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Economic DevelopmentThe Economic Development attorneys at Robinson, Biggs, Ingram, Solop & Farris, PLLC enhance our clients' success by maximizing their awareness of and access to economic development opportunities and incentives at all levels and through creation of innovative and productive relationships that open up new markets and growth opportunities. The Gulf Opportunity Zone Act of 2005 (“GO Zone”)Since Congress passed the Gulf Opportunity Zone Act of 2005 (“GO Zone Act”), national and international interest has focused on Mississippi and neighboring states as rebuilding and redevelopment opportunities abound in the wake of this awesome natural disaster. In the year since the GO Zone was created, we have worked with new and existing developers, landowners and other interested parties, including REALTORS®, to facilitate their understanding and utilization of GO Zone incentives available for qualifying projects sited with 49 of Mississippi's 82 counties. An integral part of the project team, our attorneys work with clients' accounting advisers to maximize benefits to the client, from use of the Rehabilitation Tax Credit in restoration of commercial buildings to applications for GO Zone Bonds to qualification of projects for the 50% Bonus Depreciation available under the Act. For more information: [GO Zone article ] Industrial DevelopmentMississippi extends a wide array of incentives to new industries and existing industries that undertake expansion so that new job opportunities are created. Already home to the world-class Nissan Automotive Manufacturing Facility at Canton and the state-of-the-art SteelCorr plant in Columbus, Mississippi's warm climate, abundant natural resources and dedicated workforce position it well to enjoy record growth in industrial development in the decades to come. Industries specifically targeted for location and expansion in Mississippi include:
Pro-industry enactments by the Mississippi Legislature include the Jobs Tax Credit, the Rural Economic Development (“RED”) Tax Credit, the Growth & Prosperity Program (“GAP”) the National or Regional Headquarters Jobs Credit, the Skills Training Tax Credit and the Research & Development Jobs Credit, among others. We work with clients from around the world and from within Mississippi to evaluate, facilitate and secure the benefits to their projects of the full group of economic development incentives. In addition, we continue to educate and advise our industrial/manufacturing
clients regarding more traditional local and state incentives, such as ad
valorem tax exemptions and sales tax exemptions, and in negotiations with
local industrial development boards and industrial park commissions. Tourism and Commercial DevelopmentIn addition to the unprecedented new incentives afforded by the GO Zone, Mississippi continues to offer an impressive array of local and state incentives to developers of new and expanded commercial and tourism-related venues. We regularly assist our clients in securing the multiple benefits of Tax Increment Financing (“TIF”), from preliminary preparations to the successful negotiation of the approval process to the expense reimbursement and bond issuance stages. Our clients are increasingly considering and pursuing establishment of Public Improvement Districts (“PID”) in larger-scale residential or mixed-use projects. We will assist a developer client with the PID cost/benefit analysis, as well as in the application, enactment and establishment phases. In proper cases, our firm may serve as PID counsel, advising the PID board as they undertake issuance of debt and imposition of benefit or special assessments. In addition, we continue to educate and advise our clients regarding more
traditional local and state incentives, such as ad valorem tax exemptions
and sales tax exemptions. Governmental Intervention and FacilitationOur firm regularly represents clients with special needs or projects in
their dealings with local, state and federal governments. We are problem
solvers, whether the issue be an administrative delay or impasse, a request
for funds or special accommodation, or a need for legislative action. Ron
Farris, also a founding partner, draws on excellent relations with local,
state and federal officials, including service as a two-term State Senator,
during which time he worked on the Budget, Appropriations, Judiciary, Education,
Universities & Colleges, Insurance, Highways & Transportation, Juvenile
Justice, and Elections Committees; working in Washington, D.C. as a member
of a congressional staff; and holding multiple leadership positions within
the Mississippi Republican Party. He is an active member of the International
Council of Shopping Centers and a frequent leader of seminars in the real
estate development, land use and financing areas. Ron serves as General Counsel
to the Mississippi Association of REALTORS®, and actively works with
the Association's legislative and regulatory affairs team on issues
such as eminent domain and opposition to impact fees. Attorneys practicing in this area:
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