SF4383

Purpose

• Establish a one-time capital investment appropriation to support a grant for the West Broadway Business and Area Coalition in Minneapolis. The goal is to renovate, redevelop, and expand the current property at 1113 West Broadway into a multiuse facility, supporting economic development and community use.

Main Provisions

• Funding source and recipient: In fiscal year 2027, money from the general fund is appropriated to the commissioner of employment and economic development (DEED) as a grant to the West Broadway Business and Area Coalition.
• Project scope: The grant is for constructing, furnishing, and equipping the renovation and redevelopment of the property at 1113 West Broadway in Minneapolis, transforming it into a multiuse facility.
• One-time appropriation: This is a single, one-time appropriation and does not imply ongoing funding.
• Availability and completion: The funds are available until the project is completed or abandoned, subject to Minnesota Statutes section 16A.642.
• Governing law reference: The appropriation and its terms are subject to Minnesota law, including the provision cited (16A.642).

Financial Details

• Amount and allocation: The bill authorizes a grant funded from the general fund in fiscal year 2027 to the DEED for the West Broadway project. The exact funding amount is specified in the enacted appropriation language (not shown in the excerpt provided).

Significance and Impact

• Purpose alignment: The bill aims to support urban redevelopment and economic development by upgrading a specific blighted or underused property into a community-focused, multiuse facility.
• Administrative flow: The grant is issued by the commissioner of employment and economic development to the West Broadway coalition, directing funds toward construction, furnishings, and equipment for the project.
• Temporal constraint: The one-time nature and the completion-or-abandonment condition mean the project has a definite window for completion and must adhere to prescribed timelines and procedures.

Potential Considerations

• Oversight and accountability: As a capital investment grant from the general fund, the project would likely be subject to standard state capital investment oversight and reporting requirements.
• Local impact: If completed, the facility could serve multiple community and economic development functions in Minneapolis, potentially affecting local jobs, business activity, and neighborhood revitalization.

Notable Restrictions

• Availability until completion or abandonment: Funds are not open-ended and must be used for the stated project or returned/abandoned according to statutory rules.
• Dependency on statutory framework: The appropriation operates within the framework of Minnesota Statutes, including section 16A.642.

Related Terms (contextual synonyms)

• Capital investment, appropriation, grant, general fund, commissioner of employment and economic development, West Broadway, Minneapolis, 1113 West Broadway, renovation, redevelopment, multiuse facility, construct, furnish, equip, onetime appropriation, available until completed or abandoned, Minnesota Statutes section 16A.642.

Relevant Terms - capital investment - appropriation - grant - general fund - commissioner of employment and economic development - West Broadway - Minneapolis - 1113 West Broadway - renovation - redevelopment - multiuse facility - construct - furnish - equip - onetime appropriation - available until completed or abandoned - Minnesota Statutes section 16A.642