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MS HB1643
Bill
Status
2/22/2017
Primary Sponsor
Jeffrey Smith
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AI Summary
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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.
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Establishes the Mississippi Site Development Grant Fund in the State Treasury to receive bond proceeds and other funds, with unexpended amounts and investment earnings carried forward each fiscal year rather than lapsing.
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Authorizes issuance of up to $2,000,000 in state general obligation bonds by the State Bond Commission, with proceeds deposited into the Site Development Grant Fund and no bonds to be issued after July 1, 2021.
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Eligible expenditures include fees for professional consultants (architects, engineers, attorneys) for site due diligence and contributions toward site development improvements such as site clearing, drainage systems, water/sewer infrastructure, and transportation improvements on industrial property.
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Requires eligible entities to provide matching funds in cash and/or in-kind services as determined by MDA, and mandates annual reporting by MDA to the Governor and Legislature describing all assistance provided; bill takes effect July 1, 2017.
Legislative Description
Mississippi Site Development Grant Program; create and authorize issuance of bonds to provide funds for.
Last Action
Died In Committee
2/22/2017