This bill aims to enhance economic development in Minnesota through various appropriations and the establishment of new programs. It introduces Explore Minnesota Film to promote the state as a film production location and creates a Brooklyn Park Biotech Innovation District. The bill allocates significant funding for initiatives supporting small businesses, particularly those owned by women and people of color, with specific appropriations including $500,000 for the Minnesota Film and TV Board and $5,000,000 for the Neighborhood Development Center. Additionally, it repeals a subdivision related to the greater Minnesota business development public infrastructure grant program and modifies existing economic development policies to better support diverse communities.

Key amendments include the cancellation of a prior $5,000,000 appropriation and the removal of the term "competitive" from the grant process under Minnesota Statutes 2022, section 116J.435. The bill expands eligibility for various economic development programs to include Tribal economic development entities and community development financial institutions, establishing a revolving loan fund to support small businesses. It also increases the maximum grant amounts for water infrastructure projects and modifies the administration of revolving loan funds by nonprofit corporations and other entities. Overall, the bill seeks to broaden access to funding and resources for diverse communities and enhance economic opportunities across Minnesota.

Statutes affected:
1st Engrossment: 116J.435, 116J.5492, 116M.18, 116U.26, 116U.27, 446A.072, 446A.073