2000 Minnesota Statutes

     13.596 Department of trade and economic development data.

    Subdivision 1.   Development loan data.  All financial 
 information on individuals and business entities including, but 
 not limited to, credit reports, financial statements, and net 
 worth calculations, that are contained in an application 
 received by the department of trade and economic development in 
 its administration of the certified state development loan 
 program are classified as private data with regard to data on 
 individuals, and as nonpublic data with regard to data not on 
 individuals until the application is approved. 

    Subd. 2.   Financial incentive data.  Data collected by 
 the department of trade and economic development relating to 
 financial incentives offered by private businesses and 
 organizations, other than state government, to companies for 
 locating their proposed business operations in Minnesota are 
 classified as nonpublic data.  

    Subd. 3.   Businesses seeking state incentives.  
 Notwithstanding subdivision 1, any business seeking $250,000 or 
 more in financial assistance from the state of Minnesota in the 
 form of grants, loans, or tax incentives shall make available 
 for public inspection its audited financial statements for the 
 three most recent years.  These statements shall include all 
 information that would be required by the United States 
 Securities and Exchange Commission prior to any public stock 
 offering.  This subdivision does not apply to financial 
 assistance sought from the iron range resources and 
 rehabilitation board or from a political subdivision of the 
 state, including home rule charter and statutory cities, towns, 
 counties, and all agencies, commissions, and councils 
 established under chapter 473, as well as any authority or 
 agency of such a political subdivision.  

    HIST: 1985 c 298 s 25; 1987 c 312 art 1 s 26 subd 2; 1987 c 
 351 s 17; 1989 c 351 s 10; 1992 c 592 s 3; 1999 c 227 s 22