HB 1383 — Economic Development Highway Act; revise definition of high economic benefit project.

HB1383 (As PassedSent theto House)Governor) - 2020 Regular Session MISSISSIPPI LEGISLATURE Regular Session To:

Representative McGee House Bill 1383 (As PassedSent theto House)Governor) AN ACT TO AMEND SECTION 65-4-5, MISSISSIPPI CODE OF 1972, TO REVISE THE DEFINITION OF HIGH ECONOMIC BENEFIT PROJECT FOR THE ECONOMIC DEVELOPMENT HIGHWAY ACT TO INCLUDE CERTAIN NEW INVESTMENTS TO ESTABLISH A PRIVATE REGIONAL OR NATIONAL HEADQUARTERS;

TO AMEND SECTION 65-4-15, MISSISSIPPI CODE OF 1972, TO CLARIFY THAT A MIXED-USE DEVELOPMENT THAT INCLUDES A RETAIL SPACE COMPONENTTHAT IS NO MORE THAN 20% OF THE SQUARE FOOTAGE OF THE DEVELOPMENT IS NOT PROHIBITED FROM RECEIVING MONIES AS A HIGH ECONOMIC BENEFIT PROJECT;

              (ix)  [Repealed]                             (x)  Any project as defined in Section 57-75-5(f)(xxi);

              (xiv)  Any new investments in land, buildings, depreciable fixed assets and improvements of at least Fifteen Million Dollars ($15,000,000.00) by a private company to establish a private regional or national headquarters and such new investments provide for the employment of at least one hundred (100) new employees in the aggregate over a fivefive-year (5) year period with those new employees earning an annual average salary, excluding benefits which are not subject to Mississippi income taxes, of at least one hundred fifty percent (150%) of the most recently published state average annual wage or the most recently published average annual wage of the county in which the qualified private regional or national headquarters is located, as determined by the Mississippi Department of Employment Security, whichever is less;

however, the primary purpose is not conducting retail sales if the project is a mixed-use development for which retail space is oneno component. more than twenty percent (20%) of the square footage of the development.  With regard to a high economic benefit project as defined in Section 65-4-5(1)(c)(xiii) for which the Mississippi Development Authority approved and allocated monies in the fund before January 1, 2016, for constructing or improving a highway or highway segment related to the high economic benefit project, the Mississippi Development Authority may reallocate such monies from the original highway or highway segment purpose and allocate the funds for constructing or improving another highway or highway segment provided that such highway or highway segment is located within three (3) miles of the high economic benefit project for which the Mississippi Development Authority originally allocated and approved the monies.  The Office of State Aid Road Construction shall be entitled to reimbursement from monies in the fund, upon approval by the Mississippi Development Authority of requisitions therefor by the State Aid Engineer, for the actual expenses incurred by the office in administering and providing engineering services to political subdivisions.  Monies remaining unexpended to the credit of such special fund at the end of a fiscal year shall not lapse into the State General Fund, and any interest earned on the investment of monies in the special fund shall be deposited to the credit of the fund.