SF 1686

as introduced - 89th Legislature (2015 - 2016) Posted on 09/28/2015 02:06pm

A bill for an act
relating to economic development; providing for a loan from the Minnesota
Investment Fund.

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

Section 1. new text begin MINNESOTA INVESTMENT FUND; AIRCRAFT
MANUFACTURING FACILITY.
new text end

new text begin Of the amount available under Minnesota Statutes, section 116J.8731, in fiscal year
2016, $4,000,000 is for a loan to construct a $10,000,000 aircraft manufacturing facility.
Funds available under this section may be used for purchases of materials and supplies made
from July 1, 2015, through June 30, 2016, and which are directly related to the construction
of the aircraft manufacturing facility. The loan under this section is not subject to the
limitations under Minnesota Statutes, section 116J.8731, subdivision 5. The commissioner
shall forgive the loan after verification that the project has satisfied performance goals
and contractual obligations as required under Minnesota Statutes, section 116J.8731,
subdivision 7. The amount available under this section is available until expended.
new text end