Purpose of the Bill

The purpose of the bill is to allocate funds for the creation of an Entrepreneur Innovation Center in Minneapolis, specifically in the Lake Street Corridor.

Main Provisions

• Funding: The bill allocates $4,500,000 from the general fund for the fiscal year 2026.
• Grant Recipient: The grant is to be administered by the commissioner of employment and economic development to the Neighborhood Development Center.
• Center Features: The center will provide facilities for entrepreneurs from low-income communities to develop and manage their businesses. Key features planned for the center include:
  • A technology accelerator
  • A beauty, health, and wellness incubator
  • A small-batch production kitchen
  • Community event and meeting space
  • A food production kitchen
  • Retail space

Significant Changes to Existing Law

This is a one-time appropriation specifically for the design, construction, furnishing, and equipment of the new entrepreneur innovation center. The funds will remain available until the project is completed or abandoned, following specific Minnesota statutory requirements.

Relevant Terms

• Entrepreneur Innovation Center
• Neighborhood Development Center
• Lake Street Corridor
• Low-income communities
• Technology accelerator
• Business incubator