6 Miss. Code. R. 9-1.5 - Statutory Requirements
State statute (Miss. Code Ann. § 57-1-701) requires that Mississippi Site Development Grant Program funds be expended on industrial property owned or associated with property that is publicly owned. Site Development Grant funds may be used for site due diligence activities on optioned property, but not for physical site improvements on optioned property. Optioned property is defined in statute as industrial property that is subject to a real estate option to purchase contract entered into between an eligible entity and a real estate owner. Such option must be for a minimum of three (3) years, and the option price shall not exceed the appraised fair market value of the real estate.
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