HF 1065

as introduced - 93rd Legislature (2023 - 2024) Posted on 02/06/2023 07:01pm

A bill for an act
relating to economic development; appropriating money for a grant to the
Neighborhood Development Center.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin NEIGHBORHOOD DEVELOPMENT CENTER; APPROPRIATION.
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new text begin (a) $6,950,000 in fiscal year 2024 and $950,000 in fiscal year 2025 are appropriated
from the general fund to the commissioner of employment and economic development for
grants to the Neighborhood Development Center. These amounts are onetime appropriations.
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new text begin (b) Of the amount appropriated each year in paragraph (a):
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new text begin (1) $800,000 is for small business programs including training, lending, business services,
and real estate programming; and
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new text begin (2) $150,000 is for technical assistance activities for partners located outside the
seven-county metropolitan area, as defined in Minnesota Statutes, section 473.121,
subdivision 2.
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new text begin (c) Of the amount appropriated in fiscal year 2024 in paragraph (a):
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new text begin (1) $1,000,000 is for development of permanently affordable, concentrated commercial
space and wraparound business services outside the seven-county metropolitan area, as
defined in Minnesota Statutes, section 473.121, subdivision 2;
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new text begin (2) $2,000,000 is for high-risk, character-based loan capital for nonrecourse loans to be
used to leverage at least $10,000,000 in recourse lending capital; and
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new text begin (3) $3,000,000 is for an emerging developers assistance fund to be used as follows: (i)
$500,000 for predevelopment grants; (ii) $2,000,000 for short-term construction loans to
cover up to $200,000 in construction costs; and (iii) $500,000 for specialized technical
assistance for participant developers.
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