Bills paving way for $2.5B economic project pass Senate, head to House

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Mississippi’s special session officially commenced Wednesday morning to discuss what Governor Tate Reeves has called the “biggest economic development project” in state history.

As of now, the Senate has passed SB 2001 and SB 2002, which aim to create a special fund called the Triple Crown Project Fund for the construction of an unnamed company. According to SB 2001, the funds will be used for “certain flat rolled aluminum production facilities, biocarbon production facilities, certain other industrial facilities, and related port improvement projects.”

The $2.5 billion project, which is anticipated to bring over 1,000 jobs with an average salary of $93,000 to the Golden Triangle, will nearly double the previous largest corporate capital investment in state history if passed by the legislature.

“It’s an incredible long-term deal of the state of Mississippi,” Senator Briggs Hopson, the author of both bills, explained. “Obviously, we are making an investment up front—up to $246 million up front—but the long-term payout on this is just phenomenal for the state.”

The Mississippi legislature will discuss how the state’s up-front investment—which is set to total $246,798,000—will be spent throughout the special session, along with additional tax incentives, grants, and inducements.

Out of the overall funding, $54 million will be made available to the company immediately once the bills are approved. Other tranches of funding will be given after the plant’s completion and once hiring goals are met.

Hopson added that all funds dedicated by the state would also be returned if the company does not meet certain requirements throughout the project’s duration.

“There are callback revisions and that is put into the agreement with the company that allows our state to go back and get funds back if they are not utilized in the right way,” Hopkins stated.

Both the House and Senate are in recess and are set to meet later this afternoon after the House Ways and Means Committee discuss SB 2001, SB 2002, and HB 1.

The House is currently subject to call and the Senate will reconvene at 2:00 p.m. Click here to watch the livestream.

Gov. Reeves provides additional details on $2.5 billion economic project

The post Bills paving way for $2.5B economic project pass Senate, head to House appeared first on SuperTalk Mississippi.