as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am
Engrossments | ||
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Introduction | Posted on 02/28/2007 |
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:
Minnesota Statutes 2006, section 116J.8731, subdivision 1, is amended to
read:
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 testingnew text begin ; and
new text end
new text begin (7) promoting businesses that convert to manufacturing environmentally safe
production and productsnew text end .
Minnesota Statutes 2006, section 116J.8731, subdivision 4, is amended to read:
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) ordeleted 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 ordeleted text end (5)new text begin , or (6)new text end also exists.
Applications recommended for funding shall be submitted to the commissioner.