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Minnesota Legislature

Office of the Revisor of Statutes

SF 1386

as introduced - 91st Legislature (2019 - 2020) Posted on 02/18/2019 02:59pm

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; providing for a loan from the Minnesota
Investment Fund to a paper mill.

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

Section 1. new text beginMINNESOTA INVESTMENT FUND; PAPER MILL.
new text end

new text begin Of the amount available under Minnesota Statutes, section 116J.8731, in fiscal year
2020, $2,000,000 is for a loan to a paper mill in Duluth to support the operation and
manufacture of packaging paper grades. The company that owns the paper mill must spend
$15,000,000 on expansion activities by December 31, 2020, in order to be eligible to receive
funds in this appropriation. This appropriation is onetime and may be used for the mill's
equipment, materials, supplies, and other operating expenses. The commissioner of
employment and economic development shall forgive a portion of the loan each year after
verification that the mill has retained 195 full-time jobs over a period of five years and has
satisfied other performance goals and contractual obligations as required under Minnesota
Statutes, section 116J.8731.
new text end