SF4424

Purpose

This bill would designate the city of Sartell as a Destination Medical Center Community and create a Medical Enterprise Zone (MEZ) to support medical-related development. It aims to use targeted tax incentives and certain tax revenues to fund infrastructure and economic development for medical development, technology, and medical manufacturing.

Main Provisions

• Establishment of a Medical Enterprise Zone (MEZ):
  • A MEZ is defined as a designated area within the state where targeted tax incentives may be used to fund infrastructure and economic development costs for medical development, technology, and medical manufacturing.
  • Sartell is designated as the MEZ.
  • The Sartell city council would designate a geographic area within Sartell that can collect newly established corporate taxes, individual income taxes, and state commercial/industrial property taxes to be used exclusively for purposes of medical enterprise.
• Destination Medical Center Community:
  • Sartell is designated as a Destination Medical Center Community.

Significant Changes to Existing Law

• Creates a new MEZ structure under Minnesota Statutes chapter 469, specifically section 469.208 (Medical Enterprise Zone), with authority to provide targeted tax incentives and to use certain taxes for MEZ purposes.
• Officially designates Sartell as a Destination Medical Center Community, expanding its role in the statewide Destination Medical Center framework.

Relevant terms and concepts from the bill are included to indicate how the MEZ would operate and what taxes could be redirected to support medical-related economic activity in Sartell.

Relevant Terms - Medical Enterprise Zone (MEZ) - targeted tax incentives - infrastructure and economic development costs - medical development - technology - medical manufacturing - corporate taxes - individual income taxes - state commercial/industrial property taxes - used exclusively for purposes of medical enterprise - Destination Medical Center Community (DMC Community) - Sartell - Minnesota Statutes chapter 469 - designation