Board authorizes application for $2 million Port Harbor loan under state program

The Hancock County Board of Supervisors voted unanimously Jan. 6 to authorize submission of a resolution declaring the board’s intent to apply for a county-sponsored loan of $2,000,000 under the Mississippi Business Investment Act to support construction work at Hancock County Port Harbor.

Blaine Lafontaine, who presented the request, told the board the Port Harbor had budgeted the $2 million in the county’s capital program and that the proposed loan would be at 1% interest for 10 years. Lafontaine described the financing as intended to support site work and construction for a proposed 48,000-square-foot hangar; he said the Port Harbor was at about 30% design and seeking additional state GCRF funds that, if awarded, could add financing for vertical construction.

Why it matters: If approved at the state level and executed locally, the loan would obligate Hancock County as sponsor under the statute and could accelerate construction at the Port Harbor that proponents say would support a new tenant and associated economic activity.

The board first amended the meeting agenda to add consideration of the resolution, then voted 5-0 to authorize submission of the resolution to apply for the loan and to direct county staff and legal counsel to finalize resolution language for the board’s next meeting. County Attorney Gary Albers and County Administrator Jimmy Ladner were identified as staff to review and finalize legal language. Lafontaine said the county’s next procedural steps could take 60–90 days with the Mississippi Department of Agriculture and Commerce and other state reviewers.

The motion authorizing submission was recorded as carried 5-0; the board asked staff to bring final resolution language to the next meeting.