MS SB2842

Creates the Mississippi Site Development Grant Program administered by the Mississippi Development Authority to provide grants to counties, municipalities, and local economic development organizations for improving publicly-owned industrial property marketability.

Establishes the Mississippi Site Development Grant Fund to receive grant funds, with unexpended amounts not lapsing into the general fund and investment earnings deposited to the fund.

Eligible expenditures include fees for professional services (architects, engineers, environmental consultants, attorneys) and contributions toward site development improvements such as site clearing, drainage, sewer systems, roads, and water supply improvements.

Authorizes issuance of up to $2,000,000 in state general obligation bonds with proceeds deposited into the Site Development Grant Fund, with bonds not to be issued after July 1, 2020, and repayment pledging the full faith and credit of the State of Mississippi.

Requires eligible entities to provide matching funds in cash and/or in-kind services as determined by MDA, and mandates MDA file annual reports describing all assistance provided by December 1 of each year.