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MN HF409
Bill
Status
2/7/2013
Primary Sponsor
Kim Norton
Click for details
AI Summary
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Establishes the Rochester Area Medical Center Development Authority as a public body to support Rochester's status as a global medical destination through infrastructure investment and economic development.
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Creates medical center development districts within Rochester where the authority can undertake projects including property acquisition, demolition/rehabilitation, infrastructure construction, parking facilities, retail/residential development, and related improvements.
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Authorizes the authority to issue revenue bonds up to $585,000,000 (less any city grants up to $60,000,000) secured by facility revenues or state payments, with bonds maturing by December 31, 2049.
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Provides state appropriations beginning in fiscal year 2016 through 2049 for authority debt service on state-pledged bonds and operating expenses, subject to commissioner approval and an unspecified annual cap.
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Establishes an 8-member voting board including the mayor, city council president, county board chair, medical business entity representatives, and other appointees; prohibits board members from conflicts of interest with the medical entity.
Legislative Description
Medical center development authority established and organization, powers, and duties provided; medical center development districts provided; issuance of revenue obligations, city bonds, and state assistance authorized; funding provided; and money appropriated.
Last Action
Committee report, without further rec to amend, re-refer to Capital Investment
4/4/2013