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148 | FINANCEChart 3. Segmentation of themunicipal bond market by use ofinsurance on municipal debt.pi Business Investment Act Programis established under the direction ofMDA for the purpose of making loansto local governments for financingprojects necessary to complement industrialinvestment by eligible privatecompanies and to create and maintainnew full-time jobs within the state.A private company must: create andmaintain at least one new full-timejob for every $15,000 loaned; makea private match of at least $3 for every$1 of state assistance; create andmaintain a minimum of 10 new fulltime jobs.■ CAP Loan Program. The CAP LoanProgram is administered by MDA forthe purpose of assisting counties andmunicipalities in making capital improvementspursuant to Miss. CodeAnn. Section 57-1-301 et seq. Themaximum loan amount under theprogram is $500,000 during a calendaryear. Loan proceeds may be expendedfor public infrastructure and the construction,renovation, or purchase ofSource: Securities Data Companyindustrial buildings as provided underthe enabling act.■ Mississippi Small Business AssistanceProgram. This assistance is availableto manufacturers, wholesalers, retailers,and service providers that meetthe requirements for a small businessunder the enabling act. Proceeds maybe used for land/building, machinery/equipment,working capital, andstart-up expenses. The maximum loanunder the program is limited to 50percent of project cost or $100,000,whichever is less.■ Mississippi Major Economic ImpactAuthority. Pursuant to Miss. CodeAnn. Section 57-75-1, this programauthorizes the state to issue generalobligation bonds to assist local governmentsin developing major capitalprojects. Proceeds of the bonds maybe used to provide for transportation,education, recreation, and medicalfacilities surrounding the projectsite. In addition, public infrastructureimprovements may be eligible for financing.Eligible projects include newprojects or expansions to existing facilitieshaving a minimum investmentof $300 million by the private enterpriseor the U.S. government. Eligibleprojects under the enabling act includeindustrial or commercial facilities, researchand development, warehousingor distribution facilities, transportationfacilities, processing facilities,mining establishments, U. S. governmentprojects, and tourism projects.The Advantage Mississippi Initiative,which was enacted by the state legislaturein August 2000, amends theMajor Economic Impact Act to applyto an industrial enterprise with acapital investment not less than $150million and 1,000 net new full-timejobs, or with 1,000 net new full-time
THE GOVERNOR’S COMMISSION REPORT | 149jobs paying 125 percent of the averageannual state wage. The MississippiMajor Economic Impact Act was alsoamended to authorize the MississippiMajor Economic Impact Authorityto negotiate a fee-in-lieu of franchisetax on an eligible project, which maynot be less than $25,000 annually.The amendment also allows the StateBond Commission to issue generalobligation bonds in a limited amountfor additional purposes which includethe cost of providing for recruitment,selection, and training of employeesand related activities.■ Mississippi Loan Guaranty Program(Guaranty Loan). Under the GuarantyLoan Program, the state of Mississippiprovides loan guarantees forborrowers approved by the MississippiBusiness Finance Corporation. Theguarantee reduces the lender’s risk,which enables the borrower to obtainfinancing for eligible projects. Eligibleparties include manufacturers, wholesalers,retailers, and service providers.Proceeds may be used for land/building,machinery/equipment, workingcapital, and start-up expenses. Themaximum loan amount is $500,000.The maximum guarantee is 75 percentof the loan amount or $375,000,whichever is less.■ Minority Business Enterprise LoanProgram (Minority Loan). Underthe Minority Loan Program, MBFCmakes loans to qualified minoritybusinesses. Eligible businesses includemanufacturers, wholesalers, retailers,or service providers that meet therequirements for a minority businessunder the enabling act. Eligible expendituresinclude land/building, machinery/equipment,working capital,and start-up expenses. The maximumloan under the program is $500,000,with a minimum loan of $2,000. Forloans over $15,000, the state fundsup to 50 percent while for loans of$15,000 or less, the state funds up to100 percent.■Community Development BlockGrant Program (CDBG). The CDBGProgram makes grants available to citiesand counties that show a genuineneed for specific projects and canmeet the program’s state and federaleligibility requirements. All Mississippicounties and cities are eligible forCDBG funds. The cities of Jackson,Biloxi, Gulfport, Hattiesburg, MossPoint, and Pascagoula are “entitlementcities” and may recieve CDBG fundsdirectly from the federal governmentinstead of applying through the state.The primary criteria for receivingCDBG funds is to provide jobs forpersons of low and moderate income.MDA accepts applications for communitiesin subcategories: (1) Economicand Development Public Improvementfunds improvements suchas the provision of water, sewer, andaccess roads within a community; and(2) Economic Development Programthat provides for-profit businesses theability to promote economic developmentby creating and retaining jobsprimarily for low- and moderate-incomefamilies.Tax Increment Financing(TIF)Tax increment financings (alsoknown as a “tax allocation bonds”) arepayable from the incremental increasein tax revenues realized from any increasein property value resulting from capitalimprovements benefiting the propertiesthat are financed with bond proceeds. Taxincrement bonds often are used to financepublic infrastructure improvements inconnection with redevelopment projectswithout the necessity of issuing generalChart 4. Segmentation of themunicipal bond market bymunicipal market use of proceeds.Source: Securities Data Company
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Governor’s Commissionon Recovery,
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THE GOVERNOR’S COMMISSION REPORT
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INFRASTRUCTUREThe four subcommittee
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12 | LAND USE■ City land use plan
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14 | LAND USEgional level, coastal
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16 | LAND USElored for South Missis
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18 | LAND USEThe qualityof life and
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20 | LAND USEand building requireme
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22 | LAND USEThroughout the Renewal
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24 | LAND USEapproval process for c
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26 | INTERMODAL TRANSPORTATIONINTER
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28 | INTERMODAL TRANSPORTATIONson C
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30 | INTERMODAL TRANSPORTATIONOn pu
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32 | INTERMODAL TRANSPORTATIONOn th
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34 | INTERMODAL TRANSPORTATIONOn th
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36 | PUBLIC SERVICESPUBLICSERVICESK
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38 | PUBLIC SERVICEStic tank use; a
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40 | PUBLIC SERVICESsources. The go
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42 | PUBLIC SERVICESBefore Katrinan
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44 | PUBLIC SERVICEScoverage capabi
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46 | PUBLIC SERVICESThe methods by
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48 | AFFORDABLE HOUSINGAFORDABLEHOU
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50 | AFFORDABLE HOUSINGTable 1, bel
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52 | AFFORDABLE HOUSINGlived below
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54 | AFFORDABLE HOUSINGthat about 6
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56 | AFFORDABLE HOUSINGbe helpful.
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58 | AFFORDABLE HOUSING[I]t would a
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60 | AFFORDABLE HOUSINGcities or co
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62 | AFFORDABLE HOUSINGand heavy tr
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64 | AFFORDABLE HOUSINGInvestment A
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66 | AFFORDABLE HOUSINGmendations i
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68 | AFFORDABLE HOUSINGadvice on th
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70 | AFFORDABLE HOUSINGAs insurance
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72 | AFFORDABLE HOUSINGRecommendati
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ECONOMICDEVELOPMENTIn this section
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Reports - Mississippi Renewal

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