Amendment_Report_for

SECTION 1. This act shall be known and may be cited as the "Mississippi Main Street Revitalization Grant Program Act."

SECTION 2. The Mississippi Main Street Revitalization Grant Program Act will authorize the Legislature, as well as the Department of Finance and Administration through appropriations by the Legislature, to make grants available to selected Main Street Designated Community programs for projects leading to the revitalization of Mississippi's downtowns.

SECTION 3. (1) For the purposes of this section:

(a) "Eligible recipient" means a Main Street Designated Community that is a good-standing member of the MMSA, has obtained Section 501(c)(3) tax-exempt status or Section 501(c)(6) tax-exempt status from the Internal Revenue Service and possesses matching funds to match twenty percent (20%) of the total project cost. A Main Street Designated Community will be ineligible for a grant under this section, if their community was a recipient of a grant under this section in the previous year.

(b) "Main Street Designated Community" means a local Main Street program that has achieved and maintained Designated Community status by the MMSA.

(c) "Matching funds" means cash funds that are either in the applicant's possession or proposed by a match partner and clearly identified in a support letter and are reserved for the proposed project. No state funds may be included in determining the amount of the match.

(d) "MMSA" means the Mississippi Main Street Association.

(2) The MMSA shall accept applications from eligible recipients, prioritize their applications and submit a list of suggested recipients to the Legislature no later than December 1 of each year. Beginning with the 2024 Regular Session of the Legislature, and each Regular Session thereafter, the Legislature shall review the submitted list and determine the projects for which to award grants to eligible recipients through the Department of Finance and Administration in an appropriation bill. The MMSA will consider projects in relation to the following criteria:

(a) The demonstration of local financial need;

(b) Projects that demonstrate high local impact;

(d) Projects that demonstrate best practices in preservation;

(e) Projects that will have local administration and implementation capacity;

(f) The distribution of geographic size and location of the project;

(g) Projects that will be completed on time; and

(h) Whether the community in which the project is located has not received funding under this section for the previous year.

(3) The Department of Finance and Administration shall provide grant funds to the Main Street Designated Communities under this section on a reimbursement basis, not to exceed Five Hundred Thousand Dollars ($500,000.00) per community each year, and grantees shall not receive compensation for their required twenty percent (20%) local match. Main Street Designated Communities with a population of less than ten thousand (10,000), shall be required to have a local cash match of ten percent (10%) for the first One Hundred Thousand Dollars ($100,000.00) requested, then will be required to have a local cash match of twenty percent (20%) for any amount over One Hundred Thousand Dollars ($100,000.00).

(4) Eligible costs for the expenditure of grant funds include the acquisition of land and any improvements thereon, preservation of historic downtown structures and sites, and initiatives that will produce a revitalization to the economy of the historic downtown areas.

(5) Grants may be awarded for prospective purchases or for acquisitions of which the applicant has closed. In the latter case, the applicant shall demonstrate:

(a) The closing occurred no more than twelve (12) months prior to the date of application for the grant; and

(b) The subject purchase was made to help preserve and revitalize the location and economy of a historic downtown community.

(6) Any eligible organization making an acquisition of downtown property or interest therein pursuant to this section shall grant to the Mississippi Department of Archives and History or other holder a perpetual easement placing reasonable restrictions on the use or development of the land. In cases where the easement is granted to a holder other than the Mississippi Department of Archives and History, all terms and conditions of the easement shall be reviewed by and found by the Mississippi Department of Archives and History to accomplish the perpetual preservation of the historic downtown property. Such other holder shall demonstrate to the department that it has the capacity and expertise to manage and enforce the terms of the easement.

(7) Grantees must adhere to Mississippi state procedures and guidelines relating to the implementation and financing of the approved project. Grantees must also submit any and all audit and financial statements as required by the State of Mississippi.

(8) Nothing in this section shall preclude the subsequent transfer or assignment by a state agency or other owner or holder of any property interest acquired pursuant to this section to the State of Mississippi, the county, city, town or municipality in which the land is located, for the purpose of further preserving, improving, or maintaining the downtown property. The Department of Finance and Administration shall facilitate transfers and assignments of any such interests held by the department.

(9) There is created in the State Treasury a special fund to be known as the "Mississippi Main Street Revitalization Grant Program Fund," which shall consist of funds made available by the Legislature in any manner, funds received as grants, endowments or gifts from the federal government, its agencies and instrumentalities, and funds from any other source designated for deposit into such fund. The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, and any investment earnings or interest earned on amounts in the fund shall be deposited to the credit of the fund. Monies in the fund shall be used by the Department of Finance and Administration, upon appropriation by the Legislature, for the purposes provided in this section.

(10) The Department of Finance and Administration shall administer the fund and establish guidelines for the expenditure of grant funds and reports relating to the expenditure of grant funds. The department may utilize no more than two percent (2%) of the amount of funds deposited into the Mississippi Main Street Revitalization Grant Fund for administrative expenses in carrying out its duties under this section.

(11) To carry out this act, the Department of Finance and Administration may enter into cooperative agreements with entities in the public and private sectors, including:

(a) Colleges and universities;

(b) Historical societies;

(d) Nonprofit organizations.

(12) To develop cooperative land-use strategies and conduct activities that facilitate the conservation of the historic, cultural, natural and scenic resources, the Department of Finance and Administration may require that recipients seek and secure technical assistance from the MMSA, to the extent that a recipient of technical assistance is engaged in the protection, interpretation or commemoration of historically significant property in the area in and around the historic downtown site. The MMSA will provide administrative support to local Main Street grantees to ensure proper grant administration and project implementation.

SECTION 4. This act shall take effect and be in force from and after July 1, 2023.