Purpose of the Bill

The bill is designed to amend a previous law to extend the availability of funds appropriated to support local government initiatives in Minneapolis. Specifically, it targets economic development along a major commercial corridor and property acquisition for community benefit.

Main Provisions

• The bill provides a one-time appropriation of $10,000,000 from the general fund to the city of Minneapolis for economic development purposes.
• The funds must be fully distributed by July 15, 2023, and the financial support remains available until June 30, 2027.
• Up to one percent of the grant can be used for administrative costs by the city.

Use of Funds

1. Economic Support for Lake Street Businesses:

   • $8,000,000 of the grant must be allocated to a foundation that supports businesses on Lake Street between 30th Avenue South and Nicollet Avenue.
   • This foundation will provide business advising, branding, marketing support, and real estate consulting services. Funds may also cover marketing, place-making, and public relations services.

2. Property Acquisition:

   • $2,000,000 of the grant is designated for acquiring specific property at 1860 28th Street East and 2717 Longfellow Avenue in Minneapolis for community development.

Significant Changes to Existing Law

• The key change is extending the timeframe during which these funds can be used, providing more flexibility and ensuring the financial support can be fully utilized by the targeted programs and initiatives.

Relevant Terms

taxation aids, local governments, appropriation, Minneapolis, economic development, business support, Lake Street, property acquisition