Mississippi Major Economic Impact Authority (MMEIA)
The Mississippi Major Economic Impact Authority (MMEIA), administered by the Mississippi Development Authority (MDA) and the State Bond Commission, is designed to allow the state, through the issuance of general obligation bonds, to assist local communities in meeting the development requirements inherent in large capital projects, thereby generating an investment in the quality of life in such communities.
Eligibility
All units of local government are eligible with projects that offer a minimum investment of $300 million by the private sector.
Eligible Projects
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New facilities or expansions of existing facilities with a minimum initial investment of $300 Million by the private sector or the US Government.
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Improvement of transportation, education, recreation and medical facilities within 65 miles of a project site. Certain other infrastructure needs are also eligible for financing.
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Industrial or commercial projects, research and development, warehousing, distribution, transportation, processing, mining establishments, US Government projects and tourism facilities.
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Employers may also qualify if they have a capital investment of $150 million and create 1000 net new jobs or if they create 1000 net new jobs that pay 125% of the annual wage rate of the state. Ancillary developments that occur as a result of certain enterprises may also be eligible.
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For new projects, a fee-in-lieu of franchise tax in an amount not less than $25,000 may be negotiated.
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The program also authorizes the use of general obligation bonds for defraying the cost of providing for the recruitment, screening, selection, andtraining and retraining of employees.
How to Apply for Program
A qualified local governmental entity should complete an application form and submit to MDA for review and approval.
Statute
The MMEIA is authorized by State Statute Section 57-75-1 et seq., MS Code, Annotated.