MN SF158

Establishes the Metropolitan Area Redevelopment Corporation as a public corporation and political subdivision with jurisdiction in Anoka, Carver, Dakota, Hennepin, Ramsey, Scott, and Washington counties to address adverse impacts of racial discrimination and poverty through grants for health care facilities, small businesses, safe and affordable housing, and economic development.

Creates a 9-member board appointed by the Executive Council, with members required to be people of color or Indigenous persons; until December 31, 2025, members must live in areas affected by civil unrest between May 26 and June 10, 2020; members receive $10,000 annual compensation.

Dedicates a portion of transportation sales tax revenue (0.00125 percent) from January 1, 2021, through January 1, 2031, to fund the corporation; counties may increase the tax rate to offset losses to transit projects.

Requires at least 40 percent of annual grant funds to support organizations with operating budgets under $500,000; grants must go to nonprofit organizations led by and staffed primarily by African-American, Asian-American, Latino-American, or American-Indian individuals; projects must be substantially completed within two years.

Authorizes cities, counties, and the Metropolitan Council to issue bonds without an election, with proceeds dedicated to corporation-approved grants and sales tax revenues pledged for repayment; all bonds must be retired by December 31, 2030; the corporation expires December 31, 2031.