MS HB1518

Authorizes Clay County Board of Supervisors to purchase approximately 20.28 acres of land in Fractional Section 30, Township 17 South, Range 8 East, located near the Tennessee-Tombigbee Waterway for economic development purposes.

Sets maximum purchase price at $220,000 plus reasonable and necessary expenses, with terms to be negotiated between the property owner and Board of Supervisors.

Authorizes the Board to obtain funding from any available source, including bonds, borrowed funds, or the local government capital improvements revolving loan program to purchase and develop the property with utilities, roads, drainage, and other improvements.

Permits the Board to sell, lease, or enter into lease-purchase agreements for all or any portion of the property with industrial, warehousing, or commercial enterprises on terms negotiated by the board, with lease terms not exceeding 15 years.

Requires Mississippi Development Authority approval of the purchaser, lessee, or lease-purchaser only if the Board uses the capital improvements revolving loan program for funding.