This bill amends section 4.1-01.1-07 of the North Dakota Century Code to enhance the agriculture diversification and development fund by introducing a value-added agriculture facility incentive program. The fund will now include provisions for grants and funding specifically aimed at supporting value-added agriculture facilities, in addition to existing loan and grant programs. The agriculture diversification and development committee will designate the amount available for these new funding opportunities, which are intended to support new or expanding value-added agriculture businesses that demonstrate financial feasibility and contribute to the state's economy.

The bill outlines specific eligibility criteria for grant awards under the new incentive program, including requirements for location, capital investment, and economic contribution. It establishes a grant funding limit of thirty million dollars for the program, with reimbursement for necessary infrastructure and capital expenditures related to facility construction. Additionally, the bill allows the Bank of North Dakota to extend a line of credit to support these grants, with provisions for repayment through legislative appropriations. The program is set to expire on June 30, 2029, after which it will no longer be effective.

Statutes affected:
INTRODUCED: 4.1-01.1-07
Adopted by the House Agriculture Committee: 4.1-01.1-07
FIRST ENGROSSMENT: 4.1-01.1-07
Prepared by the Legislative Council staff for Representative Vigesaa: 4.1-01.1-07
SECOND ENGROSSMENT: 4.1-01.1-07