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Third Try's the Charm for $28M Momentum Mississippi

July 11, 2005

In its third special session of the year, Mississippi legislators passed House Bill 3, an economic development package of grants and loans for high-tech and existing industry, including Gov. Barbour’s Momentum Mississippi Initiative.

Momentum Mississippi is a long-term, job creation strategy for the state. The $28 million initiative includes $7 million fund for companies to support business incubation centers and create new and expanding R&D and technology-based companies; $7 million for an equipment and public facilities fund to aid in infrastructure-related improvements and the purchase of equipment; $7 million for the Existing Industry Productivity Loan Fund, which provides loans to industries to deploy long-term fixed assets that will improve productivity and competitiveness through new technology; and $7 million in state general obligation bonds for an inducement account for "extraordinary" economic development opportunities. All of the programs will be administered by the Mississippi Development Authority.

In addition, H.B. 3 includes $12 million to create the Mississippi Job Protection Act Fund, which provides grants or loans to be used by industries to retain jobs in the state and improve productivity and competitiveness.

Immediately after the passage of H.B. 3, Gov. Barbour kept his promise to expand the special session to include other bond projects proposed by the House. However, the special session ended in a stalemate.

More information on H.B. 3 can be found on the Mississippi Legislature’s website: http://www.ls.state.ms.us/