MN HF3672

Renames the "Minnesota minerals 21st century fund" to the "Minnesota 21st century fund" and expands eligible uses beyond minerals to include any industry processing facilities, manufacturing, or technology projects that enhance economic diversification within the taconite assistance area.

Authorizes the commissioner of employment and economic development to make loans, equity investments, and grants to municipalities, counties, or regional rail authorities for public infrastructure including roads, rail lines, natural gas pipelines, electric infrastructure, water systems, and wastewater systems supporting eligible projects.

Requires the commissioner to conduct due diligence research before committing funds and allows conditional commitments only if other project funding commitments satisfy the commissioner and disbursements are made from other sources to protect the state's interests.

Allows the Iron Range Resources and Rehabilitation Board to provide equal matching funds through loans or equity investments for facility projects in the taconite assistance area without requiring state equity interest in the project.

Appropriates $20,000,000 from the general fund in fiscal year 2017 to the Minnesota 21st century fund.