reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 6 - Farish Street Historic District Loan Program › Rule 6-1-6.3 - Requirements

Current through June 25, 2024
FSLP proceeds are limited to the development of commercial
				  and culturally significant property located in the District, to include new
				  building construction and/or the rehabilitation of historic buildings. The
				  proceeds of the loan may be used to pay costs incurred by such person or
				  entities for acquisition; construction; demolition; design, engineering,
				  architectural, consulting and other services; and other costs approved by the
				  Mississippi Development Authority (MDA). Loan proceeds may not be used for the
				  purchase of land or buildings unless a specific project is planned on that
				  property. FSLP funds may be used to finance up to 90% of the total costs
				  associated with the Project. The borrower must inject a minimum of 10% equity
				  into the Project in the form of cash or tangible assets, which may be used to
				  cover ineligible project costs. The interest rate to be charged is one-percent
				  (1%) below the Federal Reserve Discount Rate. Should interest rates change from
				  the date of loan commitment from CMPDD to the date of closing, the interest
				  rate quoted in the commitment will prevail. The maximum repayment term for a
				  loan cannot exceed 20 years and is based on the loan amount and the projected
				  revenues from the investment property or cash flow of the business. If property
				  is being leased, the term of the loan cannot exceed the term of the lease.
				  Personal and/or corporate guaranties will be required as deemed appropriate by
				  the CMPDD and MDA. Applicants must be creditworthy and demonstrate the ability
				  to repay the loan. Applicants must be in compliance with all state and federal
				  regulatory agencies and must not be in default on any previous debt or
				  obligation to the State or Federal Government.
Senate Bill 3194, 1999
				  Regular Session, Section 2, as amended by Chapter 533 Laws of
				  2010.
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 6 - Farish Street Historic District Loan Program › Rule 6-1-6.4 - When Not Available

Current through June 25, 2024
FSLP loans are not available under the following
				  circumstances:
A. To pay off existing
				debt for consolidation purposes;
B.
				If the direct or indirect purpose or result would be to pay off creditors of
				applicants who are inadequately secured or in a position to sustain a
				loss;
C. If the assistance would,
				directly or indirectly, provide or replenish funds for payment, distribution,
				or as a loan to owners, partners, or stockholders of the applicant and would
				not change the ownership interest of the business;
D. A charitable institution or nonprofit
				enterprise;
E. A newspaper,
				magazine, radio, television broadcasting company, or similar enterprise through
				which editorial opinions are expressed; or
F. Entities engaged in the business of
				lending, directly or indirectly.
The FSLP is designed to provide permanent financing and may
				  not be used for interim financing of building construction and/or
				  rehabilitation of commercial property.
Senate Bill 3194, 1999
				  Regular Session, as amended by Chapter 533 Laws of
				  2010.
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 6 - Farish Street Historic District Loan Program › Rule 6-1-6.5 - Contacts

Current through June 25, 2024
An individual or business interested in applying for a loan
				  should first contact the City of Jackson ("the City") Department of Planning
				  and Development. The City will provide coordination between the applicant,
				  MDAH, and the Foundation. An opinion regarding the Project shall be rendered by
				  the Foundation and provided to MDAH.
Senate Bill 3194, 1999
				  Regular Session, as amended by Chapter 533 Laws of
				  2010.
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 6 - Farish Street Historic District Loan Program › Rule 6-1-6.6 - Meeting the Prospective Buyer

Current through June 25, 2024
Upon notification of MDAH's approval, CMPDD shall meet with
				  the prospective borrower to review the Project. If the Project meets the
				  program guidelines and the proposal appears to be economically feasible, a
				  Financial Application will be provided for completion.
Senate Bill 3194, 1999
				  Regular Session, as amended by Chapter 533 Laws of
				  2010.
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 6 - Farish Street Historic District Loan Program › Rule 6-1-6.7 - Review

Current through June 25, 2024
A completed Financial Application, with the required
				  attachments, must be submitted to CMPDD for consideration. The CMPDD Board of
				  Directors will review and approve or reject the Project. For projects approved
				  by CMPDD, the application and supporting documentation will be submitted to MDA
				  for final review.
Senate Bill 3194, 1999
				  Regular Session, as amended by Chapter 533 Laws of
				  2010.
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 6 - Farish Street Historic District Loan Program › Rule 6-1-6.8 - Financial Application Overview

Current through June 25, 2024
The following information must be furnished with a completed
				  Financial Application:
A. Description
				of the proposed project to include its intended use after completion (i.e.
				lease, sublease or occupy);.
B.
				Projected budget for rehabilitation or construction and cost estimates to
				substantiate uses of funds.;
C. If
				borrower is to occupy the property:
(i) Copy
				of lease, if applicable;
(ii)
				Business plan to include projected balance sheets, income statements, and
				cashflow statements for two (2) years.
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 6 - Farish Street Historic District Loan Program › Rule 6-1-6.9 - General

Current through June 25, 2024
CMPDD will close and service all loans. Borrowers will be
				  required to make monthly payments of principal and interest, based upon an
				  amortization schedule provided by CMPDD. On the 15th day of each month, CMPDD
				  shall remit a check to MDA, for all principal loan payments made during the
				  month, along with an itemized breakdown of each payment. Interest received in
				  the form of repayments and investment interest earned may be retained by CMPDD
				  to cover administrative costs.
Senate Bill 3194, 1999
				  Regular Session, as amended by Chapter 533 Laws of
				  2010.
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 6 - Farish Street Historic District Loan Program › Rule 6-1-6.10 - Loan Closing

Current through June 25, 2024
After a loan closes, CMPDD shall provide evidence to MDA
				  that all collateral and security documents have been filed and perfected,
				  including, but not limited to, adequate hazard insurance, life insurance on the
				  borrower(s) and other insurance such as general liability
				  coverage.
Senate Bill 3194, 1999
				  Regular Session, as amended by Chapter 533 Laws of
				  2010.
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 6 - Farish Street Historic District Loan Program › Rule 6-1-6.11 - Default Loans

Current through June 25, 2024
CMPDD shall adopt and follow a prudent collection schedule.
				  In the event of a default, CMPDD shall take all necessary and appropriate
				  actions to recover the principal and interest due including enforcing personal
				  guaranties. All defaulted loans shall be reported to appropriate credit
				  bureau(s).
Senate Bill 3194, 1999
				  Regular Session, as amended by Chapter 533 Laws of
				  2010.
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 6 - Farish Street Historic District Loan Program › Rule 6-1-6.12 - Reporting Requirements

Current through June 25, 2024
CMPDD will be required to file a status report with MDA
				  semiannually. These reports will reflect information as of the last day of each
				  semiannual period and will be due by June 15 and December 15 of each
				  year.
Senate Bill 3194, 1999
				  Regular Session, as amended by Chapter 533 Laws of
				  2010.
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 6 - Farish Street Historic District Loan Program › Rule 6-1-6.13 - Waiver

Current through June 25, 2024
These guidelines may be amended by MDA at any time. MDA, in
				  its discretion, may temporarily waive any requirement of the guidelines to the
				  extent that the result of such waiver is to promote the public c purpose of the
				  Act and is not prohibited by State law.
Senate Bill 3194, 1999
				  Regular Session, as amended by Chapter 533 Laws of
				  2010.
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 7 - Small Business and Existing Forestry Industry Loan Program › Rule 6-1-7.1 - Guidelines

Current through June 25, 2024
The Small Business and Existing Forestry Industry Loan
				  Program (SBEFI), to be administered by the Mississippi Development Authority
				  (MDA), is a loan program designed to encourage the extension of conventional
				  financing and the issuance of letters of credit, by private institutions, to
				  qualified enterprises in the State of Mississippi (the State). MDA will provide
				  low-interest loans to qualified borrowers engaged in qualified small businesses
				  or the existing forestry industry. The following guidelines set out the
				  requirements under the program, and MDA reserves the right to make changes to
				  these guidelines and to waive any restriction not set by
				  statute.
Miss. Code Ann. §
										57-111-1
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 7 - Small Business and Existing Forestry Industry Loan Program › Rule 6-1-7.2 - Qualified Participants

Current through June 25, 2024
Small Business/Existing Forestry Industry Loans may be made
				  to the following participants:
A.
				Small Businesses: commercial enterprises with less than:
(i) 100 full time employees;
(ii) Seven Million dollars in gross revenues;
				or
(iii) Seven hundred fifty
				thousand dollars in profit after taxes.
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 7 - Small Business and Existing Forestry Industry Loan Program › Rule 6-1-7.3 - Financial Institution Defined

Current through June 25, 2024
An eligible Financial Institution is any commercial bank,
				  savings bank, federal land bank, farm credit bank, agricultural credit
				  association or other farm credit agency, which is domiciled or qualified to do
				  business in the State.
Miss. Code Ann. §
										57-111-1
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 7 - Small Business and Existing Forestry Industry Loan Program › Rule 6-1-7.4 - Participation Requirements

Current through June 25, 2024
An eligible Financial Institution must originate the SBEFI
				  Loan application for an eligible business on the form attached hereto as
				  Exhibit C; along with a cover letter (Exhibit D). The Financial Institution
				  must provide MDA with a Servicing Agreement Letter (Exhibit A) to be accepted
				  upon approval of the SBEFI Loan. The Financial Institution must provide, in
				  writing, all required information for the preparation of SBEFI Loan closing
				  documents. All closing documents must be properly executed and returned to MDA
				  immediately. All exhibits to the closing documents must be filed and copies
				  sent to MDA no later than thirty (30) days from the date of closing. The
				  Financial Institution may charge the business a servicing fee, which may not
				  exceed one percent (1%) of the SBEFI Loan amount. The fee will be a one-time
				  charge collected when the SBEFI Loan is closed. The fee may be paid directly by
				  the business, deducted from the SBEFI Loan proceeds, or financed as part of the
				  Financial Institution's loan. The Financial Institution shall also be
				  responsible for collecting and remitting to MDA, at loan closing, a servicing
				  fee which represents one percent (1%) of the SBEFI Loan. The fee will be a
				  one-time charge and may be paid by the agribusiness, deducted from the SBEFI
				  Loan proceeds, or financed as a part of the Financial Institution's loan. The
				  Financial Institution shall be responsible for servicing the SBEFI Loan, which
				  will include all repayments to MDA. The Financial Institution will also enforce
				  the terms and conditions of all closing documents executed for the SBEFI
				  Loan.
Miss. Code Ann. §
										57-111-1
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 7 - Small Business and Existing Forestry Industry Loan Program › Rule 6-1-7.5 - Use of Loan Proceeds

Current through June 25, 2024
SBEFI Loan proceeds for Small Businesses may be used for
				  buildings, provide working capital, acquire machinery and equipment. SBEFI Loan
				  proceeds for Existing Forestry Industry Enterprises may be used to provide
				  working capital, acquire machinery and equipment, make upgrades and
				  improvements to machinery and equipment, and acquire raw
				  materials.
Miss. Code Ann. §
										57-111-1
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 7 - Small Business and Existing Forestry Industry Loan Program › Rule 6-1-7.6 - Restrictions on Use of Loan Proceeds

Current through June 25, 2024
No loan proceeds shall be used to pay off any existing debt
				  for loan consolidation purposes; to finance acquisition, construction,
				  improvement, or operation of real property which is primarily for sale or
				  investment; to provide or free funds for speculation in any kind of property or
				  as a loan to owners.
Miss. Code Ann. §
										57-111-1
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 7 - Small Business and Existing Forestry Industry Loan Program › Rule 6-1-7.7 - Loan Limits

Current through June 25, 2024
The amount of a loan to any single SBEFI shall not exceed
				  fifty percent (50%) of the total cost of the project or $1,000,000, whichever
				  is less. The minimum amount for an SBEFI loan will not be less than
				  $250,000.
Miss. Code Ann. §
										57-111-1
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 7 - Small Business and Existing Forestry Industry Loan Program › Rule 6-1-7.8 - Interest

Current through June 25, 2024
Interest shall be charge on the SBEFI loan at a rate equal
				  to one percent (1%) above the current published prime rate at the time of SMFI
				  loan approval by the MDA.
Miss. Code Ann. §
										57-111-1
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 7 - Small Business and Existing Forestry Industry Loan Program › Rule 6-1-7.9 - Term Limit

Current through June 25, 2024
The term of the SBEFI Loan shall match the term of the
				  Financial Institution's loan, up to the maximum maturity of five (5)
				  years.
Miss. Code Ann. §
										57-111-1
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 7 - Small Business and Existing Forestry Industry Loan Program › Rule 6-1-7.10 - Disbursements

Current through June 25, 2024
Disbursements of SBEFI funds will be made to Financial
				  Institutions on behalf of borrowers. Requests for payment must be submitted on
				  the MDA Request for Payment Form (Exhibit B).
Miss. Code Ann. §
										57-111-1
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 7 - Small Business and Existing Forestry Industry Loan Program › Rule 6-1-7.11 - Repayments

Current through June 25, 2024
All repayments of SBEFI funds to MDA shall match the
				  repayments of the borrower to the Financial Institution and shall be submitted
				  upon the terms stated in the Lender's Authorization forms.
Miss. Code Ann. §
										57-111-1
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 7 - Small Business and Existing Forestry Industry Loan Program › Rule 6-1-7.12 - Lump Sum Payments

Current through June 25, 2024
If a Financial Institution collects payments on more than
				  one SBEFI Loan, MDA will allow a lump sum payment on all outstanding loans. An
				  itemized list of the source of funds, including SBEFI Loan numbers, must
				  accompany this payment. Financial Institutions must submit all collections for
				  a one-month period by the fifth of the following month.
Miss. Code Ann. §
										57-111-1
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 7 - Small Business and Existing Forestry Industry Loan Program › Rule 6-1-7.13 - Agreement Terms

Current through June 25, 2024
SBEFI Loans are subject to an agreement, providing that any
				  and all outstanding obligations may be accelerated and payments called for if,
				  during the term of the loan, any change of ownership or control of the business
				  concern occurs without the prior written consent of MDA, or if any adverse
				  change occurs without notification to MDA.
Miss. Code Ann. §
										57-111-1
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 7 - Small Business and Existing Forestry Industry Loan Program › Rule 6-1-7.14 - Prepayments

Current through June 25, 2024
The Financial Institution shall notify MDA in writing of any
				  prepayments of the Financial Institution's loan. If the Financial Institution's
				  loan is to be paid in full, the MDA portion of the loan must be paid off first.
				  MDA and the Financial Institution shall receive partial payments on a pro-rata
				  basis.
Miss. Code Ann. §
										57-111-1
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 7 - Small Business and Existing Forestry Industry Loan Program › Rule 6-1-7.15 - Nontransferability

Current through June 25, 2024
The Financial Institution's Loan and Note is prohibited from
				  being sold assigned, conveyed, subparticipated, subdivided, encumbered or
				  otherwise transferred.
Miss. Code Ann. §
										57-111-1
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 7 - Small Business and Existing Forestry Industry Loan Program › Rule 6-1-7.16 - Default

Current through June 25, 2024
MDA will consider any loan that has become delinquent, in
				  amount equal to the required payment, to be in default.
Miss. Code Ann. §
										57-111-1
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 7 - Small Business and Existing Forestry Industry Loan Program › Rule 6-1-7.17 - Audit

Current through June 25, 2024
Loans made under the MSFI loan program are subject to audit
				  by the State Department of Audit.
Miss. Code Ann. §
										57-111-1
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 7 - Small Business and Existing Forestry Industry Loan Program › Rule 6-1-7.18 - Waiver

Current through June 25, 2024
These guidelines may be amended by MDA at anytime. MDA, in
				  its discretion, may temporarily waive any requirement of the guidelines to the
				  extent that the result of such waiver is to promote the public purpose of the
				  Act and is not prohibited by State Law.
Miss. Code Ann. §
										57-111-1
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 8 - Mississippi Freight Rail Service Projects Revolving Loan/Grant Program › Rule 6-1-8.1 - Guidelines

Current through June 25, 2024
The Mississippi Freight Rail Service Projects Revolving
				  Loan/Grant Program ("RAIL") administered by the Mississippi Development
				  Authority ("MDA") is designed for making loans and grants to municipalities
				  and/or counties (the "Applicant") to finance freight rail service projects in
				  the State of Mississippi ("State"). Counties and municipalities are encouraged
				  to use these funds in connection with other state and federal programs. Funding
				  for loans/grants to applicants is derived from the issuance of State bonds.
				  RAIL was enacted by the State Legislature during the Regular 1995
				  Session.
Miss. Code Ann. §
										57-44-7
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 8 - Mississippi Freight Rail Service Projects Revolving Loan/Grant Program › Rule 6-1-8.2 - Eligibility

Current through June 25, 2024
The governing authority of a municipality or county must
				  submit the application for assistance. The municipality or county may use the
				  RAIL funds to provide loans to railroad corporations for freight rail service
				  projects. Projects which are eligible for assistance must be for freight rail
				  service projects in Mississippi's counties and municipalities and are as
				  follows:
A. A project which involves
				the acquisition, construction, installation, operation, modification,
				renovation, or rehabilitation of any freight rail service facilities.
B. A project which may include any fixtures,
				machinery, or equipment used in conjunction with any such facilities.
C. Any project for any freight transportation
				purpose.
Miss. Code Ann. §
										57-44-7
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 8 - Mississippi Freight Rail Service Projects Revolving Loan/Grant Program › Rule 6-1-8.3 - Allowable Costs

Current through June 25, 2024
A. Construction
				costs (including reasonable and customary site work for buildings,
				right-of-ways, easements, etc.).
B.
				Up to eight percent (8%) of the principal loan amount for design work, i.e.,
				engineer or architect. Engineering and/or architectural costs above 8% will be
				paid from other funding sources.
Miss. Code Ann. §
										57-44-7
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 8 - Mississippi Freight Rail Service Projects Revolving Loan/Grant Program › Rule 6-1-8.4 - Project Requirements

Current through June 25, 2024
A. The Applicant
				must be an incorporated municipality or a county.
B. The Applicant may not purchase an existing
				building or facility for more than the appraised value.
C. The Applicant may not acquire buildings or
				facilities from individuals, companies, or corporations with RAIL funds, and
				subsequently lease them to the seller or previous owner.
D. The Applicant or railroad corporation will
				be required to retain title on all freight rail service improvements until the
				loan has been repaid.
E. Any
				interest earned on the RAIL funds must be used on the project or returned to
				the state.
Miss. Code Ann. §
										57-44-7
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 8 - Mississippi Freight Rail Service Projects Revolving Loan/Grant Program › Rule 6-1-8.5 - Application Requirements

Current through June 25, 2024
A. The Applicant's
				certified public accountant, auditor or fiscal officer must verify on official
				letterhead that the financials reflect the Applicant's ability to repay the
				loan. The verification must include the source of repayment, i.e., surcharge or
				other verifiable means of repayment.
B. The most current annual audit of the
				Applicant and the latest financial summary reflecting any additional long-term
				debt or any changes in their financial position since the last annual audit was
				prepared must be furnished to the Community Services Division of the
				Mississippi Development Authority.
C. The Applicant must give public notice, as
				required. (All applicants must use the attached Public Notice and it must have
				been published within the last six months prior to submittal of the loan
				application.)
D. Once the
				publication process is complete, a certified copy of the minutes of the
				Applicant must be submitted showing their decision to proceed with the
				loan.
E. The Applicant must submit
				cost verifications, which must be on engineer's, contractor's, or architect's
				original letterhead and signed by the firm's representative.
F. Official certification of preliminary
				project plans and specifications from the project engineer and the operating
				railroad indicating that the project meets American Railway Engineering and
				Maintenance-of-Way Association (AREMA) and Federal Railroad Administration
				(FRA) standards and other necessary compliance requirements must be
				submitted.
G. If applicable, the
				Applicant will be required to submit three different appraisals no more than
				three months prior to loan closing on buildings or facilities to be
				purchased.
H. Applicants must
				fulfill the requirements of the standard application, which must be submitted
				to MDA for review and acceptance.
I. If applicable, the Applicant must provide
				an award letter or other documentation verifying funding sources.
Miss. Code Ann. §
										57-44-7
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 8 - Mississippi Freight Rail Service Projects Revolving Loan/Grant Program › Rule 6-1-8.6 - General

Current through June 25, 2024
The cumulative maximum loan amount for any eligible local
				  unit of government during a calendar year is $1,000,000. The terms of any loan
				  must be reasonable, and shall not exceed 15 years. The loan amount allowed will
				  be determined by the Applicant's ability to repay the loan within acceptable
				  terms. The rate of interest on a RAIL loan shall be one percent (1%) below the
				  Federal Reserve Discount Rate at the time of loan approval. The Applicant will
				  be required to expend all RAIL funds within one year from the date of loan
				  approval, unless a waiver is granted upon good cause shown. Projects shall not
				  exceed two years. If the funds are not expended within two years, the loan will
				  be adjusted to the actual disbursements and the remaining funds to be drawn
				  will be recalled.
Miss. Code Ann. §
										57-44-7
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 8 - Mississippi Freight Rail Service Projects Revolving Loan/Grant Program › Rule 6-1-8.7 - Penalties

Current through June 25, 2024
Local governments which fail to meet repayment obligations
				  shall cause all or part of their sales tax allocation and/or homestead
				  exemption reimbursement to be withheld and may be subject to other penalties.
				  If the project has not begun within 90 days following loan approval, the rate
				  of interest on the loan will be subject to increase, if the Federal Discount
				  Rate increases.
Miss. Code Ann. §
										57-44-7
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 8 - Mississippi Freight Rail Service Projects Revolving Loan/Grant Program › Rule 6-1-8.8 - Delinquent Notice Process

Current through June 25, 2024
Each month, invoices will be sent to communities with an
				  active RAIL loan status. Payments are due on the first of each month. Failure
				  to submit timely payments may result in the following procedures:
A. If a community is 60 days delinquent, CSD
				may issue a letter stating the catch-up amount, terms of their loan agreement
				and explain the process for turning collection over to the State
				Auditor.
B. If a community is 90
				days delinquent, CSD may issue the same letter with the new catch-up
				amount.
C. If a community is 120
				days delinquent, CSD may issue the same letter with the new catch-up
				amount.
D. If a community is 150
				days delinquent, CSD may issue a letter stating in 30 days if catch-up payment
				amount has not been received, then CSD will turn the community over to the
				state auditor.
E. If a community is
				180 days delinquent, CSD may request the State Auditor to audit the receipts
				and expenditures of the loan. If the State Auditor finds that the county or
				municipality is in arrears in payments, he shall immediately notify the
				Executive Director of the Department of Finance and Administration who shall
				withhold all future payments to the county of homestead exemption
				reimbursements under Section
				27-33-77
				and all sums allocated to the county or the municipality under Section
				27-65-75
				until such time as the county or the municipality is again current in its loan
				payments as certified by the Mississippi Development Authority.
Miss. Code Ann. §
										57-44-7
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 8 - Mississippi Freight Rail Service Projects Revolving Loan/Grant Program › Rule 6-1-8.9 - Eligibility

Current through June 25, 2024
Projects that are eligible for assistance must be for
				  freight rail service projects relating to the upgrading of railroad grade
				  crossings. Only projects approved by the Mississippi Department of
				  Transportation ("MDOT") shall be eligible for RAIL grants. The project approval
				  process will be initiated by MDOT via a four-party agreement.
Miss. Code Ann. §
										57-44-7
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 8 - Mississippi Freight Rail Service Projects Revolving Loan/Grant Program › Rule 6-1-8.10 - General Grant Terms

Current through June 25, 2024
The maximum amount of RAIL grant funds that may be provided
				  for any one project is $250,000.
Miss. Code Ann. §
										57-44-7
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 8 - Mississippi Freight Rail Service Projects Revolving Loan/Grant Program › Rule 6-1-8.11 - Reimbursement Process

Current through June 25, 2024
The State will release RAIL funds on a reimbursement basis
				  for approved eligible costs of the project as incurred. The Applicant shall
				  certify to MDA during construction that the expenses were incurred and were in
				  accordance with the plans approved by MDA. Funds will be released periodically
				  upon receipt of supporting documentation from the Applicant. Funds may not be
				  drawn down more frequently than monthly.
Miss. Code Ann. §
										57-44-7
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 8 - Mississippi Freight Rail Service Projects Revolving Loan/Grant Program › Rule 6-1-8.12 - Audit

Current through June 25, 2024
Funds provided under RAIL are subject to audit by the State
				  Department of Audit.
Miss. Code Ann. §
										57-44-7
				  (Supp. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 9 - ACE Program › Rule 6-1-9.1 - Purpose

Current through June 25, 2024
The Advantage Mississippi Initiative was outlined and
				  developed by Governor Ronnie Musgrove and enacted into law in August of 2000.
				  The Advantage Mississippi Initiative is a blueprint to expand prosperity
				  throughout our entire State. This Initiative includes not only new business
				  incentives but comprehensive programmatic changes designed to enhance
				  Mississippi's competitive position in the nation and the world. The Mississippi
				  Ace Fund ("Ace Fund"), administered by the Mississippi Development Authority
				  ("MDA") is a program designed for making grants to Economic Development
				  Entities ("Local Sponsors") to assist in funding extraordinary economic
				  development opportunities to promote economic growth in the State of
				  Mississippi ("State"). Local Sponsors are encouraged to use these grants in
				  connection with other State and federal programs. Funding for grants to Local
				  Sponsors is derived from monies contributed to the Ace Fund by private and
				  public sources.
Miss. Code Ann. §
										57-1-16
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 9 - ACE Program › Rule 6-1-9.2 - Local Sponsors Applicant

Current through June 25, 2024
Applications for assistance must be submitted by public or
				  private nonprofit local economic development entities, including, but not
				  limited to, chambers of commerce, local authorities, commissions or other
				  entities created by local and private legislation or districts created pursuant
				  to Section
				  19-5-99.
Miss. Code Ann. §
										57-1-16
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 9 - ACE Program › Rule 6-1-9.3 - Eligible Projects

Current through June 25, 2024
Projects, which are eligible for assistance, must be related
				  to the construction, renovation, or expansion of a new or expanded industry.
				  Examples include construction of infrastructure, moving costs and other
				  "transitional" costs.
Miss. Code Ann. §
										57-1-16
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 9 - ACE Program › Rule 6-1-9.4 - Ineligible Projects

Current through June 25, 2024
Ace funds may not be used for working capital nor to provide
				  funds related to a gaming enterprise.
Miss. Code Ann. §
										57-1-16
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 9 - ACE Program › Rule 6-1-9.5 - Intended Beneficiaries

Current through June 25, 2024
Eligible Projects should benefit the following types of
				  industries:
A. Manufacturing and
				processings
B. Large distribution
				facility;
C. Service support to
				agriculture, aquaculture, and mariculture;
D. Service support to manufacturing and
				processings
E. Telecommunications
				and data processings
F. Corporate
				headquarters and operations centers;
G. Research and development;
H. Tourism
Miss. Code Ann. §
										57-1-16
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 9 - ACE Program › Rule 6-1-9.6 - Extraordinary Economic Development Opportunity

Current through June 25, 2024
To be eligible for grants through the Ace Fund, a business
				  or industry project must be classified as an "extraordinary economic
				  development opportunity" and demonstrate that the business or industry is at an
				  economic disadvantage by locating or expanding in the designated
				  location.
Miss. Code Ann. §
										57-1-16
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 9 - ACE Program › Rule 6-1-9.7 - Extraordinary Economic Development Opportunity Defined

Current through June 25, 2024
An "extraordinary economic development opportunity" is
				  defined as follows:
New Jobs or
Capital Investment
Tier Three Counties
50
1,000,000
Tier One and Two Counties
100
2,000,000
Economic disadvantage may be determined by locating in a tier
				  three county, or by proving that capital or operating expenses are increased by
				  locating or expanding in a particular location, or by proving that shortages
				  exist in necessary human and physical infrastructure at the
				  location.
Miss. Code Ann. §
										57-1-16
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 9 - ACE Program › Rule 6-1-9.9 - No Separate Application Form

Current through June 25, 2024
The application submitted by a Local Sponsor must
				  include:
A. The purpose of the proposed
				grant including a list of proposed expenditures and the cost of each.
B. The estimated cost of the total project, a
				description of the Local Sponsor's investment in the project, and all public or
				private sources of funding.
C. A
				statement of the number and types of jobs created.
D. Evidence that economic disadvantage exists
				for the designated location.
E. The
				time schedule for implementation and completion of the project.
F. Evidence, if any, of local
				match.
G. A statement of the
				efforts that have been made by the business or industry to secure other local,
				state, federal or private funds for the project.
H. Current employment levels at the project
				site and estimated increase, if any, as a result of financing the project.
Three (3) copies of the application must be submitted to
				  MDA. MDA will evaluate the application to determine if the project meets the
				  program criteria.
Miss. Code Ann. §
										57-1-16
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 9 - ACE Program › Rule 6-1-9.10 - Maximum Amount Allowed

Current through June 25, 2024
The maximum amount of ACE funds, which may be provided for
				  any one project, is $150,000. In most circumstances the Local Sponsor will be
				  required to expend local funds before the State injects any proceeds into the
				  project.
Miss. Code Ann. §
										57-1-16
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 9 - ACE Program › Rule 6-1-9.11 - Conditions for Disbursement of Funds

Current through June 25, 2024
A Grant Agreement will be executed between the Local Sponsor
				  and MDA. The Grant Agreement cannot be executed until all required conditions
				  in these guidelines have been met and all documentation
				  received.
Miss. Code Ann. §
										57-1-16
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 9 - ACE Program › Rule 6-1-9.12 - Reimbursement Process

Current through June 25, 2024
MDA will release Ace funds on a reimbursement basis for
				  approved eligible costs of the project as incurred. Funds will be released upon
				  receipt of the Ace Form of Requisition and supporting documentation from the
				  Local Sponsor. Funds may not be drawn down more frequently than monthly. Local
				  Sponsors have one year from the date of the Grant Agreement to request
				  reimbursement for Ace project costs.
Miss. Code Ann. §
										57-1-16
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 9 - ACE Program › Rule 6-1-9.14 - Waiver

Current through June 25, 2024
These guidelines may be amended by MDA at any time. MDA, in
				  its discretion, may temporarily waive any requirement of the guidelines to the
				  extent that the result of such waiver is to promote the public purpose of the
				  Act and is not prohibited by State law.
Miss. Code Ann. §
										57-1-16
				  (Rev. 2008)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 10 - Economic Development Highway Grant Program › Rule 6-1-10.1 - Purpose

Current through June 25, 2024
The purpose of this program is to promote industrial and
				  other significant development in the State of Mississippi ("State") through the
				  construction and/or improvement of highways in areas, which demonstrate actual
				  and immediate potential for the creation, or expansion of major industries or
				  other significant development. The highway or highway segment to be constructed
				  ("Highway Project") must be necessary to ensure adequate and appropriate access
				  to a proposed company project for the purpose of encouraging its location
				  within a political subdivision. The Economic Development Highway Act, Miss.
				  Code Ann. Section
				  65-4-1, et
				  seq., ("the Act"), authorizes the Mississippi Development Authority ("MDA") to
				  assist political subdivisions with Highway Projects which encourage private
				  companies to engage in high economic benefit projects within their
				  area.
Miss. Code Ann. §
										65-4-1
				  etseq.(Rev. 2005)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 10 - Economic Development Highway Grant Program › Rule 6-1-10.2 - Local Entity Defined

Current through June 25, 2024
Local Entity means one or more counties or incorporated
				  municipalities in the State or a State-owned port located in a county bordering
				  the Gulf of Mexico.
Miss. Code Ann. §
										65-4-1
				  etseq. (Rev. 2005)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 10 - Economic Development Highway Grant Program › Rule 6-1-10.3 - High Economic Benefit Project Defined

Current through June 25, 2024
A high economic benefit proj ect ("Company Project") is a
				  proposed project by a company which meets one of the following capital
				  investment criteria:
A. Any new
				capital investment by a private company in land, building, depreciable fixed
				assets and improvements of at least fifty million dollars ($50,000,000) in the
				State.
B. Any new investment in
				land, building, depreciable fixed assets, and improvements of at least twenty
				million dollars ($20,000,000) by a private company which already has
				investments in the State of at least one billion dollars ($1,000,000,000) in
				the aggregate.
C. Any public
				investment of at least one hundred million dollars ($100,000,000) to take place
				over a specified period of time and in accordance with a master plan.
Miss. Code Ann. §
										65-4-1
				  etseq. (Rev. 2005)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 10 - Economic Development Highway Grant Program › Rule 6-1-10.4 - Eligibility

Current through June 25, 2024
Private companies which are eligible for assistance under
				  the Economic Development Highway Program ("EDH") are:
A. Agricultural Enterprises. An enterprise
				which is engaged in business related to farming, agricultural endeavors or
				other related business and services supporting the development of agriculture.
				Farming operations are not eligible.
B. Industrial Enterprises. An enterprise
				other than mercantile, commercial or retail enterprises. (Example: warehouse
				and terminal facilities, and computer or clerical operation centers)
C. Manufacturing Enterprises. An enterprise
				which is engaged in the giving of new shapes, new qualities or new combinations
				to products by the application of skill and labor. (Example: automobile parts
				manufacturer.)
D. Research and
				Development Enterprises. An enterprise for the discovery of new and the
				refinement of known substances, processes, products, theories and ideas.
				(Example: pharmaceutical research lab.) This does not include activities
				directed primary to the accumulation or analysis of commercial, financial or
				mercantile data.
E. Large Hotel or
				Resort. An enterprise for the guidance or management of tourists and the
				encouragement of the State's tourist industry. The investment criteria would be
				based on the construction, improvement or acquisition of hotels and/or motels,
				infrastructure r elated to the resort development and/or land acquisition.
				Casino boat facilities are not allowed to be included as part of the capital
				investment.
F. Maricultural
				Enterprises. An enterprise for the cultivation of the natural produces found in
				salt water. (Example: salt water fish production.)
G. Aquaculture Enterprises. An enterprise for
				the cultivation of the natural produces found in fresh water. (Example:
				production of living organisms found in fresh water lakes, ponds and
				streams.)
H. Regional Shopping
				Malls. A regional shopping mall with a minimum capital investment of
				$50,000,000 and having a significant impact on a wide area of the
				State.
I. Hospital. A major medical
				hospital facility with a minimum capital investment of $50,000,000 and having a
				significant impact on employment and health services.
Other types of enterprises, which may qualify for
				  assistance, are distribution facilities, warehousing facilities, air
				  transportation and maintenance facilities, movie industry studios, or the
				  federal government.
Miss. Code Ann. §
										65-4-1
				  etseq. (Rev. 2005)
Mississippi Administrative Code › Title 6 - Economic Development › Part 1 - Financial Resources › Chapter 10 - Economic Development Highway Grant Program › Rule 6-1-10.5 - Preliminary Steps

Current through June 25, 2024
Prior to submitting an application for assistance under the
				  EDH Program, the Local Entity must receive a commitment from the Governor or
				  MDA, and the type of construction regulations to be used must be identified.
				  The Mississippi Department of Transportation ("MDOT"), MDA, the Office of State
				  Aid ("State Aid"), and the Local Entity jointly make this decision based on
				  location, anticipated use, and future road construction
				  plans.
Miss. Code Ann. §
										65-4-1
				  etseq. (Rev. 2005)