Economic development projects; expand local government authority to enter certain agreements in support of.

Local funding for eligible business projects

Mississippi local governments can make written agreements with businesses for eligible development and redevelopment projects, including projects qualified under the state tax incentive law. They can pay project costs or repay businesses for eligible costs paid with private funds, using only revenue from the project. Total costs paid or repaid cannot exceed $5 million, and agreements can last up to 20 years. Each local government must approve the agreement, and the Mississippi Development Authority must review it before it takes effect; it is approved if the agency does not reject it within 60 days. Local governments are not required to offer this support.