Rule 6-11-3.2 - Eligible Loan Purposes and UsesThe intent of the Act is to stimulate growth and economic development in Pearl River, Stone, George, Jackson, Harrison, and Hancock counties. The projects must have the potential to generate increased economic activity in the Gulf Coast region, and MDA will give priority to projects that meet the following objectives established by the Act:
A. Projects that will impact the long-term competitiveness of the region and may result in a significant positive impact on tax base, private sector job creation, and private sector investment in the region;B. Projects that demonstrate the maximum long-term economic benefits and longterm growth potential of the region based on a financial analysis such as a cost benefit analysis or a return-on-investment analysis;C. Projects that demonstrate long-term financial sustainability, including clear performance metrics, over the duration of the project;D. Projects that leverage or encourage leveraging of other private sector, local, state and federal funding sources with preference to projects that can demonstrate contributions from other sources than funds from the BP settlement;E. Projects that are supported by multiple government or private sector entities;F. Projects that can move quickly and efficiently to the design, engineering, and permitting phase;G. Projects that enhance the quality of life/place and business environment of the region, including tourism and recreational opportunities;H. Projects that expand the region's ability to attract high-growth industries or establish new high-growth industries in the region;I. Projects that leverage or further enhance key regional assets, including educational institutions, research facilities, ports, airports, rails, and military bases;J. Projects that are transformational for the future of the region but create a wider regional impact;K. Projects that enhance the marketability of existing industrial properties;L. Projects that enhance a targeted industry cluster or create a Center of Excellence unique to the region;M. Infrastructure projects for business retention and development;N. Projects that enhance research and innovative technologies in the region; andO. Projects that provide outcome and return on investment measures, to be judged by clear performance metrics, over the duration of the project or program. GCRF loan/loan guaranty proceeds must be used for a "business purpose." A business purpose includes, but is not limited to, startup costs, working capital, equipment, and inventory, as well as the purchase, construction, renovation or tenant improvements of an eligible place of business that is not for passive real estate investment purposes.
Miss. Code Ann. § 57-119-1, et seq.