HF3449 Summary

• Appropriates $382.8 million in fiscal year 2025 to the Department of Employment and Economic Development and Explore Minnesota for various economic development programs, business assistance, workforce development, and tourism initiatives.

• Establishes Explore Minnesota Film office within Explore Minnesota to administer film production jobs and credit programs, promoting Minnesota as a film and television production location.

• Creates Brooklyn Park Biotech Innovation District allowing the city to exercise port authority powers, issue bonds, and develop infrastructure for a biotech innovation district with priorities for racial equity and community wealth-building.

• Modifies economic development programs by expanding Tribal economic development entities' eligibility in emerging entrepreneur and expanding opportunity fund programs, adjusting loan limits and interest rates, and increasing water infrastructure grant maximums from $5 million to $10 million per project.

• Increases microenterprise loan limits under the Minnesota emerging entrepreneur program from $35,000 to $40,000 statewide and from $50,000 to $55,000 in low-income areas.