SF 3527

as introduced - 89th Legislature (2015 - 2016) Posted on 04/15/2016 08:52am

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; MANUFACTURING FACILITY.
new text end

new text begin (a) Of the amount available under Minnesota Statutes, section 116J.8731, in fiscal
year 2017, $6,000,000 is for a forgivable loan to complete equipment upgrades of an
existing manufacturing facility.
new text end

new text begin (b) For the purposes of this section, an eligible manufacturing facility is one that:
new text end

new text begin (1) is in the process of being approved for a Phase II Small Business Investment
Research (SBIR) contract with the United States National Institute of Science and
Technology (NIST) [Phase I Cooperative Agreement 70NANB15H299] for developing
and commercializing technology invented by the National Institute of Health (NIH);
new text end

new text begin (2) is in the process of being approved for a Phase II Small Business Technology
Transfer contract by the Department of Energy (DOE) [Phase I Contract DE-SC0013841];
and
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new text begin (3) is in the process of commercializing space flight sensors for next generation
NASA satellite missions with initial work done as a subcontractor to West Virginia
University (WVU) under NASA grant [NNX14AJ36G, WVU Contract 90003284H].
new text end

new text begin (c) Funds available under this section must be used for the purchases of new or used
equipment and supplies purchased from July 1, 2016, through June 30, 2017, and which
are directly related to the completion of NIST Phase II contract requirements, DOE Phase
II requirements, and NASA satellite mission requirements.
new text end

new text begin (d) The loan under this section is not subject to the limitations under Minnesota
Statutes, section 116J.8731. The commissioner shall forgive the loan after verification
that the project has satisfied performance goals agreed upon by the facility and the
commissioner.
new text end

new text begin (e) The amount available under this section is available until expended.
new text end