This bill appropriates $3,000,000 from the general fund for fiscal year 2026 to the Rondo Community Land Trust, aimed at supporting small businesses in St. Paul along the University Avenue and Selby Avenue corridors. The funds will be used to provide grants and forgivable loans to assist with various operational costs, including rent, utilities, payroll, equipment, and inventory needs. The Rondo Community Land Trust is tasked with establishing a small business assistance program that prioritizes locally owned businesses, particularly those owned by entrepreneurs from historically underserved communities who have faced financial hardships due to disruptions in the area.

Additionally, the bill mandates that the Rondo Community Land Trust submit a report by February 1, 2027, detailing the number of businesses assisted, the types of assistance provided, the geographic distribution of funds, and outcomes related to business stabilization and economic development in the corridor. The Capitol Area Architectural and Planning Board is explicitly excluded from receiving grants under this program, and the Rondo Community Land Trust may retain up to ten percent of the appropriation for administrative costs. The appropriation is available until June 30, 2027, and the bill takes effect the day after final enactment.