MN SF3231

Establishes a transportation economic development assistance program providing competitive grants on a geographically balanced basis for transportation projects in all modes that provide measurable local, regional, or statewide economic benefit.

Creates a transportation economic development account in the special revenue fund and an economic development loan account within the transportation revolving loan fund to support the program.

Requires the Commissioner of Employment and Economic Development to develop economic impact performance measures analyzing projects based on net new jobs created, average wages, and return on investment.

Establishes a Transportation Economic Development Assistance Council with 15 members representing counties, cities, townships, transit agencies, airports, railroads, and business organizations to advise on program administration; council expires June 30, 2014.

Requires biennial legislative reports by February 1 of odd-numbered years detailing program requirements, project evaluations, funding allocation by transportation mode, administrative costs, and overall economic impact; modifies petroleum tank fund to transfer remaining balance to transportation economic development account after appropriations.