Slow go in Mississippi Go Zone..."little involvement with coastal reconstruction"

That according to the Clarion Ledger which reports that the federal Go Zone program of tax breaks and tax-free bonds "has had mixed success in Mississippi with some of the intended help going to businesses far from the ravaged Gulf Coast."

While Louisiana has allocated most of its nearly $8 billion bond authority to more than 100 projects, Mississippi has allocated less than one-fourth of the state's nearly $5 billion bond authority, according to Mississippi Development Authority records. And many of the businesses approved for the program by the MDA are far from the hurricane-hit Coast.

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The biggest coastal business to benefit from a GO Zone bond is Northrop Grumman's operations in Pascagoula, which received approval for a $200 million allocation. Another ship builder, Gulf Ship LLC, received $30 million.

Northrop Grumman would not discuss its plans for the money raised through GO Zone bonds.

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Waveland Mayor Tommy Longo said they were helpful in attracting new businesses to the Coast, especially franchises. But he said they did little to help the 42 businesses destroyed in downtown Waveland or help establish affordable housing on the Coast, he said.

"(The GO Zone law) didn't seem to be written to help small businesses," Longo said.

Waveland is located in one of the 3 coastal counties hit hardest by Katrina. The Go Zone includes 49 counties or more than half of MS. A list of companies receiving Go Zone bond allocations is available at the CL link.

Comments

[GO Zone Real Estate]

At least some good residential project have been built in the GO Zone. This site tends to provide some good info.

GO Zone Real Estate