The 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; and
O. 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.
