HF 1504

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to economic development; amending scope of the Minnesota investment
fund to promote environmentally safe production and products; amending
Minnesota Statutes 2006, section 116J.8731, subdivisions 1, 4.

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

Section 1.

Minnesota Statutes 2006, section 116J.8731, subdivision 1, is amended to
read:

Subdivision 1.

Purpose.

The Minnesota investment fund is created to provide
financial assistance, through partnership with communities, for the creation of new
employment or to maintain existing employment, and for business start-up, expansions,
and retention. It shall accomplish these goals by the following means:

(1) creation or retention of permanent private-sector jobs in order to create
above-average economic growth consistent with environmental protection, which includes
investments in technology and equipment that increase productivity and provide for a
higher wage;

(2) stimulation or leverage of private investment to ensure economic renewal and
competitiveness;

(3) increasing the local tax base, based on demonstrated measurable outcomes, to
guarantee a diversified industry mix;

(4) improving the quality of existing jobs, based on increases in wages or
improvements in the job duties, training, or education associated with those jobs;

(5) improvement of employment and economic opportunity for citizens in the region
to create a reasonable standard of living, consistent with federal and state guidelines
on low- to moderate-income persons; deleted text begin and
deleted text end

(6) stimulation of productivity growth through improved manufacturing or new
technologies, including cold weather testing new text begin ; and
new text end

new text begin (7) promoting businesses that convert to manufacturing environmentally safe
production and products new text end .

Sec. 2.

Minnesota Statutes 2006, section 116J.8731, subdivision 4, is amended to read:

Subd. 4.

Eligible projects.

Assistance must be evaluated on the existence of the
following conditions:

(1) creation of new jobs, retention of existing jobs, or improvements in the quality of
existing jobs as measured by the wages, skills, or education associated with those jobs;

(2) increase in the tax base;

(3) the project can demonstrate that investment of public dollars induces private
funds;

(4) the project can demonstrate an excessive public infrastructure or improvement
cost beyond the means of the affected community and private participants in the project;

(5) the project provides higher wage levels to the community or will add value to
current workforce skills;

(6) new text begin the project encourages environmentally safe production and products;
new text end

new text begin (7) new text end whether assistance is necessary to retain existing business; and

deleted text begin (7) deleted text end new text begin (8) new text end whether assistance is necessary to attract out-of-state business.

A grant or loan cannot be made based solely on a finding that the conditions in
clause deleted text begin (6) or deleted text end (7) new text begin or (8) new text end exist. A finding must be made that a condition in clause (1), (2),
(3), (4), deleted text begin or deleted text end (5) new text begin , or (6) new text end also exists.

Applications recommended for funding shall be submitted to the commissioner.