HF 2898

as introduced - 88th Legislature (2013 - 2014) Posted on 03/10/2014 01:12pm

A bill for an act
relating to capital investment; appropriating money for the Red Wing River
Town Renaissance Project, including riverfront improvements and renovation of
the Sheldon Performing Arts Theatre; authorizing the issuance of state bonds.

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

Section 1. new text begin RED WING RIVER TOWN RENAISSANCE PROJECT.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $6,041,000 is appropriated from the bond proceeds
fund to the commissioner of employment and economic development for a grant to the
city of Red Wing for improvements of a capital nature for the Red Wing River Town
Renaissance Project, to the area between Levee Road and the Mississippi River, extending
between Bay Point Road and Broad Street and downtown on 3rd Street. The project
includes the following: reconstruction of Levee Road from Bay Point Road to Broad
Street; improvements to storm water, sanitary sewer, and drinking water infrastructure;
replacement of a harbor retaining wall; parking improvements; lighting improvements;
construction of a segment of the Riverwalk Trail; the construction of riverboat docking
facilities at Levee Park; and renovation of the historic Sheldon Performing Arts Theatre.
This appropriation is exempt from the matching requirement in Minnesota Statutes,
section 16A.86, subdivision 4, paragraph (a). This appropriation is not available until the
commissioner of management and budget determines that at least 41 percent of the cost of
the project has been committed to the project from nonstate sources.
new text end

new text begin Subd. 2. new text end

new text begin Bond sale. new text end

new text begin To provide the money appropriated in this act from the bond
proceeds fund, the commissioner of management and budget shall sell and issue bonds of
the state in an amount up to $6,041,000 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.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end