HB 590 Summary

• Creates the Mississippi Main Street Investment Act and establishes the Mississippi Main Street Investment Loan Fund to provide loans to municipalities with populations under 20,000 for revitalization zones.

• Requires municipalities to submit applications to the Mississippi Development Authority (MDA) that include zone description, property maps, and master plans approved by 90% of property owners; MDA may approve no more than one municipal revitalization zone project per two fiscal years.

• Allocates sales and use tax revenue collected within certified revitalization zones to the municipality receiving a loan, with funds pledged as loan repayment security until the loan is fully repaid.

• Authorizes the State Bond Commission to issue up to $10,000,000 in general obligation bonds by July 1, 2017, with proceeds deposited into the loan fund; reimbursement for MDA administrative costs shall not exceed 3% of bond proceeds.

• Amends Mississippi Code Sections 27-65-75 and 27-67-31 to allow tax revenue distributions to municipalities with approved revitalization zones that have received loans under this act.