SF 1805

as introduced - 87th Legislature (2011 - 2012) Posted on 06/15/2012 10:20am

A bill for an act
relating to capital investment; appropriating money for economic development;
establishing the transportation economic development program; authorizing the
sale and issuance of state bonds; proposing coding for new law in Minnesota
Statutes, chapter 116J.

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

Section 1. new text begin ECONOMIC DEVELOPMENT.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $20,000,000 is appropriated from the bond proceeds
fund to the commissioner of employment and economic development for the purposes
specified in this section.
new text end

new text begin Subd. 2. new text end

new text begin Greater Minnesota business development public infrastructure grant
program. new text end

new text begin $5,000,000 is for grants under Minnesota Statutes, section 116J.431.
new text end

new text begin Subd. 3. new text end

new text begin Redevelopment account. new text end

new text begin $5,000,000 is for purposes of the redevelopment
account under Minnesota Statutes, sections 116J.571 to 116J.575.
new text end

new text begin Subd. 4. new text end

new text begin Transportation economic development program. new text end

new text begin $10,000,000 is for
grants under Minnesota Statutes, section 116J.436.
new text end

new text begin Subd. 5. 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 $20,000,000 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

Sec. 2.

new text begin [116J.436] TRANSPORTATION ECONOMIC DEVELOPMENT
INFRASTRUCTURE PROGRAM.
new text end

new text begin Subdivision 1. new text end

new text begin Grant program established; purpose. new text end

new text begin The transportation economic
development infrastructure program is created to foster interagency coordination between
the Departments of Transportation and Employment and Economic Development to
finance infrastructure to create economic development opportunities, jobs, and improve all
types of transportation systems statewide.
new text end

new text begin Subd. 2. new text end

new text begin Eligible projects. new text end

new text begin Funds appropriated for the program must be used to
fund construction, reconstruction, and infrastructure improvements that will promote
economic development, increase employment, and improve transportation systems to
accommodate private investment and job creation.
new text end

new text begin Subd. 3. new text end

new text begin Trunk highway projects. new text end

new text begin Money in the program shall not be used on
trunk highway improvements, but can be used for needed infrastructure improvements
and nontrunk highway improvements in coordination with trunk highway improvement
projects undertaken by the Department of Transportation.
new text end

new text begin Subd. 4. new text end

new text begin Application. new text end

new text begin The commissioners of transportation and employment and
economic development shall design an application process and selection process to
distribute funding to local units of government for publicly owned infrastructure using
criteria that take into account: job creation; increase in local tax base; level of private
investment; leverage of nonstate funds; improvement to the transportation system to serve
the project area; and appropriate geographic balance between the metropolitan area and
greater Minnesota.
new text end