Reports - Mississippi Renewal

THE GOVERNOR’S COMMISSION REPORT | 25es and funding. The Advisory Councilshould partner with universities andprofessional organizations to ensure aproper coordination of resources and toavoid overlapping objectives.The Mississippi RenaissanceCorporationAfter a natural disaster such as Katrina,many residents and homeownersare left with nothing but vacant land.Due to the lack of flood insurance,many of these people will be forced tosell their properties at values well belowthe value of their property prior tothe hurricane. Due to changes in theflood zone south of the CSX railroadand increased building requirements,it may be economically unfeasible forresidents to return or rebuild. As a result,those residents who lost their homes,and personal belongings will lose evenmore – the chance to realize possibleappreciation in land values during therebuilding effort.The current real estate market on theCoast promises increased land values.Casino corporations are preparing tomove inland. Additionally, large condominiumdevelopers are clamoringto acquire property along Highway 90.If the residents and business owners ofSouth Mississippi decide not to rebuild,they should be given a mechanism bywhich they can pool their ownershipinterests and properties into a commonstate-approved entity to either markettheir property and realize the benefitsof the sale of a larger tract, or developtheir property with a group of adjacentowners and realize the benefits of economiesof scale.The Commission recommends that,subject to the governor’s approval, thestate enact legislation enabling propertyowners in neighborhoods anddowntowns to join together in small,geographic groups to redevelop downtownsand neighborhoods accordingto the concepts of connected, walkablecommunities outlined in this report.The state should provide financial incentivesfor building affordable housingin accordance with new storm-worthybuilding codes.The Commission specifically recommendsadoption of legislation creatinga Mississippi Renaissance Corporation,a for-profit, state corporation with thepublic purpose of marshalling capital,planning projects, and assisting privatedevelopers and local governments inpublic-private partnerships in smartdevelopment consistent with the coreland use values stated in this report.The state corporation would providetechnical assistance to local neighborhoodand downtown groups, workingin public-private partnerships withdevelopers and local governments, toform local renaissance corporations toplan and build site-specific projects.A key purpose of such local corporationswould be to provide a vehicle forland-pooling for joint projects by localresidents and property owners to assistpre-Katrina residents in rebuildingor relocating according to individual,voluntary choices. By pooling land andplanning larger projects for a wholeblock or a group of blocks, such corporationswould assist low- and moderate-incomeresidents and small businessesin adding value to their propertyby participating in larger, mixed-useprojects that would provide residentialopportunities for pre-Katrina residents,as well as new residents seeking housingnear work.The Commission recommends to theGovernor that this legislation be submittedin the 2006 Legislative Session.The legislation should be approved andappropriate funding be provided for thecreation of the Mississippi RenaissanceCorporation. Federal, state, and localagencies also should provide fundingto encourage neighborhood residentsand downtown businesses to form thesevoluntary organizations for redevelopment.After passage of the legislation, privateland owners will be responsible forthe creation of private or non-profitrenaissance corporations for the poolingof land. The Mississippi RenaissanceCorporation should appoint a directorwho is responsible for assisting privateland owners with the formation, funding,and management of these corporations.