MS HB1618

Creates the Mississippi Main Street Investment Act to establish a loan program for municipalities with populations under 15,000 to revitalize downtown areas designated as revitalization zones.

Establishes the Mississippi Main Street Investment Loan Fund and authorizes the Mississippi Development Authority (MDA) to make loans to eligible municipalities for infrastructure improvements, property improvements, marketing, and other revitalization activities within designated zones.

Requires municipalities to submit applications including a master plan approved by 60% of property owners in the zone; MDA may approve no more than one municipal revitalization zone project per every two state fiscal years.

Directs sales tax revenue collected within approved revitalization zones to be allocated directly to the municipality receiving a loan, with such revenue pledged as security for loan repayment.

Authorizes issuance of $5,000,000 in state general obligation bonds to fund the Mississippi Main Street Investment Loan Fund, with bonds to be issued by July 1, 2019.