPPI CODE OF 1972, TO EXEMPT FROM SALES TAXATION SALES OF COMPONENT MATERIALS TO A DEVELOPER FOR USE IN THE DEVELOPMENT OF BLIGHTED PROPERTY UNDER SECTION 27-7-22.51; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS TO ASSIST THE CITY OF JACKSON, MISSISSIPPI, IN PAYING COSTS ASSOCIATED WITH MAKING CERTAIN IMPROVEMENTS IN THE CITY; TO AUTHORIZE THE ISSUANCE OF STATE GENERAL OBLIGATION BONDS TO PROVIDE FUNDS TO ASSIST THE CITY OF JACKSON, MISSISSIPPI, IN PAYING THE COSTS ASSOCIATED WITH THE ACQUISITION, DEMOLITION AND/OR REMOVAL OF BLIGHTED PROPERTIES IN THE CITY; TO AMEND SECTION 75-76-5, MISSISSIPPI CODE OF 1972, TO DEFINE THE TERM "PROJECT" UNDER THE MISSISSIPPI GAMING CONTROL ACT; TO AMEND SECTION 75-76-129, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT REVENUE COLLECTED FROM CERTAIN ADDITIONAL LICENSE FEES IMPOSED AND LEVIED UNDER SECTION 75-76-183 SHALL BE DEPOSITED INTO THE CITY OF JACKSON DEVELOPMENT FUND CREATED IN THIS ACT; TO AMEND SECTION 75-76-183, MISSISSIPPI CODE OF 1972, TO IMPOSE AND LEVY ADDITIONAL FEES FOR A LICENSE TO CONDUCT GAMING AS A LICENSED GAMING ESTABLISHMENT THAT IS PART OF A PROJECT UNDER THE MISSISSIPPI GAMING CONTROL ACT; TO PROVIDE THAT THE DEPARTMENT OF FINANCE AND ADMINISTRATION SHALL ESTABLISH A PROGRAM TO PROVIDE LOANS AND GRANTS TO ASSIST WITH THE DEVELOPMENT OF BUILDINGS AND OTHER FACILITIES AND INFRASTRUCTURE FOR THE ESTABLISHMENT OF NEW BUSINESS ENTERPRISES AND EXPANSION OF EXISTING BUSINESS ENTERPRISES IN THE CITY OF JACKSON, MISSISSIPPI; TO PROVIDE AN APPLICATION PROCESS FOR ENTITIES THAT DESIRE TO PARTICIPATE IN THE PROGRAM; TO CREATE THE CITY OF JACKSON DEVELOPMENT FUND AS A SPECIAL FUND IN THE STATE TREASURY; TO PROVIDE THAT MONIES IN THE CITY OF JACKSON DEVELOPMENT FUND SHALL BE DISBURSED BY THE DEPARTMENT OF FINANCE AND ADMINISTRATION, UPON APPROPRIATION BY THE LEGISLATURE, TO PROVIDE LOANS AND GRANTS FOR THE PURPOSES DESCRIBED IN THIS ACT; TO PROVIDE THAT FOR THE FIRST FULL STATE FISCAL YEAR DURING WHICH A LICENSED GAMING ESTABLISHMENT THAT IS PART OF A PROJECT UNDER THE MISSISSIPPI GAMING CONTROL ACT IS OPERATING AND REMITTING LICENSE FEES IMPOSED AND LEVIED UNDER SECTIONS 75-76-177 AND 75-76-195, AND FOR EACH OF THE FOUR IMMEDIATELY SUCCEEDING STATE FISCAL YEARS, IF THE TOTAL AMOUNT OF REVENUE DISTRIBUTED TO THE CITY OF VICKSBURG, MISSISSIPPI, OR WARREN COUNTY, MISSISSIPPI, AS THE CASE MAY BE, FOR EACH SUCH FISCAL YEAR UNDER SECTION 75-76-197 AND CHAPTER 965, LOCAL AND PRIVATE LAWS OF 1993, IS LESS THAN THE AVERAGE TOTAL AMOUNT OF SUCH REVENUE DISTRIBUTED ANNUALLY TO THE CITY OR COUNTY FOR THE THREE STATE FISCAL YEARS IMMEDIATELY PRECEDING THE FULL STATE FISCAL YEAR DURING WHICH THE LICENSED GAMING ESTABLISHMENT BEGAN OPERATING AND REMITTING SUCH LICENSE FEES, THEN THE DEPARTMENT OF FINANCE AND ADMINISTRATION SHALL DISBURSE FUNDS TO THE CITY OF VICKSBURG OR WARREN COUNTY, AS THE CASE MAY BE, FOR THE AMOUNT OF SUCH REVENUE SHORTFALL FOR EACH SUCH FISCAL YEAR; TO PROVIDE THAT A PORTION OF THE REVENUE COLLECTED FROM CERTAIN LICENSE FEES COLLECTED FROM A LICENSED GAMING ESTABLISHMENT THAT IS PART OF A PROJECT UNDER THE MISSISSIPPI GAMING CONTROL ACT SHALL BE USED TEMPORARILY FOR CERTAIN PURPOSES; TO BRING FORWARD SECTIONS 75-76-33, 75-76-67, 75-76-77, 75-76-89 AND 75-76-203, MISSISSIPPI CODE OF 1972, WHICH ARE SECTIONS OF THE MISSISSIPPI GAMING CONTROL ACT, FOR THE PURPOSES OF POSSIBLE AMENDMENT; TO AMEND SECTION 19-3-79, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THIS SECTION DOES NOT APPLY TO A PERSON, CORPORATION OR OTHER LEGAL ENTITY APPLYING FOR A LICENSE FOR A GAMING ESTABLISHMENT THAT IS PART OF A PROJECT UNDER THE MISSISSIPPI GAMING CONTROL ACT; TO AMEND SECTIONS 87-1-5, 97-33-1, 97-33-7, 97-33-17, 97-33-25 AND 97-33-27, MISSISSIPPI CODE OF 1972, TO AUTHORIZE LEGAL GAMING IN A LICENSED GAMING ESTABLISHMENT THAT IS PART OF A PROJECT UNDER THE MISSISSIPPI GAMING CONTROL ACT; TO BRING FORWARD SECTION 27-109-1, MISSISSIPPI CODE OF 1972, WHICH DEFINES THE TERMS "CRUISE VESSEL" AND "VESSEL" FOR CERTAIN PURPOSES, FOR THE PURPOSES OF POSSIBLE AMENDMENT; TO BRING FORWARD SECTION 95-3-25, MISSISSIPPI CODE OF 1972, WHICH RELATES TO VARIOUS FORMS OF ILLEGAL GAMBLING, FOR THE PURPOSES OF POSSIBLE AMENDMENT; TO AMEND SECTION 67-1-5, MISSISSIPPI CODE OF 1972, TO REVISE THE DEFINITION OF THE TERM "QUALIFIED RESORT AREA" UNDER THE LOCAL OPTION ALCOHOLIC BEVERAGE CONTROL LAW; TO AMEND SECTION 67-1-101, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A PROJECT AS DEFINED UNDER THE MISSISSIPPI GAMING CONTROL ACT SHALL BE A LEISURE AND RECREATION DISTRICT UNDER THE LOCAL OPTION ALCOHOLIC BEVERAGE CONTROL LAW; TO PROVIDE THAT ANY OWNER OR OPERATOR OF A LICENSED GAMING ESTABLISHMENT LICENSED BEFORE JANUARY 1, 2026, THAT MAKES CAPITAL IMPROVEMENTS TO THE LICENSED GAMING ESTABLISHMENT IN AN AGGREGATE AMOUNT OF AT LEAST $100,000,000.00 SHALL BE ALLOWED A CREDIT AGAINST LICENSE FEES IMPOSED UNDER THE MISSISSIPPI GAMING CONTROL ACT; TO PROVIDE THE TIME PERIOD WITHIN WHICH THE CAPITAL IMPROVEMENTS MUST BE MADE; TO PROVIDE FOR THE AMOUNT OF THE CREDIT; AND FOR RELATED PURPOSES.
The act's financial mechanisms, notably the issuance of state bonds and establishing a development fund, are expected to significantly impact local governance and economic growth. By allocating funds generated from certain licenses to be deposited into a newly created City of Jackson Development Fund, the act creates a structured financial pathway to assist with improvements needed in the city. The establishment of this fund suggests a concerted governmental effort to restore and develop Jackson, potentially reversing decades of urban decline. However, the long-term benefits will depend on effective program implementation and the ability of the local administration to engage developers successfully.
House Bill 1943, known as the 'City of Jackson Revitalization Act', aims to address the challenges of blighted properties in the City of Jackson, Mississippi. The bill proposes various measures, including the exemption from sales taxation for sales of component materials to developers working on blighted properties. This is intended to incentivize redevelopment efforts within the city, making it financially easier for developers to undertake significant revitalization projects. The structure of the bill also provides for the issuance of state general obligation bonds to fund improvements and acquisitions related to these developments, specifically targeting the acquisition, demolition, and removal of blighted properties.
Notably, the reception of this bill is not devoid of contention. There are concerns surrounding the potential for misuse of funds and whether such tax exemptions would substantially benefit the local economy or simply aid wealthy developers. Critics might argue that without stringent oversight, these measures could result in financial inefficiencies or exacerbate existing inequities within the community. Furthermore, the additional provisions relating to gaming licenses under the Mississippi Gaming Control Act might raise eyebrows among constituents wary of the implications of expanded gaming facilities in their communities. This legislative approach is indicative of a broader trend in which economic incentives are tied to social issues, inviting debate among stakeholders from various sectors.