GOMESA Application Details

Internal Project Number: 271356
1. Title of Project: Mississippi Gulf Coast Advanced Research and Development Trust Fund
2. Location of Project: 1801 23rd Ave., Gulfport, MS 39501
3. Requesting Organization: Harrison County Board of Supervisors
4a. Name: Gerald Blessey
4b. Position
4c. Phone Number: 228-806-4755
4d. Fax Number
4e. Address Line 1: 2577 Chatham Ct.
4e. Address Line 2
4e. City, State Zip: Biloxi, Mississippi
4f. Email: blesseylaw@me.com
5. FundingRequested: $10,000,000
Awarded Amount:
6. Other State or Federal Funding Sources: No
7a. Amount of Additional Funds
7b. Source of Additional Funds
8. Total Project Funds Amount: $10,000,000
9. Project Description/Overview: Harrison County is requesting $10,000,000 per year for 3 years. Harrison County is committed to fostering transformational economic development to enhance the health, safety, and welfare of all of its citizens and all of the communities in the Mississippi Gulf Coast region. The County proposes establishing the Mississippi Gulf Coast Advanced Research and Development Trust Fund that will create and maintain two subsidiary trust funds: (10 the Mississippi Coast Venture Capital Fund to make incentivizing investments through revolving loans to, and revolving equity positions in, businesses that will foster immediate growth in jobs, tax base expansion, and Gross Domestic Product in the whole Coast region; dividends and principal and interest payments shall be paid to the Trust Fund to be recycled. (2) and the Mississippi Coast Advanced Research Fund to make investments in targeted research by Mississippi universities and other research institutions; as a condition of the investments in research, the Trust Fund shall take ownership of a major portion of any patents or copyrights produced by the recipient; the Trust Fund shall when applicable licenses use of patents and copyrights to enterprises receiving a loan or equity investment from the Venture Capital Fund. Harrison County will create the Trust Fud and appoint Trustees in a Trust Agreement with Southern Mississippi Planning & Development District under Miss. Code Ann. §17-19-1. Under the Trust Agreement the county will transfer (donate) to SMPDD funds obtained by the County through this grant application and thereafter potentially for other grants to form the corpus of the Trust fund. The County will never be under any obligation to transfer or donate any of its other funds, and the County will have no obligations or liability arising out of the Trust Fund and the Trustees management and investment of it. After the County transfers the grant, the Trust Agreement will provide detailed terms and conditions for management of the Trust Fund, criteria for investments, and compliance with grantors’ requirements for recipients of grant funds. SMPDD will provide only administrative services to the Trustees, but all policy-making, management of the Trust Fund, and investment decisions will be made and executed solely by the Trustees in compliance with the terms, conditions, and criteria of the Trust Agreement. The County, from time to time, will also seek to establish one or more Harrison County Regional Economic Development Alliances under Miss. Code Ann., §§57-64-1, et seq., with one or more of the political subdivisions located in the County, region, and state, with the goal of providing additional sources of funding through Tax Increment Financing and other sources for projects that qualify for an investment from the Trust Fund. County will apply for grants from other state, federal, and private foundation sources, to increase the corpus of the Trust Fund. Trustees shall use, but not be limited to the following strategies: 1. Investments to incent innovative entrepreneurs, start-ups, small businesses, and high-paying jobs in economic activities that are enabled by digital technologies that collectively, cause major economic impact in the County and the region. However, the Trust Fund would also be available to incent major economic impact projects by large companies meeting the criteria. For funds received from GOMESA grant, the emphasis will be on innovated projects in the Blue Economy. 2. Investments shall emphasize, but not be limited to start-ups in the following areas: a. Cyber-security and other digital technologies and manufacturing enterprises related to goods and services for the Blue Economy, NASA, Department of Defense, Department of Homeland Security, and Department of Agriculture; b. Replacement of imports of goods, services, and food from other SMAs, states, and nations with goods, services, and food manufactured, produced, or value-added by individuals, for-profit entities, or non-profit entities within a sixty-mile radius of the County Courthouse in Gulfport; this import-replacement strategy is designed to cause profits to vest in local residents and companies, thus increasing wealth and diversity in local communities, resulting in cascading multiplier effects essential to sustainability of our Coastal culture and the health, safety, and welfare of our coastal way of life. c. Retention of young citizens who are recent high school or college graduates and attraction of remote workers to live and work in Harrison County or other communities in the region. d. Commercial and mixed-use developments in downtowns and neighborhood commercial hubs throughout the county, with emphasis on walkability connections to middle-class housing and especially workforce housing for workers within walkable distance to sites of employment; e. Projects with high-paying jobs and workforce training opportunities for all persons regardless of prior education level; f. Projects of regional significance that preserve and enhance the health, safety, and welfare of our unique coastal culture and way of life; and g. The Trustees may initiate and own all or part of the equity of the project for the benefit of the Trust Fund. h. Any other strategy to adjust to changes in the economy, new scientific discoveries, and technological innovation. 3. Trustees will try to leverage Venture Capital Fund loans, loan guarantees, and equity positions to leverage private debt and equity and other public and private grants and incentives that approved applicants for Trust Funds may seek as part of their financial plan. 4. Trustees will try to leverage Advanced Research Fund investments as matching funds for federal, state, and private research grants to institutions agreeing to do targeted research and share ownership of patents and copyrights. 5. Trustees will collaborate with Innovate Mississippi and other angel funding entities, Mississippi Development Authority and other state agencies, Mississippi’s Institutions of Higher Learning, Mississippi Gulf Coast Community College, Harrison County Development Commission, Coast cities and their ports and development commissions, chambers of commerce, Gulf Coast Business Council, and others, as well as public notices to identify startups and other prospects that may be interested in applying for financial assistance from the Venture Capital and Advanced Research Funds.
10. Project Goals/Objectives: The GOMESA funds in the project will create a permanent, revolving trust fund that will, in the first 3-5 years, generate $30,600,000 in innovative research and development that will stimulate and assist $30,600,000 in new or expanding development by private start ups and expanded businesses in products, good, and services related primarily to the Blue Economy and secondarily in diversifying and expanding the economy, jobs, and tax base of Harrison County and the Gulfport-Biloxi-Pascagoula SMA. The trust fund will receive income from the copyrights and patents produced by the new research and from investments in the new businesses. This income will grow the corpus of the trust perpetually to increase the annual economic growth caused by the fund. Funds received from other grant sources will likewise increase the corpus of the trust fund for growth in the economy of the county and SMA. If the GCRF grant is approved along with the GOMESA grant, the total project will generate $61,200,000 in new R & D in 3-5 years.
11. Which of the following authorized uses set forth in the GOMESA Act does this project fall under?

(A) Projects and activities for the purpose of coastal protection, including conservation, coastal restoration, hurricane protection, and infrastructure directly affected by coastal wetlands losses: Yes: The trust fund will stimulate R & D in new and innovative products and services, especially in computer science, hardware, software and digital services for more economically efficient and effective private and public infrastructure projects--e.g., innovative means and methods for controlling and managing municipal wastewater and storm water outfalls and solid waste disposal--that will provide less costly but more effective conservation of marine resources, coastal restoration, and hurricane protection and resilience.

(B) Mitigation of damage to fish, wildlife, or natural resources.: Yes: Similar to the answer in (A) above, the trust fund will stimulate more efficient and effective products and services to mitigate damage to fish, wildlife, and natural resources -- e.g., more efficient and effective real time water quality measurement and data publication for use and management by commercial fisheries and by state and federal agencies responsible for marine resources and environmental protection.

(C) Implementation of a federally-approved marine, coastal, or conservation management plan.: Yes: Products and services generated by the trust fund will create more efficient and effectives means and methods for implementation of the Mississippi Sound Estuary Program's Comprehensive Conservation & Management Plan.

(D) Mitigation of the impact of Outer Continental Shelf activities through funding of onshore infrastructure projects.: Yes: See answers to (A), (B), & (C) above.

12. Project Timetable/Milestones: In 3-5 years, $30,600,000 in innovative research and development that will stimulate and assist $30,600,000 in new or expanding development by private start-ups and expanded businesses. Year 1: $5,050,000 in R & D Year 2: another $5,050, in R & D Years 3 through 5: another $20,500,000 in R & D
13. Project Timing: Deferred/Long-term
14. Current status of architectural/engineering plans & specifications for this project (if applicable):: Other N/A Funds Not Budgeted

15. In what way does this project meet the goals and objectives of the Department of Marine Resources, which includes enhancing, protecting and conserving the marine interest of Mississippi for present and future generations?: See answers to question 11, above. The products and services generated perpetually by this project will enhance, protect, and conserve the marine interest of Mississippi for present and future generations by providing more efficient and effective products, goods, and services, to achieve these objectives.

16. Estimated Years To Completion: 5
17. Estimated Completion Date: 6/30/2031

Budget:

Salaries,Wages, Fringe
Travel
Architecture & Engineering
Legal: $75,000
Consulting: $50,000
Construction
Site Work
Equipment
Indirects
Other: $9,875,000
Total: $10,000,000


Application Submission Date: 09/26/2025
Fiscal Year: 2027
Project Status
Application Status: Submitted
Meets Criteria
Internal Notes:
Attachments:
Hyperlink:: Attachments

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