NATCHEZ — The public-private economic development partnership responsible for recruiting several new industries to the area has been given another five years of life.

Legislation that will authorize the funding of Natchez Inc. through 2018 has passed the state house and senate, and awaits the governor’s signature. The legislative approval that created Natchez Inc. was set to expire next year.

The former Economic Development Authority was a subdivision of the local government, and it could be funded directly by local governing bodies, Natchez Inc. Executive Director Chandler Russ said.

“Since Natchez Inc. is not a subdivision of local government that stands alone with its own board, you have to have legislative authorization for the county and city to fund it,” Russ said.

“You have a built in mechanism that requires the organization to seek that funding. It acts as a checks and balances for the pubic, and once you get closer to that deadline, you review that organization and see if there are any changes or needs that need to be met to meet the economic development needs of the area.”

Natchez Inc. is funded by contributions from the Adams County Board of Supervisors, the Natchez Board of Aldermen and a group of private businesses through an organization called Natchez Now. The legislation passed Thursday limits the city’s contribution to $100,000 each fiscal year. The county’s contribution is limited to $165,000 per fiscal year.

Supervisors’ President Darryl Grennell said that while the legislation allows for the funding, it does not require it.

“Of course it doesn’t mandate that the local government does it, so (funding) will always be the prerogative of the board to provide the appropriation, but this legislation allows it,” he said. “(The legislation) shows a symbolism of support for our local economic development authority.”

Grennell said approving Natchez Inc.’s funding for the next five years also sends a message to the business community.

“It lets businessmen know, ‘Hey we need to join Natchez Now and also support this endeavor because everybody benefits,’” Grennell said. “It has a positive domino effect.”

Natchez Mayor Jake Middleton said the board of aldermen passed a resolution in support of the extension on a recommendation from Russ.

“Obviously, things are really doing well now, and I don’t see any reason why we wouldn’t do what they recommended,” Middleton said.

“I think it is wonderful news (the bill passed), and we can keep on moving on and bringing more industry to town — it’s called teamwork.”

Natchez Inc. was created in June 2010. Since then, five companies — Elevance, KiOR, HCL CleanTech, Magnolia Frac Sand and Fores Frac Sand — have announced plans for projects that will create a combined total of 725 direct or indirect jobs in Adams County.

Another company, Enersteel, purchased the former Dynasteel facility and retained 25 employees while hiring an additional 50.