Minnesota Session Laws - 1994, Regular Session

                            CHAPTER 397-S.F.No. 1983 
                  An act relating to economic development; clarifying 
                  applications and criteria for Minnesota companies to 
                  participate in the international business partnership 
                  program; amending Minnesota Statutes 1992, section 
                  116J.974. 
        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
           Section 1.  Minnesota Statutes 1992, section 116J.974, is 
        amended to read: 
           116J.974 [INTERNATIONAL PARTNERSHIP PROGRAM.] 
           The commissioner shall establish an international 
        partnership program to promote joint ventures in research and 
        development, commercialization, and export opportunities between 
        Minnesota companies, foreign companies, and foreign 
        governments.  The purpose of the partnership program is to 
        encourage Minnesota business development, joint venture access 
        to foreign markets, and the export of state products, and to 
        create employment opportunities in Minnesota.  Activities of the 
        partnership program may include the following: 
           (1) develop and maintain a data base of international 
        partnership programs that finance, assist, or otherwise promote 
        joint projects or ventures with companies in the United States; 
           (2) collect and disseminate information on international 
        joint venture programs to Minnesota companies and entrepreneurs; 
           (3) provide technical assistance to Minnesota companies in 
        preparing proposals or other applications for international 
        programs that support joint projects or ventures; 
           (4) explore methods of improved access to new and expanding 
        international markets in the European Economic Community 1992 
        and the newly democratized countries; 
           (5) encourage public-private business and leadership 
        exchanges between Minnesota and foreign countries; 
           (6) identify potential sources of domestic financing for 
        international partnership programs; and 
           (7) review and evaluate the need and the financial sources 
        for a conditional state grant or, loan, or investment program to 
        assist Minnesota companies by providing matching funds through 
        the international partnership program. 
           State money in an to be provided to Minnesota companies 
        applying to the international partnership fund program must be 
        matched on a dollar for dollar basis with money from 
        participating foreign governments.  An international partnership 
        fund; and must contribute no more than 50 percent of the total 
        research and development costs incurred by the Minnesota 
        companies for each project.  Applicants to an international 
        partnership fund program must demonstrate a nonpublic commitment 
        of no less than 50 percent of eligible project costs. 
           Presented to the governor April 5, 1994 
           Signed by the governor April 7, 1994, 11:26 a.m.