MN SF3155

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

Authorizes the commissioner of employment and economic development to make loans or equity investments in eligible facilities and manufacturing projects located within the taconite relief tax assistance area as defined under section 273.134.

Authorizes the commissioner to make grants to municipalities, counties, or county regional rail authorities for public infrastructure supporting eligible projects, including roads, rail lines, natural gas pipelines, electric infrastructure, water systems, and wastewater systems.

Requires the commissioner to conduct due diligence research before committing funds and establishes that fund disbursements may not be made until other project funding commitments are satisfactory and disbursements from other sources are sufficient to protect state interests.

Appropriates $20,000,000 from the general fund in fiscal year 2017 to the commissioner of employment and economic development for deposit in the Minnesota 21st century fund.