The 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. This program will provide grants to support new or expanding value-added agriculture businesses that meet specific criteria, including being located in North Dakota, having a capital investment of at least $350 million, and producing new agricultural products. The total grant funding available for this program is capped at $30 million, and the grants will reimburse costs related to infrastructure and capital expenditures necessary for the construction of these facilities.

Additionally, the bill outlines the process for grant distribution, which includes an initial payment upon the issuance of a certificate of occupancy and a subsequent payment once the facility reaches fifty percent of its production capacity. The Bank of North Dakota is authorized to extend a line of credit to the agriculture commissioner to support these grants, with the stipulation that any borrowed funds must be transferred back to the agriculture diversification and development fund. The bill is set to expire on June 30, 2029, and is declared an emergency measure, allowing for immediate implementation.

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