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SF 2092

as introduced - 89th Legislature (2015 - 2016) Posted on 04/20/2015 08:40am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to economic development; appropriating money for economic growth
in emerging markets.

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

Section 1. new text beginECONOMIC GROWTH IN EMERGING MARKETS.
new text end

new text begin Subdivision 1. new text end

new text begin Grants. new text end

new text begin (a) $1,500,000 in fiscal year 2016 and $1,500,000 in fiscal
year 2017 are appropriated from the general fund to the commissioner of employment and
economic development. The commissioners of employment and economic development
and housing finance, and the Public Utilities Commission, shall establish a targeted group
business trust with the purpose of eliminating racial disparities and promoting economic
development in emerging markets. Of this amount:
new text end

new text begin (1) 50 percent of funds must be allocated towards developing renewable energy
markets;
new text end

new text begin (2) 25 percent of funds must be allocated towards business development; and
new text end

new text begin (3) 25 percent of funds must be allocated towards construction projects.
new text end

new text begin (b) All of the amounts in paragraph (a) must be allocated equally between:
new text end

new text begin (1) emerging markets including African American, Chicano-Latino, Asian
American, and Native American; and
new text end

new text begin (2) targeted groups in economically distressed areas.
new text end

new text begin Funds must benefit all residents and businesses in efforts to close the economic disparity
gap, develop regional trade partnerships, and develop renewable energy markets in
Minnesota.
new text end

new text begin Subd. 2. new text end

new text begin Revolving loans. new text end

new text begin $500,000 in fiscal year 2016 and $500,000 in fiscal year
2017 are appropriated from the general fund to the commissioner of housing finance to
create a revolving loan fund for home purchases and business development. Loans must be
forgivable on a sliding scale, based on five-year occupancy, to be distributed by the targeted
group business trust identified in subdivision 1 to eliminate racial disparity and to provide
homeownership opportunities for employed Minnesota residents and business owners.
new text end

new text begin Subd. 3. new text end

new text begin Capacity-building grant. new text end

new text begin $500,000 in fiscal year 2016 and $500,000
in fiscal year 2017 are appropriated from the general fund to the commissioner of
employment and economic development for a grant to the targeted group business
trust identified in subdivision 1 to: (1) manage economic development activities and
incubators that improve the capacity of emerging market businesses and targeted group
economically distressed businesses in Minnesota; and (2) employ emerging and targeted
group economically distressed Minnesota residents.
new text end