Mississippi Main Street Investment Grant Fund program created; purposes; applications by municipalities for loans; awarding of loans by Mississippi Development Authority.

Miss. Code Ann. § 57-1-601
in effect
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For the purposes of this section, the following words shall have the following meanings ascribed in this section, unless the context clearly otherwise requires: “MDA” means the Mississippi Development Authority. “Municipality” means the City of Senatobia, Mississippi. “Revitalization zone” means an area in the municipality officially designated by ordinance or resolution of the governing authorities of the municipality as a revitalization zone and approved and certified by the MDA as meeting the requirements of this section. There is created in the State Treasury a special fund to be designated as the “Mississippi Main Street Investment Grant Fund” which shall consist of funds from any source designated for deposit into the fund. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund shall be used by the MDA for the purposes authorized in subsection (3) of this section. Monies in the fund which are derived from the proceeds of general obligation bonds may be used to reimburse reasonable actual and necessary costs incurred by the MDA in providing grants under this section through the use of proceeds of such general obligation bonds. An accounting of actual costs incurred for which reimbursement is sought shall be maintained for the program. Reimbursement of reasonable actual and necessary costs for assistance shall not exceed three percent (3%) of the proceeds of bonds issued for such assistance. Reimbursements made under this subsection shall satisfy any applicable federal tax law requirements. The MDA shall establish a program to make grants to the municipality to assist with maintaining and improving the viability of revitalization zones. The proceeds of a grant made to the municipality under this section may be used for maintaining and/or improving the viability of a revitalization zone through means deemed appropriate by the governing authorities of the municipality, including, but not limited to, making loans, grants and/or other forms of assistance to any person or public or private association or other entity for use for infrastructure projects, improvements to properties, signage and other purposes related to maintaining and/or improving the viability of the revitalization zone. If the municipality desires a grant under this section, the municipality shall submit an application to the MDA seeking (i) approval and certification of the proposed revitalization zone and (ii) a grant for the purposes authorized in this section. The application shall include, at a minimum: 1. The name of the proposed revitalization zone, together with the words, “revitalization zone”; 2. A description of the revitalization zone by metes and bounds; 3. A map showing the parcels of real property included in the revitalization zone and the present use of such parcels; 4. A master plan for the revitalization zone that has been approved by sixty percent (60%) of the property owners within the zone at the time the municipality submits the application; and 5. Any other information required by the MDA. The governing authorities of the municipality may designate the boundaries of a proposed revitalization zone by adoption of an ordinance or resolution that is spread upon its minutes and describes the boundaries of the zone. The MDA shall review the application to confirm that the revitalization zone meets the requirements of this section. A revitalization zone may embrace two (2) or more separate parcels of real property, and such property may be publicly and/or privately owned. Each revitalization zone shall be of such size and form as to include all properties that, in the determination of the municipality and the MDA, constitute an integral part of the revitalization zone. If the MDA determines that the boundaries of the proposed revitalization zone exceed the area that is reasonably deemed to be integral to the revitalization zone, the MDA may reduce the boundaries of the proposed area. Upon the approval and selection of a municipal revitalization zone project, the MDA shall certify the revitalization zone. The MDA shall have all powers necessary to implement and administer the program established under this section, and the MDA shall promulgate rules and regulations, in accordance with the Mississippi Administrative Procedures Law, necessary for the implementation of this section.

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