This bill amends and reenacts section 4.1-01.1-07 of the North Dakota Century Code to enhance the agriculture diversification and development fund, which supports value-added agriculture businesses. The fund will now include provisions for value-added agriculture facility incentive funding alongside existing loan and grant programs. The agriculture diversification and development committee is tasked with designating the amount available for these new funding opportunities, which aim to support new or expanding businesses that demonstrate financial feasibility and contribute to the state's economy. Additionally, the bill establishes a new value-added agriculture production facility incentive program with a grant limit of thirty million dollars. To qualify for these grants, production facilities must meet specific criteria, including being located in the state, having a significant capital investment, and producing new agricultural products. The program will reimburse costs related to infrastructure and capital expenditures necessary for facility construction. The bill also allows the Bank of North Dakota to extend a line of credit to support these grants, with provisions for repayment through legislative appropriations. This act is set to expire on June 30, 2029, and is declared an emergency measure.

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
Prepared by the Legislative Council staff for Representative Hagert: 4.1-01.1-07
Enrollment: 4.1-01.1-07