HF 4245

as introduced - 93rd Legislature (2023 - 2024) Posted on 02/26/2024 02:21pm

A bill for an act
relating to capital investment; appropriating money for development of housing
in the city of Minneapolis; authorizing the sale and issuance of state bonds.

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

Section 1. new text begin HENNEPIN COUNTY REGIONAL RAILROAD AUTHORITY;
HOUSING DEVELOPMENT.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin (a) $9,000,000 is appropriated from the bond proceeds
fund to the commissioner of employment and economic development for a grant to the
Hennepin County Regional Railroad Authority to acquire property located in a federally
designated Opportunity Zone along West Broadway Avenue in the city of Minneapolis and
to predesign, design, construct, and equip development of housing as provided in this section.
new text end

new text begin (b) The project in this section must:
new text end

new text begin (1) be developed in cooperation with Pro Forma Advisors, a nonprofit organization;
new text end

new text begin (2) promote transit-oriented development with mixed uses and transit-oriented features
designed to encourage transit use;
new text end

new text begin (3) encourage a high level of environmental design, energy efficiency, and on-site
renewable energy generation in new construction that incorporates sustainable and resilient
infrastructure systems to the greatest extent possible;
new text end

new text begin (4) support the work of new developers and build capacity among real estate development
teams that include Black, Indigenous, and People of Color ownership and management of
the development teams; and
new text end

new text begin (5) construct at least 100 new housing units with all units having at least three bedrooms
and being affordable to households earning at or below 50 percent of the area median income.
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 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 $9,000,000 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.
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