6 Miss. Code. R. 4-4.16 - Job Creation Completion

The benefitting business will have four (4) four years from the effective grant date to create jobs and make the private capital investment. An employee roster will be obtained at the site visit. This will be used as MDA's basis for job creation. Once the total number of jobs increases by the amount of the jobs committed and can be shown on one payroll, the total employment requirement will be met. After this point, the benefitting business should maintain the total employment number for a period of 12 months. Once this can be documented and submitted to MDA for review, job creation will be considered complete. If, for any reason whatsoever, the grant recipient does not adhere to the commitments as documented in the application and grant agreement, the grant recipient will reimburse the Mississippi Development Authority the amount as set out below:

A. If the business benefitting from the DIP improvements fails to create and maintain the total number of full-time jobs as indicated in the Memorandum of Agreement and site visit acknowledgement form, the grant recipient will reimburse the Mississippi Development Authority a pro rata share of the amount documented by the Memorandum of Agreement. The reimbursement amount will be arrived at by multiplying the difference between the total number of jobs projected to be created and the number of actual jobs created by the cost per job. The cost per job is derived by dividing the DIP award amount by the total number of jobs projected to be created.

B. Should the grant recipient fail to fully implement all facets of the project, or should the business benefitting from the DIP improvements fail to locate to or remain in operation at the DIP assisted site until all project terms and conditions have been met and the DIP grant agreement has been closed out, the grant recipient shall be responsible for repayment of the total amount of DIP funds expended on the project.

Notes

6 Miss. Code. R. 4-4.16

Miss. Code Ann. § 57-61-36 (Rev. 2014).

Adopted 10/20/2016 Amended 7/26/2017