HF 1029 Summary

• Appropriates $1,100,000 each year in fiscal years 2010 and 2011 from the general fund to the commissioner of employment and economic development for the BioBusiness Alliance of Minnesota.

• Funds must be used to create, recruit, retain, and expand biobusiness activity in Minnesota, including medical devices, biologics, biopharmaceuticals, animal health, food, renewable energy, and renewable materials sectors.

• Requires implementation of the destination 2025 statewide plan to promote growth of biobusiness in Minnesota and development of business and scenario-planning models.

• Mandates the BioBusiness Alliance submit annual reports by February 15 to relevant legislative committees on fund usage, bioscience businesses and jobs created, industry competitive position, and results from planning models.

• Requires a statewide assessment of the bioscience industry and Minnesota's competitive position relative to other states and nations.