Read the full stored bill text
S. B. No. 2843 *SS08/R544* ~ OFFICIAL ~ G1/2
26/SS08/R544
PAGE 1 (icj\kr)
To: Finance
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026
By: Senator(s) DeLano
SENATE BILL NO. 2843
AN ACT TO AMEND SECTION 57-1-701, MISSISSIPPI CODE OF 1972, 1
TO REVISE THE DEFINITIONS OF "ELIGIBLE EXPENDITURES" AND "SITE 2
DEVELOPMENT IMPROVEMENTS"; AND FOR RELATED PURPOSES. 3
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 4
SECTION 1. Section 57-1-701, Mississippi Code of 1972, is 5
amended as follows: 6
57-1-701. (1) For the purposes of this section, the 7
following words and phrases shall have the meanings ascribed in 8
this subsection unless the context clearly indicates otherwise: 9
(a) "Eligible entity" means any (i) county, (ii) 10
municipality or (iii) public or private nonprofit local economic 11
development entity including, but not limited to, local 12
authorities, commissions, or other entities created by local and 13
private legislation or pursuant to Section 19-5-99. 14
(b) "Optioned property" means industrial property that 15
is subject to a real estate option to purchase contract entered 16
into between an eligible entity and a real estate owner, where 17
such option shall be for a minimum of three (3) years and the 18
S. B. No. 2843 *SS08/R544* ~ OFFICIAL ~
26/SS08/R544
PAGE 2 (icj\kr)
option price shall not exceed the appraised fair market value of 19
the real estate. 20
(c) "Eligible expenditures" means: 21
(i) Fees for architects, engineers, environmental 22
consultants, attorneys, and such other advisors, consultants and 23
agents that MDA determines are necessary to complete site due 24
diligence associated with site development improvements located 25
on, or utility improvements serving, industrial property that is 26
publicly owned or is optioned property; 27
(ii) Contributions toward site development 28
improvements, as approved by MDA, located on industrial property 29
that is publicly owned; 30
(iii) Contributions toward public infrastructure 31
improvements directly serving industrial property that is publicly 32
owned or is optioned property; * * * 33
(iv) Contributions toward acquisition of publicly 34
owned real property used for economic development purposes by an 35
eligible entity, where the acquisition price shall not exceed the 36
appraised fair market value of the property * * *; 37
(v) Contributions toward the acquisition of 38
easements and rights-of-way directly serving industrial property 39
that is publicly owned or is optioned property; and/or 40
(vi) Contributions toward improvements to enhance 41
the delivery of electricity and gas to industrial property that is 42
publicly owned or is optioned property. 43
S. B. No. 2843 *SS08/R544* ~ OFFICIAL ~
26/SS08/R544
PAGE 3 (icj\kr)
(d) "MDA" means the Mississippi Development Authority. 44
(e) "Site development improvements" means site 45
clearing, grading, and environmental mitigation; improvements to 46
drainage systems; * * * sewer systems; transportation directly 47
affecting the site, including roads, bridges or rail; bulkheads; 48
taxiways and parking ramps; land reclamation; water supply 49
(storage, treatment and distribution); telecommunications systems, 50
including fiber optic; natural gas distribution systems; aesthetic 51
improvements; the dredging of channels and basins; or other 52
improvements as approved by MDA. 53
(2) (a) There is hereby created in the State Treasury a 54
special fund to be designated as the "Mississippi Site Development 55
Grant Fund," which shall consist of funds made available by the 56
Legislature in any manner and funds from any other source 57
designated for deposit into such fund. Unexpended amounts 58
remaining in the fund at the end of a fiscal year shall not lapse 59
into the State General Fund, and any investment earnings or 60
interest earned on amounts in the fund shall be deposited to the 61
credit of the fund. Monies in the fund shall be used to make 62
grants to assist eligible entities as provided in this section. 63
(b) Monies in the fund which are derived from proceeds 64
of bonds issued under Section 2 of Chapter 390, Laws of 2017, 65
Section 5 of Chapter 412, Laws of 2018, Section 1 of Chapter 421, 66
Laws of 2019, Section 4 of Chapter 492, Laws of 2020, Section 8 of 67
Chapter 480, Laws of 2021, or Section 1 of * * * Chapter 503, Laws 68
S. B. No. 2843 *SS08/R544* ~ OFFICIAL ~
26/SS08/R544
PAGE 4 (icj\kr)
of 2025, or provided by the Legislature, may be used to reimburse 69
reasonable actual and necessary costs incurred by MDA for the 70
administration of the various grant, loan and financial incentive 71
programs administered by MDA. An accounting of actual costs 72
incurred for which reimbursement is sought shall be maintained by 73
MDA. Reimbursement of reasonable actual and necessary costs shall 74
not exceed three percent (3%) of the proceeds of bonds issued or 75
the monies provided by the Legislature. Reimbursements under this 76
subsection shall satisfy any applicable federal tax law 77
requirements. 78
(3) (a) MDA shall establish a program to make grants to 79
eligible entities to match local or other funds associated with 80
improving the marketability of publicly owned industrial property 81
for industrial economic development purposes and other property 82
improvements as approved by MDA. An eligible entity may apply to 83
MDA for a grant under this program in the manner provided for in 84
this section. An eligible entity desiring assistance under this 85
section must provide matching funds in an amount determined by 86
MDA. Matching funds may be provided in the form of cash and/or 87
in-kind services as determined by MDA. 88
(b) An eligible entity desiring assistance under this 89
section must submit an application to MDA. The application must 90
include: 91
(i) A description of the eligible expenditures for 92
which assistance is requested; 93
S. B. No. 2843 *SS08/R544* ~ OFFICIAL ~
26/SS08/R544
PAGE 5 (icj\kr)
ST: Mississippi Site Development Grant Fund;
revise definitions.
(ii) The amount of assistance requested; 94
(iii) The amount and type of matching funds to be 95
provided by the eligible entity; and 96
(iv) Any other information required by MDA. 97
(c) Upon request by MDA, an eligible entity shall 98
provide MDA with access to all studies, reports, documents and/or 99
plans developed as a result of or related to an eligible entity 100
receiving assistance under this section. 101
(4) MDA shall have all powers necessary to implement and 102
administer the program established under this section, and the 103
department shall promulgate rules and regulations, in accordance 104
with the Mississippi Administrative Procedures Law, necessary for 105
the implementation of this section. 106
(5) MDA shall file an annual report with the Governor, the 107
Secretary of the Senate and the Clerk of the House of 108
Representatives not later than December 1 of each year, describing 109
all assistance provided under this section. 110
SECTION 2. This act shall take effect and be in force from 111
and after July 1, 2026. 112