SF 1076

as introduced - 91st Legislature (2019 - 2020) Posted on 02/11/2019 02:55pm

A bill for an act
relating to economic development; appropriating money for the Minnesota
investment fund; appropriating money for the job creation fund; appropriating
money for the redevelopment program.

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

Section 1. new text begin MINNESOTA INVESTMENT FUND; APPROPRIATION.
new text end

new text begin $10,500,000 in fiscal year 2020 and $10,500,000 in fiscal year 2021 are appropriated
from the general fund to the commissioner of employment and economic development for
the Minnesota investment fund under Minnesota Statutes, section 116J.8731. Of this amount,
the commissioner of employment and economic development may use up to three percent
for administrative expenses. This appropriation is available until June 30, 2023.
new text end

Sec. 2. new text begin JOB CREATION FUND; APPROPRIATION.
new text end

new text begin $10,500,000 in fiscal year 2020 and $10,500,000 in fiscal year 2021 are appropriated
from the general fund to the commissioner of employment and economic development for
the Minnesota job creation fund under Minnesota Statutes, section 116J.8748. Of this
amount, the commissioner of employment and economic development may use up to three
percent for administrative expenses. This appropriation is available until June 30, 2023.
new text end

Sec. 3. new text begin REDEVELOPMENT PROGRAM; APPROPRIATION.
new text end

new text begin $6,000,000 in fiscal year 2020 and $6,000,000 in fiscal year 2021 are appropriated from
the general fund to the commissioner of employment and economic development for the
redevelopment grant and demolition loan programs under Minnesota Statutes, sections
116J.575 and 116J.5761. This is a onetime appropriation.
new text end