The bill appropriates $18,120,000 from the bond proceeds fund to the commissioner of employment and economic development for a grant to the Austin Port Authority. This funding is designated for the construction, renovation, and equipping of a new Minnesota BioImaging Center at the Hormel Institute, which is part of a collaboration between the University of Minnesota and the Mayo Clinic focused on biomedical and cancer research.

Additionally, the bill authorizes the commissioner of management and budget to sell and issue state bonds up to the amount of $18,120,000 to provide the necessary funds. The provisions for the bond sale will follow the guidelines set forth in Minnesota Statutes and the Minnesota Constitution. The bill will take effect the day after it is enacted.