HF 4003 Summary

• Creates a land assembly for job creation grant account in the special revenue fund to support local governments assembling land for commercial and industrial economic development.

• Authorizes the commissioner of employment and economic development to award grants covering up to 80 percent of site acquisition costs, with single grants capped at $500,000 and annual applicant limits of $1,000,000, requiring at least 20 percent nonstate matching funds.

• Eligible applicants include statutory or home rule charter cities, counties, housing and redevelopment authorities, economic development authorities, and port authorities acquiring vacant or blighted properties with known contaminants that will result in full-time living wage jobs and increased property tax base.

• Prioritizes grant awards based on property tax base increase, full-time job creation with living wages, local resource commitment, economic development benefits, and crime or blight reduction when applications exceed available funds.

• Transfers $15,000,000 from the general fund to the land assembly for job creation grant account in fiscal year 2018.