The bill proposes the transfer of state-owned land within the Cloquet Forestry Center to the University of Minnesota, with the commissioner of administration required to convey the land at no cost. The conveyance will be executed in a form approved by the attorney general, who is authorized to make necessary corrections to the land description. The specific parcels of land to be transferred are detailed in the bill, including various sections and townships in Carlton County.
Additionally, the bill includes an appropriation of funds for the fiscal year 2025 from the general fund to the commissioner of management and budget. This funding is designated for the prepayment and defeasance of outstanding state general obligation bonds related to improvements at the Cloquet Forestry Center. Once the debt is settled, the property will no longer be classified as state bond financed property, thereby fulfilling the conditions outlined in existing statutes. Both sections of the bill will take effect the day following final enactment.