This bill modifies appropriations for the PROMISE grant and loan programs in Minnesota by expanding the designated areas eligible for funding. Specifically, it adds the Hennepin Avenue Commercial corridor, South Hennepin Community corridor, and Uptown Special Service District in South Minneapolis to the existing list of corridors for both the PROMISE grant and loan programs. These changes are intended to enhance economic development in these specific areas.

The bill also establishes that these modifications to the appropriations are effective retroactively from July 1, 2023. This retroactive application ensures that the newly designated areas can immediately benefit from the funding opportunities provided by the PROMISE programs.