Senate Bill 3202

AN ACT TO AUTHORIZE THE GOVERNING AUTHORITIES OF THE MADISON SQUARE REDEVELOPMENT AUTHORITY AND THE CITY OF MADISON, MISSISSIPPI, TO TRANSFER CERTAIN PROPERTIES OWNED BY THE MADISON SQUARE REDEVELOPMENT AUTHORITY TO THE CITY OF MADISON, MISSISSIPPI, AND TO TRANSFER CERTAIN PROPERTIES OWNED BY THE CITY OF MADISON, MISSISSIPPI, TO THE MADISON SQUARE REDEVELOPMENT AUTHORITY; TO LEASE, SUBLEASE, SUB-SUBLEASE, SELL AND LEASEBACK, LEASE AND SUBLEASE-BACK FOR TERMS VARYING IN LENGTH BUT NOT TO EXCEED 99 YEARS, OR TO TRADE, EXCHANGE OR OTHERWISE CONVEY OR DISPOSE OF CERTAIN PROPERTIES OWNED BY THE CITY OF MADISON, MISSISSIPPI, AND CERTAIN PROPERTIES OWNED BY THE MADISON SQUARE REDEVELOPMENT AUTHORITY FOR COMMERCIAL, RESIDENTIAL, MUNICIPAL AND COMMUNITY DEVELOPMENT PURPOSES; TO ENTER INTO CERTAIN CONTRACTS FOR THE DEVELOPMENT OF PROJECTS UPON SUCH PROPERTIES AND FOR THE DEVELOPMENT OF FACILITIES RELATED TO SUCH PROJECTS; TO FINANCE OR OTHERWISE PROVIDE FUNDING FOR CERTAIN PROJECTS AND FACILITIES RELATED TO PROJECTS THAT PROMOTE COMMERCIAL, RESIDENTIAL, MUNICIPAL, COMMUNITY AND OTHER ECONOMIC DEVELOPMENT WITHIN THE CITY OF MADISON, MISSISSIPPI; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. As used in this act:

(a) "City" means the City of Madison, Mississippi.

(b) "City board" means the board of aldermen of the city.

(c) "Cost of project" means all costs of site preparation and other start-up costs; all costs of construction; all costs of fixtures and of real and personal property required for the purposes of a project and facilities of a project related thereto, whether publicly or privately owned, including land and any rights or undivided interest therein, easements, franchises, fees, permits, approvals, licenses and certificates, and the securing of such permits, approvals, licenses and certificates and all machinery and equipment; and including any cost associated with the closure, post-closure maintenance or corrective action on environmental matters, financing charges and interest prior to and during construction and during such additional period necessary for the placing of the project in operation; costs of engineering, surveying, environmental geotechnical, architectural and legal services; costs of plans and specifications and all expenses necessary or incidental to determining the feasibility or practicability of the project; administrative expenses; and such other expenses as may be necessary or incidental to the financing authorized in this chapter. The costs of any project may also include funds for the creation of a debt service reserve, a renewal and replacement reserve, bond insurance and credit enhancement, and such other reserves as may be reasonably required by the city for the operation of its projects and as may be authorized by any bond resolution or trust agreement or indenture pursuant to the provisions of which the issuance of any such bonds may be authorized. Any obligation or expense incurred for any of the foregoing purposes shall be regarded as a part of the costs of the project and may be paid or reimbursed as such out of the proceeds of any revenues obtained by the city, including, without limitation, special assessments, general obligation bonds or notes issued pursuant to Section 21-31-301 et seq., Mississippi Code of 1972, tax increment financing pursuant to Section 21-45-1 et seq., Mississippi Code of 1972, or revenue bonds or notes.

(d) "Facilities related to a project" means and includes the acquisition, construction, restoration, repair, renovation, improvement, demolition or removal of any of the following, or any portion thereof, as they may pertain to:

(i) Site preparation and improvements, including clearing, grubbing and grading activities;

(ii) Potable and nonpotable water supply systems that will serve the redevelopment area or any project located thereon, whether or not such potable and nonpotable water supply systems are located on or outside of the redevelopment area;

(iii) Sewage and waste disposal systems that will serve the redevelopment area or any project located thereon, whether or not such sewage and waste disposal systems are located on or outside of the redevelopment area;

(iv) Stormwater drainage and other drainage systems that will serve the redevelopment area or any project located thereon, whether or not such stormwater drainage and other drainage systems are located on or outside of the redevelopment area;

(v) Highways, streets and other roadways located upon the redevelopment area or which are otherwise necessary to provide any access to and from the redevelopment area or any project located thereon;

(vi) Fire suppression and prevention systems that will serve the redevelopment area or any project located thereon, whether or not such fire suppression and prevention systems are located on or outside of the redevelopment area;

(vii) Utility distribution systems, including, but not limited to, electricity, natural gas, telephone and other information and telecommunications facilities, whether by wire, fiber or wireless means, that will serve the redevelopment area or any project located thereon, whether or not such utility distribution systems are located on or outside of the redevelopment area; provided, however, that this subparagraph (vii) shall not empower the city or the redevelopment authority to acquire, construct, restore, repair, renovate, improve, demolish or remove any utility distribution system with respect to the redevelopment area or any project which the city or the redevelopment authority was not already permitted to do under other applicable law; and

(viii) Municipal purposes authorized by or defined in Section 21-27-23 or 21-33-301, Mississippi Code of 1972.

(e) "Project" means and includes the acquisition, construction, restoration, repair, renovation, improvement, demolition or removal of any commercial, residential, municipal or community facilities or improvements upon the redevelopment area or any portion thereof.

(f) "Redevelopment area" means the following described real property located within the municipal boundaries of the city:

TRACT I:

A tract or parcel of land containing 15.40 acres, more or less, lying and being situated in the Southeast 1/4 of Section 8, Township 7 North Range 2 East, City of Madison, Madison County, Mississippi and being more particularly described as follows:

Commencing at the most Southerly corner of the First Baptist Church of Madison, Inc. property as recorded in Deed Book 297, Page 540 in the office of the Chancery Clerk of Madison County; run thence South 63 degrees 48 minutes 34 seconds West for a distance of 69.40 feet to the intersection of the Eastern right of way of Montgomery Street and the South Right of way of Main Street; thence South 69 degrees 47 minutes 52 seconds East along the said South Right of way of Main Street for a Distance of 358.33 feet to a set 1/2 inch iron pin and the point of beginning of the herein described property; thence South 69 degrees 47 minutes 52 seconds East along the said South Right of way of Main Street for a distance of 581.25 feet to the intersection of the said South Right of way of Main Street and the West Right of way of U.S. Highway No. 51 and a set 1/2 inch iron pin; thence South 23 degrees 17 minutes 25 seconds West along the said West Right of-Way of U.S. Highway No. 51 for a distance of 1078.79 feet to the intersection of the said West Right of-way of U.S. Highway No. 51 and the North Right of way of Madison Avenue and a set 1/2 inch iron pin; thence South 89 degrees 27 minutes 08 seconds West along the said north Right of way of Madison Avenue for a Distance of 430.05 feet to the intersection of the said North Right of way of Madison Avenue and the East Right of way of Montgomery Street and a set 1/2 inch iron pin; thence North 1 Degree 05 minutes 35 seconds West along the said east Right of way of Montgomery Street for a distance of 826.34 feet to the South line of the Madison County, Mississippi, property as recorded in Deed Book 333, Page 315 in the office of the Chancery Clerk of Madison County and a set 1/2 inch iron pin; thence South 87 degrees 24 minutes 31 seconds East along the South line of the Madison County, Mississippi property for a distance of 204.18 feet to a set 1/2 inch iron pin; thence North 13 degrees 31 minutes 01 seconds East along the East line of the said Madison County, Mississippi Property for a distance of 164.02 feet to a set 1/2 inch iron pin; thence North 21 degrees 04 minutes 51 seconds East along the East line of the said Madison County, Mississippi property for a distance of 235.02 feet to the point of beginning.

TRACT II:

A parcel of land containing 0.37 acres (16,308.67 square feet), more or less, being situated in the Southwest 1/4 of Section 8, Township 7 North, Range 2 East, City of Madison, Madison County, Mississippi, and being more particularly described by metes and bounds as follows:

Commence at a found iron pin being 514.0 feet N00°30'W of the intersection of the western line of school street with the south line of the Southwest 1/4 of Section 8 per that deed recorded in Book 1958 at Page 660 of the Madison County land records (referenced to said deed being made as a part of this description), said pin also being the POINT OF BEGINNING for the parcel herein described; from said point of beginning run S01°05'35"E for a distance of 101.24 feet; thence run N69°29'16"W for a distance of 193.40 feet; thence N25°14'05"E for a distance of 97.48 feet; thence S68°20'00"E for a distance of 148.13 feet to the POINT OF BEGINNING.

TRACT III:

A tract or parcel of land containing 1.09 acres, more or less, lying and being situated in the Southeast 1/4 of the Southwest 1/4 of Section 8, Township 7 North Range 2 East, City of Madison, Madison County, Mississippi and being more particularly described as follows:

Commencing at the Southeast corner of the Southwest 1/4 of Section 8, run thence North for a distance of 795 feet to a set 1/2 iron pin marking the Southeast corner of the Rice property as recorded in Deed Book 415, page 518 in the Office of the Chancery Clerk of Madison County and the Point of Beginning of the herein described property; thence

South 1 degree 05 minutes 35 seconds East along the West Right-of-Way of Montgomery Street for a distance of 162.05 feet to the Northeast corner of the Madison Swimming pool club property as recorded in Deed Book 99, Page 74 in the Office of the Chancery Clerk of Madison County and set 1/2 inch iron pin, thence

North 68 degrees 20 minutes West along the North line of said Madison Swimming pool club property and the North line of the Johnston property as recorded in Deed Book 335, Page 683 in the office of the Chancery Clerk of Madison County for a distance of 344.25 feet to the East Right-of-Way of Magnolia Street and a found 1/2 inch iron pin; thence

North 23 degrees 19 minutes 36 seconds East along the said East Right-of-Way of Magnolia Street for a distance of 158.37 feet to the Southeast corner of the said Rice property as recorded in Deed Book 415, Page 518 in the Office of the Chancery Clerk of Madison County and a set 1/2 inch iron pin; thence

South 66 degrees 30 minutes East along the South line of the said Rice property for a distance of 277.11 feet to the point of beginning.

LESS AND EXCEPT FROM TRACT III:

That parcel of land containing 0.71 acres (30,817.2 square feet), more or less, being situated in the Southwest 1/4 of Section 8, Township 7 North Range 2 East, City of Madison, Madison County, Mississippi, and being more particularly described by metes and bounds as follows:

Commence at a found iron pin being 514.00 feet N00°30'W of the intersection of the Western line of School Street with the South line of the Southwest 1/4 of Section 8 per that deed recorded in Deed Book 1958, Page 660 in the Office of the Chancery Clerk of Madison County (reference to said deed being made as a part of this description); run thence N68°20'00"W for a distance of 148.13 feet to the Point of Beginning for the parcel herein described; from said Point of Beginning, run N66°30'00"W for a distance of 201.11 feet; thence S68°20'00"E for a distance of 196.12 feet to the Point of Beginning.

TRACT IV:

A parcel or tract of land, containing 2.78 acres, more or less, situated in Section 8, Township 7 North, Range 2 East, City of Madison, Madison County, Mississippi, and being more particularly described as follows:

Commencing at the most Southerly corner of a parcel or tract of land conveyed to the First Baptist Church of Madison, Inc., per deed recorded in Deed Book 297, Page 540, recorded in the Office of the Chancery Clerk of Madison County; run thence South 63 degrees 48 minutes 34 seconds West for a distance of 69.40 feet to the intersection of the Southerly right-of-way line of Main Street with the east right-of-way line of Montgomery Street, being the POINT OF BEGINNING of the tract of land herein described; thence from said POINT OF BEGINNING, run South 70 degrees 04 minutes 51 seconds East along the Southerly right-of-way line of Main street for a distance of 358.33 feet; thence leaving said right-of-way line, run South 21 degrees 04 minutes 51 seconds West for a distance of 235.02 feet; thence South 13 degrees 31 minutes 01 seconds West for a distance of 164.02 feet; thence North 87 degrees 24 minutes 31 seconds West for a distance of 213.50 feet to the East right-of-way line of Montgomery Street; thence North 00 degrees 05 minutes 08 seconds West along the east right-of-way line of Montgomery Street for a distance of 491.20 feet to the POINT OF BEGINNING, containing 2.78 acres or 121,145.41 square feet.

TRACT V:

All that part of the West Half (W 1/2) of the Northwest Quarter (NW 1/4) of Section 17, Township 7 North, Range 2 East, lying West of the Illinois Central Railroad property line; also the East Half (E 1/2) of the Northeast Quarter (NE 1/4) of Section 18, Township 7 North, Range 2 East; containing 150 acres, more or less, as more particularly described as follows:

A tract of land containing 150.757 acres, more or less, situated in the West Half (W 1/2) of the Northwest Quarter (NW 1/4) of Section 17, Township 7 North, Range 2 East, lying West of the Canadian National/Illinois Central Railroad property, and the East Half (E 1/2) of the Northeast Quarter (NE 1/4) of Section 18, Township 7 North, Range 2 East, City of Madison, Madison County, Mississippi and being more particularly described as follows, to wit:

Commencing at a found iron pipe with elbow at the Southeast corner of the West Half (W 1/2) of the Northwest Quarter ((NW 1/2) of Section 17, Township 7 North, Range 2 East, City of Madison, Madison County, Mississippi run thence South 89 degrees 56 minutes 50 seconds West along the South line of the West Half (W 1/2) of the said Northwest Quarter (NW 1/4) for a distance of 627.61 feet to the intersection of the Westerly right-of-way of the Canadian National/Illinois Central Railroad and the POINT OF BEGINNING of the following described tract of land; thence continue South 89 degrees 56 minutes 50 seconds West along said South line for a distance of 699.02 feet to an iron rod found at the Southwest corner of the West Half (W 1/2) of said Northwest Quarter (NW 1/4), the Southeast corner of the East Half (E 1/2) of the Northeast Quarter (NE 1/4) of Section 18, Township 7 North, Range 2 East, City of Madison, Madison County, Mississippi; thence run South 89 degrees 44 minutes 22 seconds West along the South line of the East Half (E 1/2) of said Northeast Quarter (NE 1/2) for a distance of 1,325.00 feet to the Southwest corner of the East Half (E 1/2) of said Northeast Quarter (NE ¼); thence run North 00 degrees 16 minutes 31 seconds West along the West line of the East Half (E 1/2) of said Northeast Quarter (NE 1/4) for a distance of 2,658.11 feet to the Northwest corner of the East Half (E 1/2) of said Northeast Quarter (NE 1/4); thence run South 89 degrees 38 minutes 38 seconds East along the North line of the East Half (E 1/2) of said Northeast Quarter (NE 1/4) a distance of 1,333.48 feet to a pknail found at the Northeast corner of the East Half (E ½) of said Northeast Quarter (NE 1/4) and the Northwest corner of the West Half (W 1/2) of said Northwest Quarter (NW 1/4) of said Section 17, Township 7 North, Range 2 East; thence run South 89 degrees 55 minutes 42 seconds East long the North line of the West Half (W 1/2) of said Northwest Quarter (NW 1/4) for a distance of 1,325.16 feet to the Northeast corner of the West Half (W 1/2) of said Northwest Quarter (NW 1/4); thence run South 00 degrees 07 minutes 31 seconds East along the East line of the West Half (W 1/2) of said Northwest Quarter (NW 1/4) for a distance off 1,174.58 feet to the intersection of the Westerly right-of-way of the Canadian National/Illinois Central Railroad; thence run South 23 degrees 03 minutes 28 seconds West along said Westerly right-of-way for a distance of 1,594.25 feet back to the POINT OF BEGINNING of the above described tract of land containing 150.757 acres, more or less.

TRACT VI:

A tract of land containing in all 8.40 acres, more or less, and fronting 561.8 feet along the centerline of South Street extension in the Town of Madison, Madison County, Mississippi, and being more particularly described as beginning at a point that is 787.0 feet West along the center line of South Street from the Northeast corner of the Northwest Quarter (NW 1/4), Section 17, said point of beginning also being the intersection of the West line of the I.C. Railroad right-of-way with the centerline of South Street extension, and from said point of beginning, run thence North 88 degrees 52 minutes West for 561.8 feet along the centerline of said street which is 23.0 feet measured at right angles from the South right-of-way line of said South Street; thence running South 0 degrees 06 minutes West for 1,324.0 feet along fence line to its intersection with the West right-of-way line of I.C. Railroad right of way, said point being 45.0 feet measured at right angles form the centerline of said right of way; thence running North 23 degrees 35 minutes East for 1426.0 feet along the West right-of-way line of said railroad which line is marked by a fence made of concrete railroad fence posts to the point of beginning which is 50.0 feet measured at right angles from the centerline of said railroad right-of-way, and containing in all 8.40 acres, more or less, in the East Half (E 1/2) of the Northwest Quarter, Section 17, Township 7 North, Range 2 East, Town of Madison, Madison County, Mississippi. As per Deed Book 103, page 461.

TRACT VII:

A parcel of land situated in the Southeast Quarter (SE 1/4) of the Southeast Quarter (SE 1/4) and the Southwest Quarter (SW 1/4) of the Southeast Quarter (SE 1/4) of Section 8 and the Northeast Quarter (NE 1/4) of the Northeast Quarter (NE 1/4) and the Northwest Quarter (NW 1/4) of the Northeast Quarter (NE 1/4) of Section 17, Township 7 North Range 2 East, City of Madison, Mississippi County, Mississippi and being more particularly described as follows:

Commence at a concrete monument marking the Southeast corner of said Section 8 and run West for a distance of 1,288.31 feet; thence South for a distance of 31.62 feet to the Southwest corner of the Just Kids, Inc., property and the POINT OF BEGINNING for the property herein described; run thence Westerly clockwise along the arc of a curve on the Northern right-of-way line of Madison Avenue for a distance of 36.52 feet to the Point of Tangency, said curve having a central angle of 05 degrees, 21 minutes, 40 seconds and a chord bearing and distance of North 71 degrees, 28 minutes, 15 seconds West, 36.50 feet; thence North 68 degrees, 47 minutes, 31 seconds West along said Northern right-of-way line for a distance of 50.00 feet to the beginning of a curve; thence Westerly counterclockwise along the arc of said curve for a distance of 172.11 feet to the Point of Tangency, said curve having a central angle of 19 degrees, 35 minutes, 21 seconds and chord bearing and distance of North 78 degrees, 35 minutes, 09 seconds West, 171.28 feet; thence North 88 degrees, 22 minutes, 49 seconds West along said Northern right-of-way line for a distance of 39.02 feet to the Southeast corner of the City of Madison property; thence North 23 degrees, 13 minutes, 27 seconds East along the Eastern boundary of said City property and its Northerly projection thereof for a distance of 656.89 feet to the Southern boundary of the Martha Lenoir property; thence North 89 degrees, 04 minutes, 46 seconds East along said Southern boundary for a distance of 420.00 feet to the Harkins property; thence South 30 degrees, 03 minutes, 58 seconds West along the Western boundary of said Harkins property and said Just Kids, Inc., property for a distance of 780.15 feet to the POINT OF BEGINNING. Said parcel contains 5.344 acres, more or less.

(g) "Redevelopment authority" means the Madison Square Redevelopment Authority, an urban renewal agency created by the city in accordance with Section 43-35-33, Mississippi Code of 1972.

(h) "Redevelopment board" means either (i) the board of commissioners of the redevelopment authority, appointed in accordance with Section 43-35-33, Mississippi Code of 1972, or (ii) if, in the discretion of the city board exercised pursuant to Section 43-35-31, Mississippi Code of 1972, the city board votes that the urban renewal project powers of the city be exercised by the city board itself or by one or more officers of the city, the city board or such officers of the city as determined by resolution of the city board.

SECTION 2. The redevelopment board is authorized and empowered, in its discretion and subject to the conditions and requirements in this act, to transfer all or any portion of the redevelopment area owned by the redevelopment authority to the city, and the city board is authorized and empowered, in its discretion and subject to the conditions and requirements in this act, to transfer all of the redevelopment area, or any portions thereof or interest therein, owned by the city to the redevelopment authority, in each case together with all or a part of the land, accretions and littoral or riparian rights associated with said redevelopment area or portions thereof or interests therein conveyed, such redevelopment authority being necessary and appropriate to maximize the economic, commercial, community and municipal benefits from the redevelopment area to the city, for no consideration or for such consideration determined to be adequate by, and upon such terms and conditions prescribed by, the redevelopment board and the city board, as applicable.

SECTION 3. With respect to any portion of the redevelopment area owned by the city, the city board is authorized and empowered, and with respect to any portion of the redevelopment area owned by the redevelopment authority, the redevelopment board is authorized and empowered, to sell, lease, sublease, sub-sublease, sell and leaseback, lease and sublease-back, trade, exchange or otherwise convey or dispose of the redevelopment area or any portions thereof or any interests therein to individuals, firms or business enterprises, public or private, for the development of projects upon the redevelopment area, as well as for any facilities related to one or more projects, upon such terms and conditions, for such consideration, and with such safeguards as are determined by the city board or the redevelopment board, as applicable, will best promote and protect the public interest, convenience and necessity, and to enter into and execute options, deeds, leases, subleases, development agreements and other contracts, easements and other legal instruments necessary or convenient therefor. The city board and redevelopment board, respectively, are further authorized and empowered to undertake any of the preceding authorized transactions, and to enter into and execute any contract, agreement or instrument with respect thereto on the basis of negotiation with the redevelopment board or city board, respectively, without the necessity of any appraisal, advertisement for proposals, bids or offers, or of any other public procurement or sale requirements.

SECTION 4. With respect to any lease, sublease, sub-sublease, leaseback following a sale, or sublease-back following a lease authorized by this act, the term of any of such agreement may extend for any period not to exceed ninety-nine (99) years, and the agreement shall be binding on any successors to the city board or redevelopment board, as applicable.

SECTION 5. The city board is authorized to incur bonded and floating indebtedness by issuing general obligation bonds, revenue bonds, tax increment financing bonds or special assessment bonds as authorized by any statute authorizing the issuance of such bonds, and otherwise incur indebtedness in any manner for which it is authorized by statute to incur debt, may appropriate funds for the purposes and in the manner prescribed by law, and may accept and utilize grants, donations or contributions from any source, whether public or private, to fund costs of the project. Revenues derived from any project financed with bonds issued pursuant to this act may be pledged in whole or in part to secure payment of the bonded indebtedness incurred to finance a project.

SECTION 6. The powers conferred by this act shall be in addition and supplemental to the powers conferred by any other law.

SECTION 7. This act shall take effect and be in force from and after its passage.