(1) A certified applicant awarded an economic incentive shall enter into a memorandum of understanding with the state through the department. The memorandum shall contain performance measures, determined by the department, that the applicant's qualified economic development project is expected to meet within a specified period of time determined by the department after the incentive is awarded. The performance measures shall align with the department's resolution and supporting evidence for the certified applicant's qualified economic development project as described in Section 57-1-755. The memorandum shall contain provisions allowing the state, through the department or the State Auditor's office, to stop, readjust or recapture all or part of the economic incentive given to the applicant on noncompliance with the terms of the memorandum.(2) A certified applicant that fails to meet performance measures as described in this section may not receive or be awarded an economic incentive from the department for a period of five (5) years from the date of the notice of default by the department, or until a recipient either cures such default in accordance with the agreement prescribed from the department for a period of five (5) years from the date of the notice of default by the department, or until a recipient either cures such default in accordance with the agreement prescribed in subsection (1) of this section, or satisfies the repayment of the economic incentive, whichever occurs first. For purposes of this subsection (2), if the applicant is an individual, the disqualification attaches to the individual, and if the applicant is a business entity, the disqualification attaches to the entity and to each owner or shareholder of twenty percent (20%) or more of the business.Amended by Laws, 2020, ch. 482, SB 2563,§ 4, eff. 7/1/2020.
Mississippi Legal Code