HF 3324 Summary

• Amends Minnesota Statutes to expand the purpose of the Minnesota Investment Fund to include financial and technical assistance for business start-up, expansions, and retention through partnerships with communities.

• Modifies eligible expenditures for the fund to include grants for infrastructure, loans, loan guarantees, interest buy-downs, strategic renewable energy investments, and training and financial assistance for private entrepreneurs as provided in the small cities development block grant program.

• Establishes that grants or loans cannot be made solely based on retention of existing business or attraction of out-of-state business; at least one additional condition from job creation, tax base increase, private investment leverage, infrastructure demonstration, higher wages, or green economy promotion must be met.

• Appropriates $8,980,000 for Business and Community Development across General, Remediation, and Workforce Development funds, with specific allocations for women's business development ($200,000 annually), minority business development ($105,000-$155,000 annually), bioscience business development ($500,000 annually), and other economic development initiatives.

• Includes one-time appropriations for aircraft manufacturing facility expansion ($3,000,000 loan), office of science and technology ($200,000), enterprise small business acceleration ($500,000), and windmill blade manufacturing facility ($10,000,000).