Purpose of the Bill

The purpose of this bill is to extend the availability of funds appropriated to the city of Minneapolis for specific economic development initiatives. This involves amending a previous law to ensure the continued use of these financial resources until a designated date.

Main Provisions

• Grant to Minneapolis: A total of $10 million is allocated to the city of Minneapolis from the general fund for economic development purposes. This allocation is set to be a one-time grant.

• Usage of Grant Funds:

  • Lake Street Business Support ($8 million): Out of the total grant, $8 million is designated for a foundation that provides business advising, branding, marketing support, and real estate consulting. This support specifically targets businesses on Lake Street in Minneapolis, between 30th Avenue South and Nicollet Avenue. Funds should be used to offer direct business support or corridor enhancement, such as marketing and public relations.
  • Property Acquisition ($2 million): Another $2 million of the grant is specified for acquiring property located at 1860 28th Street East and 2717 Longfellow Avenue in Minneapolis.

• Administrative Costs: The city can use up to one percent of the grant for administrative expenses related to handling the funds.

• Timeframe: The appropriation will remain accessible and can be utilized by Minneapolis until June 30, 2027.

Significant Changes to Existing Law

This bill extends the availability of previously appropriated funds given to the city of Minneapolis, originally slated to expire earlier, now allowing expenditures until mid-2027.

Relevant Terms

• Appropriation
• Economic Development
• Grant
• Business Support
• Lake Street Corridor
• Property Acquisition
• Minneapolis