HF 3138

as introduced - 89th Legislature (2015 - 2016) Posted on 03/16/2016 11:32am

A bill for an act
relating to economic development; promoting initiative foundation business
finance activities; appropriating money.

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

Section 1. new text begin INITIATIVE FOUNDATIONS; APPROPRIATION.
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new text begin $7,000,000 in fiscal year 2017 is appropriated from the general fund to the
commissioner of employment and economic development for grants to initiative
foundations to provide financing for business startups, expansions, and maintenance; and
for business ownership transition and succession. Of the amount appropriated:
new text end

new text begin (1) $1,000,000 is for a grant to the Southwest Initiative Foundation;
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new text begin (2) $1,000,000 is for a grant to the West Central Initiative Foundation;
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new text begin (3) $1,000,000 is for a grant to the Southern Minnesota Initiative Foundation;
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new text begin (4) $1,000,000 is for a grant to the Northwest Minnesota Foundation;
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new text begin (5) $1,000,000 is for a grant to the Initiative Foundation;
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new text begin (6) $1,000,000 is for a grant to the Northland Foundation; and
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new text begin (7) $1,000,000 is for a grant to the Urban Initiative Board under Minnesota Statutes,
chapter 116M. Funds available under this clause must be allocated as follows:
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new text begin (i) 50 percent of the funds must be allocated for projects in the counties of Dakota,
Ramsey, and Washington; and
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new text begin (ii) 50 percent of the funds must be allocated for projects in the counties of Anoka,
Carver, Hennepin, and Scott.
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