HF 713

as introduced - 81st Legislature (1999 - 2000) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to economic development; modifying provisions 
  1.3             for public assistance to business; amending Minnesota 
  1.4             Statutes 1998, section 116J.991. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 1998, section 116J.991, is 
  1.7   amended to read: 
  1.8      116J.991 [PUBLIC ASSISTANCE TO BUSINESS; WAGE AND JOB 
  1.9   REQUIREMENTS.] 
  1.10     A business that receives state or local government 
  1.11  assistance for economic or community development or job growth 
  1.12  purposes must create a net increase in jobs in Minnesota within 
  1.13  two years of receiving the assistance. 
  1.14     The government agency providing the assistance must 
  1.15  establish wage level and job creation goals to be met by the 
  1.16  business receiving the assistance.  A business that fails to 
  1.17  meet the goals must repay the assistance to the government 
  1.18  agency. 
  1.19     Each government agency must report the wage and job goals 
  1.20  and the results for each project in achieving those goals to the 
  1.21  department of trade and economic development.  The department 
  1.22  shall compile and publish the results of the reports for the 
  1.23  previous calendar year by June 1 of each year.  The reports of 
  1.24  the agencies to the department and the compilation report of the 
  1.25  department shall be made available to the public. 
  2.1      For the purpose of this section, "assistance" means a grant 
  2.2   or loan in excess of $25,000 or tax increment financing.