January 10, 2008
Mississippi Momentum
601-359-3449
Mississippi Economic Data
Dr. Phil Pepper,
Assistant Commissioner for Economic Research
November 14, 2006
Gulf Coast Casino Future
–Hardrock: Spring 2007AC
–Bacaran Bay: $500 Million resort (fall 2008)
–Harrahs Biloxi: $1.0 Billon mega resort
–Broadwater: $1 Billion
–Golden Nugget: Purchased land near
– Point Cadet
–Isle of Capri: $250-$300 Million western
– Harrison County
–Trump: 40 acres near Diamondhead
Gulf Coast Manufacturing Future
•Northrop Grumman
–New $2.49 billion contract with Navy
–
•Edison Chouest – GulfShip
–$18 mm capital investment
–Startup workforce – 200
–
•Soprema
Technology Development and Transfer Committee
Robert Khayat, co-Chair
John Palmer, co-Chair
The Mississippi Angel Fund is a pooled investment company led by John Palmer, Southern Farm Bureau Life Insurance Company, Jim Barksdale, and Ben Walton. The Fund was created to mitigate the substantial void in access to capital faced by entrepreneurs. It also serves as a compliment to the activities of the sponsors by investing in operating companies and private equity opportunities sourced with a focus on Mississippi associations.
Investments Completed
1)ANI Pharmaceuticals, Inc.
n
2)SemiSouth Laboratories
ANI Pharmaceutical, Inc.
n ANI Pharmaceuticals, Inc. is an FDA approved company based substantially in Gulfport, MS. ANI is a specialty pharmaceutical company developing and marketing private label/branded liquid over the counter products (OTC) and is adding product lines to migrate to a mix of OTC and generic prescription products. The company has performed contract manufacturing for some of the largest and most respected pharmaceutical companies in the world, including: Bayer, Schering Plough, Ivax, Watson, CB Fleet, and others. Current customers include Walgreens, Rite Aid, and Dollar General. Co-investors include the Mississippi Angel Fund, GulfSouth Capital, Inc., and Southern Farm Bureau Life Insurance Company.
SemiSouth Laboratories
n SemiSouth provides silicon carbide technology and electrical components for power applications, harsh environments, and the military. The silicon carbide based semiconductor company was spun out of research and development activities at Mississippi State University (MSU). The company is focused on developing, manufacturing, and marketing quality high-performance electronic materials and components based on the silicon carbide semiconductors, an emerging semiconductor technology known to have very significant advantages for energy efficient high-power and/or harsh environment applications. Co-investors include the Mississippi Angel Fund, GulfSouth Capital, Inc., and Southern Farm Bureau Life Insurance Company.
Defense Industry:
Private Sector
nExample of Facilities located in Mississippi:
§Northrop Grumman Ship Systems
§L-3 Communications Vertex Aerospace
§Air Cruisers Co., Inc.
§Eaton Aerospace
§Lockheed Martin
Defense Industry:
Federal Sector
nFacilities
nU.S. Naval Research Laboratory, Stennis Space Center
nNavy Oceanographic Office Major Shared Resource Center, Stennis Space Center
nU.S. Army Corps of Engineers, Engineer Research and Development Center, Vicksburg
nKeesler Air Force Base, Biloxi
nU.S. Coastguard, Gulfport and Pascagoula
nColumbus Airforce Base, Columbus
nNaval Meteorology & Oceanography Command
nAir National Guard Base, Gulfport
nAviation Classification Repair Activity Depot (AVCRAD), Gulfport
nNaval Construction Battalion Center, Gulfport
nU.S. Navy’s Office of Supervisor of Shipbuilding, Conversion & Repair, Pascagoula
nCamp Shelby
nNaval Air Station, Meridian
n172d Airlift Wing, MS Air National Guard, Jackson International Airport
nU.S. Army Corps of Engineers’ Vicksburg District
nU.S. Army 412th Engineering Command, Vicksburg
nMS Army National Guard
nCamp McCain, Grenada
WORKFORCE TRAINING AND DEVELOPMENT COMMITTEE
CHAIR, GEORGE SCHLOEGEL
Economic Development
Leland Speed, MDA
Gray Swoope, MDA
ACE Fund
nPurpose: Grants to communities to assist in funding extraordinary economic development projects in the state. This is an incentive to “close the deal.”
n
nExamples:
–American Greetings, Neshoba County
–Bearing Point, Forrest County
–Roll Form Group, Tishomingo County
–Omega Proteins, Jackson County
–University Projects for Research and High Tech Jobs
Development Infrastructure Program (DIP)
nPurpose: Counties or municipalities may receive grants to finance public infrastructure projects.
n
nExamples:
–Attala Steel Industries, Attala County
–Belk Inc., Hinds County
–Kingsford Mfg., Alcorn County
–Lexington Homes, Inc., Holmes County
–Eurocopter, Lowndes County
–ACCO Brands, Prentiss County
–Tower Automotive, Lauderdale County
Advantage Jobs
nPurpose: A cash rebate program available for a period of up to ten years. Thresholds tied to investment and ability to pay higher than average wages.
n
nExamples:
–AAI Corp, Neshoba County
–Circadence, Lee County
–Trinity, Harrison County
To date,
23 counties
have
been impacted
by Momentum
Mississippi
programs.
CDBG Program
59 Counties
$32,326,575 awarded
RIF Program
25 Counties
$3,578,231awarded
CAP Program
21 Counties
$12,715,442.69 awarded
Carolyn Shanks, Chair
Other Committee Work
•Image Study Completed – John McCullouch
•
•Targeted Industry Plan – Leland Speed/ Jerry St. Pe’
• Completed
•
•Synchronist Project for – Carolyn Shanks Existing Industry Complete
•
•Teacher Retention Study – Aubrey Patterson Underway
