HF 17 Summary

• Authorizes the Commissioner of Administration to issue appropriation bonds (amount to be specified) for redevelopment of areas in Minneapolis and St. Paul damaged during the May-June 2020 civil unrest.

• Bond proceeds must be granted to the City of Minneapolis' community property development fund and the St. Paul Housing and Redevelopment Authority for redevelopment activities including property acquisition, site preparation, design, repair, renovation, construction, and infrastructure improvements.

• Appropriation bonds have a maximum term of 21 years, may bear fixed or variable interest rates, and are payable only from legislative appropriations for debt service in each fiscal year (not pledged by full faith and credit of the state).

• Proceeds from the bond sale are appropriated to the Commissioner of Employment and Economic Development for grants to Minneapolis and St. Paul, with cities required to segregate funds, report expenditures, and repay the state from proceeds of property sales financed by grants.

• Debt service appropriation is available from fiscal year 2021 through fiscal year 2042, with the commissioner required to review city expenditure reports.