MISSISSIPPI LEGISLATURE

1998 Regular Session

To: Economic Dev, Tourism and Parks; Finance

By: Senator(s) Horhn

AN ACT TO AUTHORIZE THE MISSISSIPPI DEPARTMENT OF ECONOMIC AND COMMUNITY DEVELOPMENT TO PROVIDE GRANTS AND INTEREST-FREE LOANS UNDER THE MISSISSIPPI BUSINESS INVESTMENT ACT FOR CERTAIN PROJECTS IN THE FARISH STREET ENTERTAINMENT DISTRICT UPON THE CITY OF JACKSON COMMITTING A CERTAIN AMOUNT OF FUNDS; AND FOR RELATED PURPOSES. 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. (1) Notwithstanding any provision of this chapter to the contrary, the Department of Economic and Community Development shall utilize not more than Six Million Dollars ($6,000,000.00) out of the proceeds of bonds authorized to be issued in this chapter to be made available as interest-free loans to the City of Jackson for improvements on publicly owned property necessary to complete the Farish Street Entertainment District; provided, however, that the department shall only issue the grants authorized in this subsection upon receipt of an irrevocable commitment by the City of Jackson to provide funds in the amount of One Million Five Hundred Thousand Dollars ($1,500,000.00) for improvements on publicly owned property as described in this subsection. The funds required of the City of Jackson may be provided in the form of in kind contributions. Payments on such loan shall be deferred for not to exceed ten (10) years. Any funds not expended under this subsection shall be deposited into the Mississippi Business Investment Sinking Fund.

(2) Notwithstanding any provision of this chapter to the contrary, the City of Jackson shall certify to the department the amount of money necessary for land acquisition, construction of an amphitheater, infrastructure, parking lots, and maintenance, for the Farish Street Entertainment District, which shall not be more than Three Million Dollars ($3,000,000.00), and the department shall provide a grant for such amount out of the proceeds of bonds issued under this chapter; provided, however, that the department shall only issue grants in an amount equal to funds irrevocably committed by the City of Jackson for the purposes described in this subsection. The funds required of the City of Jackson may be provided in the form of in kind contributions. Any funds remaining unexpended upon completion of such project shall be deposited in the Mississippi Business Investment Sinking Fund.

(3) The requirements of Section 57-61-9 shall not apply to any loan or grant made under this section.

SECTION 2. Section 1 of this act shall be codified in Chapter 61, Title 57, Mississippi Code of 1972.

SECTION 3. This act shall take effect and be in force from and after its passage.