Mississippi Code 1972 (2023) › Title 57 - PLANNING, RESEARCH AND DEVELOPMENT (§§ 57-NEW-001 — 57-123-55) › Chapter 119 - GULF COAST RESTORATION FUND (§§ 57-119-1 — 57-119-17) › Section 57-119-11 - MDA authorized to establish programs for making loans, loan guarantees, grants, etc., to applicants with approved projects; prioritization of projects

(1)
MDA is further authorized, on such terms and conditions consistent with the criteria set forth in this section as it may determine, to establish programs for making loans, loan guarantees, grants and any other financial assistance from the GCRF to applicants whose projects are approved for assistance under this section. MDA shall establish criteria, rules and procedures for accepting, reviewing, granting or denying applications, and for terms and conditions of financial assistance under this section in accordance with state law. The Legislature shall appropriate monies from the GCRF to the MDA to fund the programs established under this section in an amount requested annually by MDA for such purpose.
(2)
Applicants who are eligible for assistance under this section include, but are not limited to, local units of government, nongovernmental organizations, institutions of higher learning, community colleges, public schools, ports, airports, public-private partnerships, private for-profit entities, private nonprofit entities, and local economic development entities.
(3)
MDA shall establish programs and an application process to provide assistance to applicants under this section that prioritize:
(a)
Projects that will impact the long-term competitiveness of the region and may result in a significant positive impact on tax base, private sector job creation and private sector investment in the region;
(b)
Projects that demonstrate the maximum long-term economic benefits and long-term growth potential of the region based on a financial analysis such as a cost-benefit analysis or a return-on-investment analysis;
(c)
Projects that demonstrate long-term financial sustainability, including clear performance metrics, over the duration of the project;
(d)
Projects that leverage or encourage leveraging of other private sector, local, state and federal funding sources with preference to projects that can demonstrate contributions from other sources than funds from the BP settlement;
(e)
Projects that are supported by multiple government or private sector entities;
(f)
Projects that can move quickly and efficiently to the design, engineering, and permitting phase;
(g)
Projects that enhance the quality of life/place and business environment of the region, including tourism and recreational opportunities;
(h)
Projects that expand the region's ability to attract high-growth industries or establish new high-growth industries in the region;
(i)
Projects that leverage or further enhance key regional assets, including educational institutions, research facilities, ports, airports, rails and military bases;
(j)
Projects that are transformational for the future of the region but create a wider regional impact;
(k)
Projects that enhance the marketability of existing industrial properties;
(l)
Projects that enhance a targeted industry cluster or create a Center of Excellence unique to the region;
(m)
Infrastructure projects for business retention and development;
(n)
Projects that enhance research and innovative technologies in the region; and
(o)
Projects that provide outcome and return on investment measures, to be judged by clear performance metrics, over the duration of the project or program.
(4)
The MDA shall not approve any application for assistance or provide any assistance under this section for projects that are medical cannabis establishments as defined in the Mississippi Medical Cannabis Act or for projects related in any manner to medical cannabis establishments.
Amended by Laws, 2022, ch. 394, HB 660,§ 2, eff. 7/1/2022.
Amended by Laws, 2022, ch. 303, SB 2095,§ 96, eff. 2/2/2022.
Added by Laws, 2018EX1, ch. 3, SB 2002,§ 8, eff. 9/5/2018.