MN SF1441

Authorizes the commissioner to make loans to development authorities for up to 100 percent of estimated land acquisition and demolition costs, with loans capped at $1,000,000 per project.

Establishes loan terms including a 15-year maximum term, 2 percent interest rate (with no accrual for the first two years), semiannual interest payments, and annual principal payments beginning in year three.

Allows the commissioner to forgive up to 50 percent of the original loan amount upon project completion if the project would have qualified for grant funding under existing priorities.

Eliminates the requirement for semiannual reporting to legislative committees on grants awarded, retaining only annual reporting on cleanup project status within 120 days of fiscal year end.

Expands redevelopment account uses to include loans in addition to grants, with loan repayments and investment income deposited in a special revenue fund for making future grants and loans.