Bill Text: MS SB2855 | 2024 | Regular Session | Introduced

Mississippi Senate Bill 2855

Introduced

Bill Title: Mississippi Site Development Grant Program; expand definitions.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2024-03-05 - Died In Committee [SB2855 Detail]

Download: Mississippi-2024-SB2855-Introduced.html

MISSISSIPPI LEGISLATURE

2024 Regular Session

To: Economic and Workforce Development; Finance

By: Senator(s) Thompson

Senate Bill 2855

AN ACT TO AMEND SECTION 57-1-701, MISSISSIPPI CODE OF 1972, TO AMEND THE DEFINITIONS THAT APPLY TO THE MISSISSIPPI SITE DEVELOPMENT GRANT FUND TO EXPAND THE POTENTIAL IMPACT ON ECONOMIC DEVELOPMENT; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. Section 57-1-701, Mississippi Code of 1972, is amended as follows:

57-1-701. (1) For the purposes of this section, the following words and phrases shall have the meanings ascribed in this subsection unless the context clearly indicates otherwise:

(a) "Eligible entity" means any (i) county, (ii) municipality * * * or, (iii) public school district board of education, or (iv) public or private nonprofit local economic development entity or urban renewal agency, including, but not limited to, local authorities, commissions, or other entities created by local and private legislation or pursuant to Section 19-5-99.

(b) "Optioned property" means industrial or commercial property that is subject to a real estate option to purchase contract or an option for a long-term lease agreement as allowed under Section 29-3-69 or 43-35-1 et seq., entered into between an eligible entity and a real estate owner, where such option shall be for a minimum of three (3) years and the option price shall not exceed the appraised fair market value of the real estate.

(i) Fees for architects, engineers, environmental consultants, attorneys, and such other advisors, consultants and agents that MDA determines are necessary to complete site due diligence associated with site development improvements located on industrial or commercial property that is publicly owned or is optioned property;

(ii) Contributions toward site development improvements, as approved by MDA, located on industrial or commercial property, where the overall investment in site development, infrastructure and capital improvements is in excess of Fifty Million Dollars ($50,000,000.00), that is publicly owned;

(iii) Contributions toward public infrastructure improvements directly serving industrial property that is publicly owned or is optioned property; and/or

(iv) Contributions toward the acquisition or lease of publicly owned real property used for economic development purposes by an eligible entity, where the acquisition or rental price shall not exceed the appraised fair market value or fair rental value of the property.

(d) "MDA" means the Mississippi Development Authority.

(e) "Site development improvements" means site clearing, grading, and environmental mitigation; improvements to drainage systems; easement and right-of-way acquisition; sewer systems; transportation directly affecting the site, including roads, bridges or rail; bulkheads; taxiways and parking ramps; land reclamation; water supply (storage, treatment and distribution); telecommunications systems, including fiber optic; natural gas distribution systems; aesthetic improvements; the dredging of channels and basins; or other improvements as approved by MDA.

(2) (a) There is hereby created in the State Treasury a special fund to be designated as the "Mississippi Site Development Grant Fund," which shall consist of funds made available by the Legislature in any manner and funds from any other source designated for deposit into such fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund shall be used to make grants to assist eligible entities as provided in this section.

(b) Monies in the fund which are derived from proceeds of bonds issued under Section 2 of Chapter 390, Laws of 2017, Section 5 of Chapter 412, Laws of 2018, Section 1 of Chapter 421, Laws of 2019, Section 4 of Chapter 492, Laws of 2020, or Section 8 of Chapter 480, Laws of 2021, or provided by the Legislature, may be used to reimburse reasonable actual and necessary costs incurred by MDA for the administration of the various grant, loan and financial incentive programs administered by MDA. An accounting of actual costs incurred for which reimbursement is sought shall be maintained by MDA. Reimbursement of reasonable actual and necessary costs shall not exceed three percent (3%) of the proceeds of bonds issued or the monies provided by the Legislature. Reimbursements under this subsection shall satisfy any applicable federal tax law requirements.

(3) (a) MDA shall establish a program to make grants to eligible entities to match local or other funds associated with improving the marketability of publicly owned industrial or commercial property for industrial economic development purposes and other property improvements as approved by MDA. An eligible entity may apply to MDA for a grant under this program in the manner provided for in this section. An eligible entity desiring assistance under this section must provide matching funds in an amount determined by MDA. Matching funds may be provided in the form of cash and/or in-kind services as determined by MDA.

(b) An eligible entity desiring assistance under this section must submit an application to MDA. The application must include:

(i) A description of the eligible expenditures for which assistance is requested;

(ii) The amount of assistance requested;

(iii) The amount and type of matching funds to be provided by the eligible entity; and

(iv) Any other information required by MDA.

(c) Upon request by MDA, an eligible entity shall provide MDA with access to all studies, reports, documents and/or plans developed as a result of or related to an eligible entity receiving assistance under this section.

(4) MDA shall have all powers necessary to implement and administer the program established under this section, and the department shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section.

(5) MDA shall file an annual report with the Governor, the Secretary of the Senate and the Clerk of the House of Representatives not later than December 1 of each year, describing all assistance provided under this section.

SECTION 2. This act shall take effect and be in force from and after July 1, 2024.