HB 1640 Summary

• Authorizes the Industrial Development Authority of Marshall County to create the Springs Economic Development Area in Marshall County and the City of Holly Springs to facilitate economic growth through manufacturing plants, distribution facilities, research facilities, and regional offices.

• Grants the authority power to issue revenue bonds (without ad valorem tax backing), make temporary borrowings up to two years, and issue refunding bonds to finance project acquisition, construction, and operation.

• Empowers the authority to acquire property, enter into development agreements, construct infrastructure (water systems, sewers, roads, parks, fire facilities), and establish rates and charges for facility use within the development area.

• Authorizes public agencies, municipalities, and private entities to provide loans, grants, property donations, and services to support development area projects through interlocal cooperation agreements.

• Prohibits the authority from exercising eminent domain directly but allows it to request the county exercise this power; requires authority determination and board approval before pursuing eminent domain for property acquisition.