(1) As an alternative financing mechanism for redevelopment projects, a municipality authorized to undertake a redevelopment project and issue tax increment bonds or refunding bonds under this chapter may, at its option, enter into a taxpayer agreement with the owner or developer of real property located within a project area. A taxpayer agreement may be used to:(a) Guarantee, enhance or otherwise secure the repayment of bonds, notes or other obligations issued to finance the costs of a redevelopment project;(b) Provide for payments in lieu of, or in addition to, tax increment revenues; or(c) Provide for any other payment obligation from a municipality or other source, whether public or private, to support the financing or refinancing of the costs of a redevelopment project.
(a) Guarantee, enhance or otherwise secure the repayment of bonds, notes or other obligations issued to finance the costs of a redevelopment project;
(b) Provide for payments in lieu of, or in addition to, tax increment revenues; or
(c) Provide for any other payment obligation from a municipality or other source, whether public or private, to support the financing or refinancing of the costs of a redevelopment project.
(2) A taxpayer agreement entered into under this section:(a) Constitutes a voluntary and binding contractual payment obligation of the property owner or developer in connection with the ad valorem taxes to be paid on a project area;(b) Shall not be considered a tax, fee or assessment imposed by a municipality;(c) Shall not constitute a pledge of the faith, credit or taxing power of the State of Mississippi or any municipality;(d) Shall not constitute indebtedness of the state or any municipality for purposes of any constitutional or statutory debt limitation;(e) Shall not be considered a fee-in-lieu agreement or an exemption from taxation under the Constitution and laws of the state; and(f) Shall be for a term not to exceed thirty (30) years.
(a) Constitutes a voluntary and binding contractual payment obligation of the property owner or developer in connection with the ad valorem taxes to be paid on a project area;
(b) Shall not be considered a tax, fee or assessment imposed by a municipality;
(c) Shall not constitute a pledge of the faith, credit or taxing power of the State of Mississippi or any municipality;
(d) Shall not constitute indebtedness of the state or any municipality for purposes of any constitutional or statutory debt limitation;
(e) Shall not be considered a fee-in-lieu agreement or an exemption from taxation under the Constitution and laws of the state; and
(f) Shall be for a term not to exceed thirty (30) years.
(3) If a taxpayer agreement provides that payments due under the taxpayer agreement are secured by a lien on real property:(a) The lien shall arise automatically upon execution and recordation of the taxpayer agreement;(b) The lien shall have parity with ad valorem tax liens, subordinate only to previously filed ad valorem tax liens;(c) The lien shall take priority over any subsequent mortgage, judgment, lien or other encumbrance on the property; and(d) The lien may be enforced, collected and foreclosed in the same manner as delinquent ad valorem taxes under the laws of the state. A lien created under this section shall exist only for the duration and to the extent provided in the taxpayer agreement.
(a) The lien shall arise automatically upon execution and recordation of the taxpayer agreement;
(b) The lien shall have parity with ad valorem tax liens, subordinate only to previously filed ad valorem tax liens;
(c) The lien shall take priority over any subsequent mortgage, judgment, lien or other encumbrance on the property; and
(d) The lien may be enforced, collected and foreclosed in the same manner as delinquent ad valorem taxes under the laws of the state. A lien created under this section shall exist only for the duration and to the extent provided in the taxpayer agreement.
(4) A taxpayer agreement creating a lien under this section shall be recorded in the office of the chancery clerk of the county in which the property is located. Recordation shall provide constructive notice and shall perfect the lien without further action.
(5) Payments due under a taxpayer agreement shall be deemed delinquent when unpaid on the date specified in the taxpayer agreement. All interest, penalties, fees and collection costs applicable to delinquent ad valorem taxes shall apply to delinquent taxpayer agreement payments.
(6) A municipality may assign its rights under a taxpayer agreement, including the right to receive payments, any lien securing such payments, and the rights to enforce such lien, to a trustee, bondholder or purchaser of bonds issued to finance the costs of a redevelopment project. An assignee shall possess all enforcement rights held by the municipality.
(7) In addition to any other authority granted in this chapter, a municipality may issue bonds, notes or other obligations as a conduit issuer to finance the costs of a redevelopment project. Such obligations may be secured by:(a) Payments due under one or more taxpayer agreements;(b) Any lien created by one or more taxpayer agreements;(c) Tax increment revenues; or(d) Any combination of the foregoing or other private security.The municipality issuing such bonds shall have no obligation to advance funds, levy taxes (other than in the ordinary course in connection with the redevelopment project) or appropriate money for the payment of such obligations. Bonds issued under this subsection (7) shall be payable solely from the security pledged and shall not constitute a general obligation of the municipality or the state.
(a) Payments due under one or more taxpayer agreements;
(b) Any lien created by one or more taxpayer agreements;
(c) Tax increment revenues; or
(d) Any combination of the foregoing or other private security.
The municipality issuing such bonds shall have no obligation to advance funds, levy taxes (other than in the ordinary course in connection with the redevelopment project) or appropriate money for the payment of such obligations. Bonds issued under this subsection (7) shall be payable solely from the security pledged and shall not constitute a general obligation of the municipality or the state.
(8) Upon full payment of all obligations secured by a taxpayer agreement, the municipality shall execute and record a release of lien, which shall extinguish the lien upon recordation.
(9) Nothing in this section shall be construed to require a municipality to enter into a taxpayer agreement.