Section 57-78-5 - Definitions; application; project criteria; Mississippi Main Street Revitalization Grant Program Fund created(1) For the purposes of this section: (a) "Eligible recipient" means a: (i) Main Street Designated Community, or local Main Street program that has achieved and maintained Designated Community Status by the Mississippi Main Street Association (MMSA), 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 ;(ii) Main Street Network Community ;(iii) Main Street Associate Community;(iv) Cities located in Mississippi that otherwise meet the requirements of this act; or(v) Business improvement districts that otherwise meet the requirements of this act. (b) "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.(c) " Administrator" means the Mississippi Main Street Association.(2) The administrator shall accept applications from eligible recipients, prioritize their applications and submit a list of suggested recipients to the Legislature no later than December of each year. Applicants who did not receive a grant the prior year shall receive priority for a grant the following year. The Legislature shall review the submitted list and determine the projects for which to award grants to eligible recipients through the Mississippi Development Authority . The administrator will consider projects in relation to the following criteria: (a) The demonstration of local financial need;(b) Projects that demonstrate high local impact;(c) Projects that produce a high level of public benefit;(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) Projects that are according to the Main Street Approach and Guiding Principles or a comparable community plan.(3) The Mississippi Development Authority shall provide grant funds to the eligible recipients 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%) of local match funds, which must cover at least twenty percent (20%) of the total project cost. Municipalities, or eligible recipients within a municipality, with a population of over ten thousand (10,000) are required to possess local matching funds to cover at least twenty percent (20%) of the total project cost. Municipalities, or eligible recipients within a municipality, 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 recipient that is awarded a grant pursuant to this section for a project involving a historic property must comply with all applicable laws relating to the property, as well as applicable regulations of the Mississippi Department of Archives and History, or other department or agency relating to such property.(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 Mississippi Development Authority 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 Mississippi Development Authority, upon appropriation by the Legislature, for the purposes provided in this section.(10) The Mississippi Development Authority shall administer the fund and establish guidelines for the expenditure of grant funds and reports relating to the expenditure of grant funds. The department shall provide the administrator with 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 Mississippi Development Authority may enter into cooperative agreements with entities in the public and private sectors, including: (a) Colleges and universities;(b) Historical societies;(c) State and local agencies; and(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 Mississippi Development Authority may require that recipients seek and secure technical assistance from the administrator, 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 administrator will provide administrative support to eligible recipients to ensure proper grant administration and project implementation.Amended by Laws, 2024, ch. 475, SB 2696,§ 3, eff. 7/1/2024.Added by Laws, 2023, ch. 490, SB 2359,§ 3, eff. 7/1/2023.