SB 2828 Summary

• Authorizes the Industrial Development Authority of Marshall County to create the Springs Economic Development Area in specified undeveloped areas of Marshall County and the City of Holly Springs to facilitate economic development through manufacturing, distribution, research, and office facilities.

• Grants the Authority broad powers including issuing revenue bonds (without ad valorem tax backing), acquiring and conveying property, entering into public-private partnerships, establishing utilities and infrastructure, and hiring professional services and consultants.

• Allows the Authority to issue temporary borrowings up to two years and refunding bonds, with bond proceeds pledged solely to development area revenues and not constituting state or local government debt.

• Permits the Authority to lease or sell projects to enterprises with options to purchase upon completion of bonds, and requires rental determinations sufficient to cover principal, interest, reserves, and maintenance costs before bond issuance.

• Prohibits the Authority from exercising eminent domain directly but allows it to request county exercise of eminent domain for development area acquisitions.