HF1170

Purpose

This bill aims to fund a biomedical imaging project by providing state financial support and authorizing bond financing. It supports a collaboration among the Hormel Institute at the University of Minnesota and Mayo Clinic researchers to advance biomedical and cancer research.

Main Provisions

• Subdivision 1 – Appropriation: The bill appropriates 18,120,000 from the bond proceeds fund to the commissioner of employment and economic development. The money is for a grant to the Austin Port Authority to construct, renovate, and equip a new Minnesota BioImaging Center for the Hormel Institute, in collaboration with the University of Minnesota and Mayo Clinic, to advance biomedical and cancer research.
• Subdivision 2 – Bond Sale: The money will be raised by selling and issuing state bonds up to 18,120,000. The sale will follow the terms and procedures described in Minnesota law (statutes 16A.631 to 16A.675) and the Minnesota Constitution (Article XI, sections 4 to 7).

Significant Changes to Existing Law

• Authorizes a new bond issuance totaling up to 18,120,000 to finance the grant and the construction/renovation/equipment of the Minnesota BioImaging Center.
• Directs funding to the Austin Port Authority for the specified project, expanding state support for the Hormel Institute’s biomedical and cancer research efforts in collaboration with the University of Minnesota and Mayo Clinic.
• References existing bonding and constitutional provisions to govern the bond sale process, reinforcing compliance with state debt and finance laws.

How the bill aims to accomplish its goals

• Create a dedicated facility (Minnesota BioImaging Center) to support advanced biomedical imaging research.
• Strengthen collaboration among the Hormel Institute, University of Minnesota, and Mayo Clinic to accelerate biomedical and cancer research.

Potential Impacts

• Increased state investment in biomedical research infrastructure.
• Potential economic activity around construction, renovation, and ongoing research operations in the Austin area.

Relevant Terms - Minnesota BioImaging Center - Hormel Institute - University of Minnesota - Mayo Clinic - biomedical research - cancer research - Austin Port Authority - grant - bond proceeds fund - bond sale / bonds - Minnesota Statutes sections 16A.631 to 16A.675 - Minnesota Constitution Article XI sections 4 to 7