HF 1879

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; appropriating money; 
  1.3             imposing conditions. 
  1.4   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.5      Section 1.  [APPROPRIATION; COMMISSIONER OF ECONOMIC 
  1.6   SECURITY.] 
  1.7      $275,000 is appropriated from the general fund to the 
  1.8   commissioner of economic security for a grant to the 
  1.9   Neighborhood Development Center, Inc., to be used for 
  1.10  microenterprise and equity loans to eligible businesses located 
  1.11  or to be located in a targeted business district.  For purposes 
  1.12  of this section, a "targeted business district" is a principal 
  1.13  thoroughfare where commercial industrial properties outnumber 
  1.14  homesteaded properties and which is surrounded by a residential 
  1.15  area in which the median household income is increasing at a 
  1.16  rate greater than the statewide rate of increase.  For purposes 
  1.17  of this section, "eligible businesses" means small beginning 
  1.18  businesses, including existing businesses starting a new 
  1.19  location, where similar businesses have demonstrated success in 
  1.20  similar neighborhoods.  The $10,000 maximum limit on 
  1.21  microenterprise loans under Minnesota Statutes, section 116M.18, 
  1.22  subdivision 4a, clause (2), does not apply to the grant under 
  1.23  this section.  This appropriation is available on a 
  1.24  dollar-for-dollar basis as it is matched by equal amounts from 
  2.1   the Metropolitan Economic Development Association.  Money repaid 
  2.2   to the Neighborhood Development Center, Inc. from loans under 
  2.3   this section may be reloaned for the same purposes.  This is a 
  2.4   one-time appropriation and is not added to the agency's base.