reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 5 - Mississippi Community Development Financial Institution (CDFI) Small Business Loan Fund Program › Rule 6-9-5.2 - Program Terms

Current through June 25, 2024
* "Community Development Financial Institutions (CDFI)" has
				  the meaning given that term as under section 103 of the Riegle Community
				  Development and Regulatory Improvement Act of 1994,
				  12 U.S.C. §
										4702.
* "Community Development Financial Institutions (CDFI) Loan
				  Fund (Participants)" means a CDFI that provides debt financing and development
				  services to businesses, organizations, and individuals in low-income
				  communities.
* "Borrower" means the business person or entity borrowing
				  and accepting the loaned funds from the Lender.
* "Private financing" means equity investments, written
				  commitments of future equity investments, term loans, lines of credit, and any
				  new infusions of cash by the small business owner into the borrower.
* "Upfront fees" for the purpose of this program include but
				  are not limited to application fees, origination fees, and document preparation
				  fees.
* "Passive real estate investment" means most real estate
				  development (including construction) in which the developer does not intend to
				  occupy or actively use the resulting real property.
* "Socially and Economically Disadvantaged Individual (SEDI)
				  Owned Business"- for the purposes of this program means:
* Business enterprises that certify that they are owned and
				  controlled by individuals who have had their access to credit on reasonable
				  terms diminished as compared to others in comparable economic circumstances,
				  due to their:
* membership of a group that has been subjected to racial or
				  ethnic prejudice or cultural bias within American society;
* gender;
* veteran status;
* limited English proficiency;
* physical handicap;
* long-term residence in an environment isolated from the
				  mainstream of American society;
* membership of a federally or state-recognized Indian
				  Tribe;
* long-term residence in a rural community;
* residence in a U.S. territory;
* residence in a community undergoing economic transitions
				  (including communities impacted by the shift towards a net-zero economy or
				  deindustrialization: or
* membership of another underserved community as defined in
				  U.S. Executive Order 13985;
* Business enterprises that certify that they are:
* owned and controlled by individuals whose residences are in
				  CDFI investment areas, as defined in prevailing federal guidelines issued by
				  the U.S. Treasury;
* Business enterprises that certify that they will:
* operate a location in a CDFI investment area, as defined in
				  prevailing federal guidelines issued by the U.S. Treasury; or
* business enterprises that are located in CDFI Investment
				  Areas, as defined in prevailing federal guidelines issued by the U.S.
				  Treasury.
Miss. Code
				  Ann. §
										57-10-601;
				  12 USC §
											5701 et seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 5 - Mississippi Community Development Financial Institution (CDFI) Small Business Loan Fund Program › Rule 6-9-5.3 - Eligibility Criteria as a Loan Fund

Current through June 25, 2024
For an entity to be eligible to participate in the SBLF as a
				  loan fund, they must meet the following criteria:
* The loan fund must be a non-depository CDFI-certified loan
				  fund headquartered in Mississippi;
* The loan fund must demonstrate a strong pipeline of
				  prospective deals with small businesses and startups in Mississippi;
* The loan fund must show a one-to-one match of committed
				  funds for the total loan amount applied for;
* This match must be at the CDFI Fund level. Securing a
				  one-to-one match from other sources of funding for each individual transaction
				  using SBLF funds will not meet this initial requirement. Matching funds must
				  come from "private financing" in accordance with SSBCI definitions.
* The loan fund must demonstrate the operational capacity to
				  meet all compliance requirements for participating in the program;
* The loan fund must have a strong track record of serving
				  socially and economically distressed individuals (SEDI) businesses and
				  organizations as defined in United States Treasury guidelines;
* The loan fund must submit audited financial statements for
				  its past three (3) fiscal years and agree to continue to submit annual audited
				  financial statements; and
* The loan fund must be prepared to be fully responsible for
				  sourcing, underwriting, and deploying the capital applied for into startups and
				  small businesses.
Additionally, participating CDFI Loan Funds ("participants")
				  are expected to pursue, above the one-to-one match at the fund level, a ten
				  (10) to one (1) leverage overall from private financing. The additional
				  leverage can be at the transaction level as well as recycling the use of funds
				  by reinvesting returned capital.
Miss. Code
				  Ann. §
										57-10-601;
				  12 USC §
											5701 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 5 - Mississippi Community Development Financial Institution (CDFI) Small Business Loan Fund Program › Rule 6-9-5.4 - Terms of Loan Fund Participation

Current through June 25, 2024
All selected Participants are required to enter into a SBLF
				  Agreement. This agreement establishes the terms and conditions of the program
				  and obligates the Participant to meet the program requirements. The MDA will
				  review applications for participation in the SBLF from CDFI Funds meeting the
				  criteria outlined above. The MDA will make determinations on which applicants
				  participate in the program and to what extent. If an applicant is selected, the
				  following terms in the loan agreement between the Participant and the MDA will
				  apply:
* The initial loan is a nine-year term.
* 1% interest.
* Interest-only.
* No repayment guarantee.
* The entity must complete two (2) or more eligible
				  transactions per year during the length of the program.
* At least 85% of the transaction must be loans to
				  "SEDI-owned businesses."
* No principal of the CDFI Fund has been convicted of a sex
				  offense against a minor (as such terms are defined in section 111 of the Sex
				  Offender Registration and Notification Act (42 U.S.C. §
										16911)).
* The participant will abide by all rules and regulations of
				  the SBLF in accordance with SSBCI rules and regulations, including the eligible
				  use of funds described in these guidelines.
While the initial term of the loan is nine (9) years, the MDA
				  will consider applications to end the technical compliance requirements and
				  transaction approvals once all leverage and SEDI deployment requirements have
				  been met. However, if this is granted, the MDA will require participants to
				  provide quarterly reporting on SSBCI-eligible lending activity throughout the
				  MDA's compliance and reporting period to the United States
				  Treasury.
Miss. Code
				  Ann. §
										57-10-601;
				  12 USC §
											5701 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 5 - Mississippi Community Development Financial Institution (CDFI) Small Business Loan Fund Program › Rule 6-9-5.6 - Supported Transactions Information

Current through June 25, 2024
SBLF supported transactions with the participant must include
				  a disclosure form of all key terms in an easy-to-understand manner. Such
				  disclosures should include, for example, the loan or investment amount; payment
				  obligation and schedule; any terms giving the participant control over the
				  borrower's or investee's cash balances, cash flows or ownership; any conversion
				  rights and future rights to purchase equity; and any fees or extra
				  costs.
SBLF-supported transactions must follow the SSBCI's rate cap.
				  The interest rate for each individual loan, at the time of obligation and
				  throughout the term of the loan, may not exceed the National Credit Union
				  Administration's (NCUA) interest rate ceiling for loans made by federal credit
				  unions as described in 12
				  U.S.C. §
										1757(5)(A)(vi)(I) and set by
				  the NCUA board.
SBLF-supported transactions may not have certain features,
				  including any of the following:
1.
				Confessions of judgment;
2.
				Prepayment or "double-dipping" fees; or
3. Upfront fees or charges paid by the small
				business, excluding fees to the program, that exceed 3 percent for loans
				greater than $25,000 or $500 for loans under $25,000.
a. Lenders and borrowers may negotiate
				transaction terms as long as they are within the parameters established by
				these minimum standards, any additional requirements of the jurisdiction, and
				any applicable federal requirements.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 5 - Mississippi Community Development Financial Institution (CDFI) Small Business Loan Fund Program › Rule 6-9-5.8 - Loan Forgiveness or Loan Repayment

Current through June 25, 2024
Participants may apply to the MDA to have the SBLF loan
				  forgiven. The MDA will consider such applications for forgiveness if at a
				  minimum, the following conditions are met:
* The participant has achieved at least two to one overall
				  leverage within the 9-year term as calculated through the combined fund level,
				  reinvestment level, or transaction level; and
* At least 95% of leveraged activity is to SEDI
				  businesses.
The MDA is able to call any SBLF loans to a Participant
				  should the MDA determine that said Participant is not meeting the programmatic
				  requirements outlined. If the MDA calls the loan, the Participant must return
				  an amount of money equal to the principal of the SBLF loan. The MDA will not
				  forgive any of the principal on deployed funding.
Considerations for calling the SBLF loan are primarily
				  compliance with eligibility and reporting requirements as outlined in these
				  guidelines as well as deployment requirements. A participant must meet the
				  following benchmarks:
* Deployment of at least 50% of SSBCI funds within 18 months
				  of receipt of the loan from the MDA. If not met, the MDA may call the
				  loan.
* Deployment of at least 100% of SSBCI funds within 36 months
				  of receipt of the loan from the MDA. If not met, the MDA may call the
				  loan.
These two benchmarks will be evaluated on a
				  tranche-by-tranche basis. If a participating CDFI is not in compliance with
				  deployment benchmarks at the time a new tranche of funding is to be
				  allocated/disbursed by MDA, they are ineligible to receive funding in that
				  tranche.
If a Participant issues SBLF-enabled loans that result in a
				  loss of capital, the loss must at least be
pari passu
with the
				  SBLF funds. In the event that the MDA calls the overall SBLF loan, the
				  Participant will be required to fully repay the SBLF loan unless overall
				  benchmarks are met for principal forgiveness as indicated elsewhere in these
				  guidelines. Additionally, the MDA does reserve the right to factor loan fund
				  performance in future tranche awards, such that Participants that issue
				  underperforming loans may receive smaller SBLF loans in future tranche
				  awards.
Miss. Code
				  Ann. §
										57-10-601;
				  12 USC §
											5701 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 5 - Mississippi Community Development Financial Institution (CDFI) Small Business Loan Fund Program › Rule 6-9-5.9 - Application Process for Program Participation

Current through June 25, 2024
The MDA will conduct a fair and open application process for
				  selecting CDFI Funds to participate in the SBLF. This application process is
				  described below. Each application must include all of the following information
				  and documents:
* Documentation of certification as a CDFI-certified
				  non-depository institution;
* Documentation of headquarters in Mississippi;
* Summary chart of qualifying prospective loans in excess of
				  the funding amount sought;
* Organization chart and key personnel descriptions for the
				  team involved in running the SSBCI program, including compliance and reporting
				  to the MDA;
* Three most recent years of audited financial
				  statements;
* Proof of the one-to-one match for the first tranche of
				  funding as demonstrated by:
* Unrestricted cash in bank statements that could be used for
				  the SSBCI match
* Closed loans, credit facilities or other sources of private
				  capital (closed and not letters of intent or commitment letters); and
* Demonstration for matching for second and third tranches by
				  letters of intent or commitment letters from other funding sources that could
				  be used for the SSBCI match.
After receiving and reviewing each application, the MDA may
				  conduct interviews with each eligible loan fund to further confirm capacity or
				  clarify any points necessary. Following this review period, the MDA will make
				  final determinations on the loan size and terms for each participating CDFI
				  Fund. It is assumed that such determinations will be for the length of the SBLF
				  program period across all three tranches of funding for each participating
				  fund.
Miss. Code
				  Ann. §
										57-10-601;
				  12 USC §
											5701 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 5 - Mississippi Community Development Financial Institution (CDFI) Small Business Loan Fund Program › Rule 6-9-5.10 - Approval Process for Eligible Transactions

Current through June 25, 2024
The MDA will approve all SBLF transactions issued by
				  Participants. The Participant must submit a "Request for Determination of a
				  Qualified SBLF Loan" form to the MDA. If the request form meets the basic
				  qualifications, the MDA will approve within five business days. The MDA may
				  choose to conduct sample audits at any point in time of the participating loan
				  funds' SBLF transactions to further verify the representations made in the
				  form.
Miss. Code
				  Ann. §
										57-10-601.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 5 - Mississippi Community Development Financial Institution (CDFI) Small Business Loan Fund Program › Rule 6-9-5.11 - Reporting and Compliance Requirements

Current through June 25, 2024
All Participants must submit a monthly transaction level
				  report for all current and historic activities using SBLF funds. This
				  transaction level report must include:
* SBLF-enabled loan size and current balance;
* Total transaction size excluding non-eligible capital (ex.
				  SBA loans);
* Total eligible capital in the transaction for leverage
				  calculations;
* Any subsequent private financing secured by the borrower
				  after the transaction;
* Demographics of the borrower;
* Date the transaction began;
* Date the transaction was repaid;
* Term of the transaction; and
* Number of employees at the time of the transaction,
				  including independent contractors and sole proprietors.
The MDA will provide training to participating funds on the
				  tools that are required for reporting.
Miss. Code
				  Ann. §
										57-10-601;
				  12 USC §
											5701 et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 5 - Mississippi Community Development Financial Institution (CDFI) Small Business Loan Fund Program › Rule 6-9-5.12 - Waiver

Current through June 25, 2024
These rules and regulations may be amended by MDA at any
				  time. MDA, in its discretion, may temporarily waive any requirement of the
				  rules and regulations to the extent that the result of such waiver is to
				  promote the public purpose of the statute and is not prohibited by State
				  law.
Miss. Code
				  Ann. §
										57-10-601.
Mississippi Administrative Code › Title 6 - Economic Development › Part 9 - Economic Development Division › Chapter 5 - Mississippi Community Development Financial Institution (CDFI) Small Business Loan Fund Program › Rule 6-9-5.13 - Debarment and Suspension Policy

Current through June 25, 2024
To protect the public trust and interest imposed upon the
				  MDA, if it appears that the Company and/or its agent's conduct, as determined
				  by MDA, creates a reasonable belief that a particular act or omission that is
				  covered by this policy has occurred, the MDA shall implement such discretionary
				  actions known as debarment and suspension. At the time the Company files an
				  application fora loan, they must maintain that there is no action, suit
				  proceeding or investigation at law or in equity before or by any court or
				  governmental agency or body pending or, to the best knowledge of the Company,
				  after reasonable investigation and due inquiry, threatened against the Company
				  in any way contesting or affecting the validity of this Agreement or contesting
				  the powers of the Company to adopt, enter into or perform its obligations under
				  this Agreement or materially and adversely affecting the properties or
				  condition (financial or otherwise) or existence or powers of the
				  Company.
Inquiries should be directed to:
Mississippi Development Authority Attn:
Business Incentives Division
P.O. Box 849
Jackson, MS 39205
(601) 359-2058
Miss. Code
				  Ann. §
										57-10-601.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 1 - GCRF Section 7 Grant Program Rules & Regulations › Rule 6-11-1.1 - Program Objective

Current through June 25, 2024
A. The Mississippi Gulf Coast Restoration
				Fund (GCRF) Grant Program administered by the Mississippi Development Authority
				(MDA), is designed for making grants to finance projects to promote economic
				growth in the Gulf Coast region as defined by the federal RESTORE Act, or
				twenty-five (25) miles from the northern boundaries of the three (3) coastal
				counties of Harrison, Hancock, and Jackson, but not to expand beyond the
				boundaries of Hancock, Harrison, Jackson, Pearl River, Stone, and George
				counties. If a county is included in the coastal zone, then the county seat and
				the land lying to the east, west, and south within that county would be
				considered a part of the coastal zone.
B. The Mississippi Gulf Coast Restoration
				Fund Grant Program is authorized under Miss. Code Ann. §
									57-119-1,
et seq.
(the "Act"). Funding for grants to eligible applicants is derived from
				appropriations or funds otherwise made available by the State
				Legislature.
C. Section 7 of the
				Act requires an application by an eligible applicant which will be compiled and
				scored by MDA, with advice from the Gulf Coast Restoration Fund Advisory Board.
				MDA's recommendations will be presented to the Legislature no later than
				December 1 of each year. The Legislature shall determine the projects that will
				be funded in an upcoming appropriation bill.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 1 - GCRF Section 7 Grant Program Rules & Regulations › Rule 6-11-1.2 - Eligible Applicants

Current through June 25, 2024
Eligible applicants 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.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 1 - GCRF Section 7 Grant Program Rules & Regulations › Rule 6-11-1.3 - Eligible Projects

Current through June 25, 2024
The intent of the Act is to stimulate growth and economic
				  development in Pearl River, Stone, George, Jackson, Harrison, and Hancock
				  counties. The GCRF Grant program is designed to support projects that will
				  impact the competitiveness of these coastal counties and have a significant
				  economic benefit on the region. Per the Act, projects must have the potential
				  to generate increased economic activity in the region. The Act directs MDA to
				  give priority to projects that meet the following criteria:
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.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 1 - GCRF Section 7 Grant Program Rules & Regulations › Rule 6-11-1.4 - Approval Process for Section 7 Grants

Current through June 25, 2024
MDA, with advice from the Gulf Coast Restoration Fund
				  Advisory Board, shall review, compile, and score all timely received
				  applications submitted under Section 7 of the Act and shall present the
				  applications and its recommendations for assistance to individual projects
				  under Section 7 to the Legislature no later than December 1 of the year. The
				  Legislature shall determine individual projects that will be funded by separate
				  line items in an upcoming appropriation bill.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 1 - GCRF Section 7 Grant Program Rules & Regulations › Rule 6-11-1.5 - Match Requirements

Current through June 25, 2024
GCRF assistance may not be used to finance one hundred
				  percent (100%) of the cost of any project; however, this limitation shall not
				  apply to projects for public schools. All applicants, excluding public schools
				  must provide a match of at least twenty percent (20%) of the total project
				  costs from non-State funds. Direct project costs accrued on or after April 20,
				  2010, the date of the Deep Horizon disaster, are eligible as matching funds if
				  they meet the other match requirements and can be documented by the recipient
				  as to how much and when the money was spent. In-kind services cannot count
				  toward the twenty percent (20%) match requirement; however, they are eligible
				  to utilized for matching funds more than the twenty percent
				  requirement.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 1 - GCRF Section 7 Grant Program Rules & Regulations › Rule 6-11-1.6 - MDA Administrative Costs

Current through June 25, 2024
MDA reserves the right to recover from applicants and
				  recipients of GCRF funds a portion of the costs associated with administering
				  assistance provided under the Act.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 1 - GCRF Section 7 Grant Program Rules & Regulations › Rule 6-11-1.7 - General & Administrative Costs ("Soft Costs")

Current through June 25, 2024
GCRF funds may pay for professional services
				  (architectural/engineering fees, feasibility studies, geotechnical,
				  permitting), property acquisition services (appraisal fees, land surveys),
				  legal fees, loan fees, project management, advertising, marketing and PR fees;
				  however, the allowable amount is limited to ten percent (10%) of GCRF funds.
				  GCRF funds may not be used to pay grant administration costs, salary, wages or
				  fringe costs, travel costs, or consulting costs.
Miss. Code Ann. §
										57-119-1,
				  et seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 1 - GCRF Section 7 Grant Program Rules & Regulations › Rule 6-11-1.8 - Registering with the Secretary of State

Current through June 25, 2024
All business applicants must be licensed to do business in
				  the State by the Secretary of State's Office, as required by state
				  statute.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 1 - GCRF Section 7 Grant Program Rules & Regulations › Rule 6-11-1.9 - Mississippi Employment Protection Act

Current through June 25, 2024
All grant recipients entering into grant agreements with the
				  Mississippi Development Authority must represent and warrant that they will
				  ensure compliance with the Mississippi Employment Protection Act and will
				  register and participate in the E-Verify System, the federal employment status
				  verification system, of all newly hired employees.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 1 - GCRF Section 7 Grant Program Rules & Regulations › Rule 6-11-1.10 - Repayment of Funds

Current through June 25, 2024
Grant Agreements executed by MDA shall have provisions for
				  the repayment of funds by eligible applicants if the grant provided by MDA was
				  based upon fraudulent information provided by the applicant or the applicant
				  fails to meet performance metric requirements as described in the grant
				  agreement.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 1 - GCRF Section 7 Grant Program Rules & Regulations › Rule 6-11-1.11 - Submitting Applications for Funding under Section 7

Current through June 25, 2024
Applications for funding under Section 7 of the Act must be
				  submitted to MDA via web portal prior to the application deadline each year.
				  The web portal will be made available on MDA's website (
www.mississippi.org
) and will clearly state
				  the application portal submission dates. Submitted applications must include a
				  completed application and all necessary supporting documentation submitted in
				  Portable Document Format (.pdf) via the web portal. Applications will not be
				  accepted after the portal has closed for any given year; MDA will not accept
				  applications submitted outside of the web portal.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 1 - GCRF Section 7 Grant Program Rules & Regulations › Rule 6-11-1.12 - Application Requirements

Current through June 25, 2024
The portal application will include the following:
A. The name, address, and contact information
				of the applicant and the benefiting entity, if different;
B. A detailed description of the project and
				a narrative explaining how the project relates to the statutory priorities of
				the Act;
C. Current employment
				levels at the project site and an estimated increase, if any, as a result of
				the project (if applicable);
D. A
				description of the applicant's investment in the project and all public and/or
				private sources of funding that have been secured and that will be utilized
				exclusively for the project;
E.
				Cost estimate: a cost estimate must be submitted by an engineer, architect, or
				appropriate official;
F. Timeline
				for implementation and completion of the project;
G. Budget sheet;
H. Project Maps and/or Construction Drawings,
				if applicable;
I. Executed copy of
				the local unit of government's resolution of authorization to apply for grant
				funds (if the applicant is a public entity);
J. Executed copy of the local unit of
				government's resolution committing matching funds to the project (if the
				applicant is a public entity);
K.
				Documentation of additional funds, if applicable (all matching funds must be
				committed and in place with documentation at the time of
				application);
L. Supporting
				documentation, such as pictures, company commitment letters, letters of support
				from stakeholders, etc., if applicable;
M. Proof that E-Verification systems are in
				place, if applicable;
N. Proof of
				Secretary of State Status, if applicable.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 1 - GCRF Section 7 Grant Program Rules & Regulations › Rule 6-11-1.13 - Application Review Process

Current through June 25, 2024
Following the closure of the web portal, MDA will review,
				  compile and score all applications and attachments submitted through the
				  portal. MDA will provide all project information to the GCRF Advisory Board for
				  its review and will take its recommendations on projects prior to MDA
				  submitting its recommendation to the Legislature no later than December 1 of
				  the year.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 1 - GCRF Section 7 Grant Program Rules & Regulations › Rule 6-11-1.14 - Award Process

Current through June 25, 2024
Upon GCRF funds being appropriated by the legislature, MDA
				  will request project information for all appropriated projects. Once a
				  completed project information packet is received and approved by MDA, a binding
				  grant agreement will be executed between the Mississippi Development Authority
				  and the recipient for the specific amount awarded and for the particular
				  activity appropriated by the Legislature. Construction may not begin prior to
				  an effective grant award date. Any expenses incurred before January 1 of the
				  year a project is first appropriated will not be reimbursed by
				  MDA.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 1 - GCRF Section 7 Grant Program Rules & Regulations › Rule 6-11-1.15 - Procurement

Current through June 25, 2024
All contracts and purchases must be made in accordance with
				  normal bid and purchase laws of a local unit of government or other public
				  entity if the grant is for a public purpose.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 1 - GCRF Section 7 Grant Program Rules & Regulations › Rule 6-11-1.16 - Minority and Women Owned Business Enterprises

Current through June 25, 2024
MDA encourages the maximum opportunity for increased
				  participation by minority and women-owned business enterprises in the
				  procurement of goods and services. MDA's Minority Business Division and the
				  Mississippi Procurement Technical Center can assist with minority and
				  women-owned business enterprise outreach efforts. See
www.mmbr.org
or
www.mscpc.com
for more information.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 1 - GCRF Section 7 Grant Program Rules & Regulations › Rule 6-11-1.17 - Disbursement of Funds

Current through June 25, 2024
A. All funds awarded must be spent for
				improvements within the scope of the project description as stated in the
				project information packet.
B. MDA
				will reimburse applicants for eligible costs incurred for the
				project.
C. All funded projects are
				required to begin within 12 months of the award date. Where the project has not
				commenced within 12 months, the applicant must satisfactorily demonstrate that
				the project is proceeding or the award may be de-obligated.
D. Recipients will have one (1) year to
				request reimbursement for GRCF funds, with an expiration of June 30th of the
				following year after appropriation. All open projects will be subject to
				reappropriation by the Legislature in subsequent years until the project is
				complete.
E. Invoices, proof of
				payment and other documentation must be submitted with the Request for Cash
				form for funds to be disbursed. A copy of the Request for Cash form and
				detailed instructions for submitting payment requests will be provided after
				the grant agreement is executed.
F.
				All forms submitted must be accurately completed or the request cannot be
				processed and will be returned to the recipient. Forms submitted with errors
				will delay the process and impact the turnaround time for funds being released
				because all information must be verified and approved for payment prior to
				submission to the Department of Finance and Administration. According to state
				statute, 45 days is allowed for the processing of cash requests. If after the
				45th day payment has not been received, recipients should contact MDA to check
				on the status of their request.
G.
				Requests for Cash overlapping the State's fiscal year (June 30th ) must be
				separated into two separate requests.
H. All requests for reimbursement of
				construction expenses must include an itemized invoice approved by the
				engineer/architect.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 1 - GCRF Section 7 Grant Program Rules & Regulations › Rule 6-11-1.18 - Grant Agreement Modifications

Current through June 25, 2024
A. MDA must approve any request for a grant
				agreement amendment, modification, or extension. GCRF grant recipients must
				submit correspondence and documentation associated with the request, signed
				under the original signature of the chief elected official, appointed executive
				officer, or officer of any private entity supporting the need for the change(s)
				or extension.
B. MDA must approve
				any changes to the original budget. Failure to have approval may result in an
				ineligible activity which may result in the repayment of grant funds to
				MDA.
C. No approved applicant will
				be allowed to use excess funds to pay for project costs not accounted for in
				the original project description. Additionally, if a recipient completes a
				project for less than the amount awarded, excess funds can be requested for
				additional project work if there is no change from the scope of the original
				project.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 1 - GCRF Section 7 Grant Program Rules & Regulations › Rule 6-11-1.19 - Reporting

Current through June 25, 2024
To comply with the Act's reporting requirements, GCRF grant
				  recipients must submit a Quarterly Report to MDA no later than January
				  15th, April 15th, July
				  15th and October 15th of
				  every year. MDA will provide the Quarterly Report form. The failure to submit
				  Quarterly Report will result in a delay in processing requests for cash and
				  close-out packages.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 1 - GCRF Section 7 Grant Program Rules & Regulations › Rule 6-11-1.20 - Monitoring

Current through June 25, 2024
A. Funds provided under the GCRF are subject
				to audit by the Mississippi State Auditor's office. Additionally, MDA will also
				monitor all projects to ensure compliance with the original application
				submitted. All recipients must comply with requests from MDA regarding
				information required by the Legislature.
B. During the life of the project or at
				project completion, MDA will contact the grant recipient to determine a date
				for a monitoring visit.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 1 - GCRF Section 7 Grant Program Rules & Regulations › Rule 6-11-1.21 - Close-Out Process

Current through June 25, 2024
A. The close-out process encompasses a series
				of activities to verify that GCRF funds have been properly spent and that all
				GCRF administrative actions and all required work on the project has been
				completed in a timely and acceptable manner.
B. The close-out process should begin when
				the following criteria have been met:
(i.) All
				costs to be paid with program funds have been paid, including any unsettled
				third- party claims.
(ii.) The
				recipient has fulfilled all its responsibilities under the grant agreement.
				This includes injection of all matching funds, all private investment,
				achieving all performance metrics and all job creation/retention commitments
				(where applicable).
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 1 - GCRF Section 7 Grant Program Rules & Regulations › Rule 6-11-1.22 - File Maintenance

Current through June 25, 2024
Maintaining an efficient filing system is critical to the
				  administration and monitoring of a GCRF grant. A successful monitoring
				  experience hinges on the quality with which the recipient maintains its filing
				  system and the ease of obtaining information from those files. When
				  establishing a file system, grant recipients should consider using two
				  categories to set up their files, grant files, and project files. The grant
				  files should contain documentation and information that relate to the overall
				  funding and administration of the project. The project files should contain
				  specific documentation and information pertaining to the GCRF project and
				  should be maintained for a minimum of five (5) years from grant closeout or for
				  the period required as specified by governing regulations.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 1 - GCRF Section 7 Grant Program Rules & Regulations › Rule 6-11-1.23 - Waiver

Current through June 25, 2024
These guidelines may be amended by MDA at any time. MDA, at
				  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.
Program Contacts.
With questions or to
				  request more information regarding the GCRF grant program, contact:
Mississippi Development Authority
Financial Resources Division
P.O. Box 849
Jackson, Mississippi 39205
601.359.3619
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 2 - GCRF Section 8 Grant Program Rules & Regulations › Rule 6-11-2.1 - Program Objective

Current through June 25, 2024
A. The Mississippi Gulf Coast Restoration
				Fund (GCRF) Grant Program administered by the Mississippi Development Authority
				(MDA), is designed for making grants to finance projects to promote economic
				growth in the Gulf Coast region as defined by the federal RESTORE Act, or
				twenty-five (25) miles from the northern boundaries of the three (3) coastal
				counties of Harrison, Hancock, and Jackson, but not to expand beyond the
				boundaries of Hancock, Harrison, Jackson, Pearl River, Stone, and George
				counties. If a county is included in the coastal zone, then the county seat and
				the land lying to the east, west, and south within that county would be
				considered a part of the coastal zone.
B. The Mississippi Gulf Coast Restoration
				Fund Grant Program is authorized under Miss. Code Ann. §
									57-119-1,
et seq.
(the "Act"). Funding for grants to eligible applicants is derived from
				appropriations or funds otherwise made available by the State
				Legislature.
C. Section 8 of the
				Act provides that MDA shall receive an annual appropriation to make grants to
				eligible applicants throughout the year.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 2 - GCRF Section 8 Grant Program Rules & Regulations › Rule 6-11-2.2 - Eligible Applicants

Current through June 25, 2024
Eligible applicants 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.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 2 - GCRF Section 8 Grant Program Rules & Regulations › Rule 6-11-2.3 - Eligible Projects

Current through June 25, 2024
The intent of the Act is to stimulate growth and economic
				  development in Pearl River, Stone, George, Jackson, Harrison, and Hancock
				  counties. The GCRF Grant program is designed to support projects that will
				  impact the competitiveness of these coastal counties and have a significant
				  economic benefit on the region. Per the Act, projects must have the potential
				  to generate increased economic activity in the region. The Act directs MDA to
				  give priority to projects that meet the following criteria:
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 longterm 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.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.
Mississippi Administrative Code › Title 6 - Economic Development › Part 11 - Mississippi Gulf Coast Restoration Fund Program › Chapter 2 - GCRF Section 8 Grant Program Rules & Regulations › Rule 6-11-2.4 - Approval Process for Section 8 Grants

Current through June 25, 2024
MDA shall review all applications received during the
				  appropriated year for consideration under Section 8 of the Act and shall make a
				  determination, based on the statutory priorities listed above, regarding which
				  eligible projects are to be funded. The Legislature will provide MDA with an
				  appropriated amount of funds for use in funding these
				  projects.
Miss. Code
				  Ann. §
										57-119-1, et
				  seq.