MS HB1642

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 and bond proceeds; unexpended amounts do not lapse and investment earnings are retained in the fund.

Authorizes issuance of up to $2,000,000 in state general obligation bonds through July 1, 2021, with proceeds deposited into the Site Development Grant Fund to support eligible expenditures including professional fees and site development improvements.

Requires eligible entities to provide matching funds (cash or in-kind services) determined by the MDA and submit applications describing eligible expenditures, assistance amounts, and matching funds.

Requires the MDA to file annual reports by December 1 describing all assistance provided and establishes that bonds are general obligations of Mississippi with full faith and credit pledged for repayment.