The bill amends existing legislation to extend the availability of a $10,000,000 grant appropriated to the city of Minneapolis from the general fund for fiscal year 2024. The amendment removes the previous requirement that the grant must be paid by July 15, 2023, and instead allows the appropriation to remain available until June 30, 2027. Additionally, the city of Minneapolis is permitted to use up to one percent of the grant for administrative costs.

The bill specifies that of the total grant amount, $8,000,000 is designated for a foundation that provides various business support services to businesses located on Lake Street in Minneapolis, while $2,000,000 is allocated for property acquisition at specified locations within the city. The effective date of this section is set for the day following final enactment.