as introduced - 87th Legislature (2011 - 2012) Posted on 02/09/2012 02:15pm
A bill for an act
relating to capital investment; appropriating money for economic development;
establishing the transportation economic development program; authorizing the
sale and issuance of state bonds; proposing coding for new law in Minnesota
Statutes, chapter 116J.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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$20,000,000 is appropriated from the bond proceeds
fund to the commissioner of employment and economic development for the purposes
specified in this section.
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$5,000,000 is for grants under Minnesota Statutes, section 116J.431.
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$5,000,000 is for purposes of the redevelopment
account under Minnesota Statutes, sections 116J.571 to 116J.575.
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$10,000,000 is for
grants under Minnesota Statutes, section 116J.436.
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To provide the money appropriated in this section from the
bond proceeds fund, the commissioner of management and budget shall sell and issue
bonds of the state in an amount up to $20,000,000 in the manner, upon the terms, and with
the effect prescribed by Minnesota Statutes, sections 16A.631 to 16A.675, and by the
Minnesota Constitution, article XI, sections 4 to 7.
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This section is effective the day following final enactment.
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The transportation economic
development infrastructure program is created to foster interagency coordination between
the Departments of Transportation and Employment and Economic Development to
finance infrastructure to create economic development opportunities, jobs, and improve all
types of transportation systems statewide.
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Funds appropriated for the program must be used to
fund construction, reconstruction, and infrastructure improvements that will promote
economic development, increase employment, and improve transportation systems to
accommodate private investment and job creation.
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Money in the program shall not be used on
trunk highway improvements, but can be used for needed infrastructure improvements
and nontrunk highway improvements in coordination with trunk highway improvement
projects undertaken by the Department of Transportation.
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The commissioners of transportation and employment and
economic development shall design an application process and selection process to
distribute funding to local units of government for publicly owned infrastructure using
criteria that take into account: job creation; increase in local tax base; level of private
investment; leverage of nonstate funds; improvement to the transportation system to serve
the project area; and appropriate geographic balance between the metropolitan area and
greater Minnesota.
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