Mississippi § 57-34-5 - Definitions.

§ 57-34-5. Definitions.

As used in this chapter, the following words and phrases shall have the meanings ascribed to them in this section, unless the context clearly indicates a different meaning: “Act” means the provisions of this chapter. “Authority” means the Alabama-Mississippi Joint Economic Development Authority created pursuant to this chapter. “Board of directors” means the board of directors of the authority. “Designated geographic area” means: Those counties in the State of Alabama that share a common border with any county in the State of Mississippi; and Those counties in the State of Mississippi that share a common border with any county in the State of Alabama. “Herein,” “hereby,” “hereunder,” “hereof” and other equivalent words refer to this chapter as an entirety and not solely to the particular section or portion thereof in which any such word is used. “Project” means: Any industrial, commercial, research and development, warehousing, distribution, transportation, processing, mining, United States government or tourism enterprise together with all real property required for construction, maintenance and operation of the enterprise: 1. With an initial capital investment of not less than Three Hundred Million Dollars ($300,000,000.00) from private or United States government sources together with all buildings, and other supporting land and facilities, structures or improvements of whatever kind required or useful for construction, maintenance and operation of the enterprise; or 2. With an initial capital investment of not less than One Hundred Fifty Million Dollars ($150,000,000.00) from private or United States government sources together with all buildings and other supporting land and facilities, structures or improvements of whatever kind required or useful for construction, maintenance and operation of the enterprise and which creates at least one thousand (1,000) net new full-time jobs; or 3. Which creates at least one thousand (1,000) net new full-time jobs which provide an average hourly wage of not less than two hundred percent (200%) of the federal minimum wage in effect on the date the project is placed in service. Any addition to, or expansion of, any existing enterprise as described in this paragraph if the addition or expansion: 1. Has an initial capital investment of not less than Three Hundred Million Dollars ($300,000,000.00) from private or United States government sources; 2. Has an initial capital investment of not less than One Hundred Fifty Million Dollars ($150,000,000.00) from private or United States government sources together with all buildings and other supporting land and facilities, structures or improvements of whatever kind required or useful for construction, maintenance and operation of the enterprise and which creates at least one thousand (1,000) net new full-time jobs; or 3. Creates at least one thousand (1,000) net new full-time jobs which provide an average hourly wage of not less than two hundred percent (200%) of the federal minimum wage in effect on the date the project is placed in service. Any development with an initial capital investment from private sources of not less than Seven Hundred Fifty Million Dollars ($750,000,000.00) which will create at least three thousand (3,000) net new full-time jobs satisfying criteria to be established by the authority. In addition to meeting the other requirements of this paragraph, in order to fall within the definition of the term “project”: The enterprise or development must be located within the designated geographic area; and Each state must provide funds or in kind contributions equal to at least one-third (1/3) of the total costs of the project to the states. “Project agreement” means an agreement, approved by the legislature of the states, setting forth certain obligations, responsibilities, benefits, administrative matters and any other matters with respect to a specific project that are not inconsistent with the terms of this chapter as the legislatures of the states deem appropriate with respect to a specific project. “Project tax revenues” means: All of the following state and local taxes paid directly to a state or a local government by the project: income taxes, ad valorem taxes on real and personal property, sales and use taxes, franchise taxes, license taxes, excise taxes and severance taxes; and All state and local personal income tax and occupational tax withholdings from employees of the project attributable to employment at the project. “States” means the State of Alabama and the State of Mississippi collectively.