MS SB2716

Ratifies an interstate compact among Arkansas, Mississippi, and Tennessee establishing the RegionSmart Development District and RegionSmart Development Agency for the Greater Memphis Region to promote economic development, quality of life, and job creation.

Creates a 15-member Board of Commissioners with staggered three-year terms, with commissioners appointed by mayors and county officials from specified municipalities and counties across the three states (5 from DeSoto County Mississippi, 4 from Arkansas counties, 3 from Shelby County Tennessee, and 1 each from Fayette and Tipton Counties Tennessee).

Grants RegionSmart Development broad powers including economic planning, contracting, issuing bonds and debt instruments, acquiring property, exercising eminent domain, establishing transportation and terminal facilities, and collecting fees and grants.

Requires approval by the Board only when at least three commissioners from each state are present and a majority from each state votes in favor; requires unanimous approval from all commissioners in a state for any eminent domain decisions affecting property in that state.

Mandates annual financial and activity reports by March 31 each year to state legislatures, governors, and appointing authorities; prohibits income from benefiting private individuals or entities and restricts asset distribution upon dissolution to qualifying entities under Internal Revenue Code Section 115.