This bill amends existing legislation regarding the appropriation of funds to the city of Minneapolis. It allocates $10,000,000 from the general fund for fiscal year 2024 to the commissioner of employment and economic development for a grant to the city. Notably, the previous requirement that the grant must be paid by July 15, 2023, has been removed, and the availability of this appropriation has been extended 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 bill also includes a provision stating that it will take effect the day following its final enactment.