SF5304

Purpose

• This measure provides funding from state bonds to support a local project in Breckenridge. It aims to expand the Infinity Center regional recreation and wellness complex by funding infrastructure, including a new parking area and utilities, to support a multiuse regional recreation center. The intent is to assist the city of Breckenridge with acquiring property and building out infrastructure needed for the expansion.

Main Provisions

• Subdivision 1 – Appropriation:

  • Grants $3,000,000 from the bond proceeds fund to the commissioner of employment and economic development (DEED).
  • Purpose: to provide a grant to the city of Breckenridge to acquire property and to design, construct, furnish, and equip infrastructure to support the expansion of the Infinity Center regional recreation and wellness complex. This includes a parking lot and extending municipal utilities to the expansion space.

• Subdivision 2 – Bond sale:

  • Requires the state to sell and issue bonds up to $3,000,000 from the bond proceeds fund to finance the appropriation.
  • Bonds are to be issued under the terms of Minnesota Statutes sections 16A.631 to 16A.675 and the Minnesota Constitution article XI sections 4 to 7.

Agencies and Administration

• Fund administration: The grant is administered by the commissioner of employment and economic development (DEED).
• Bond issuance: The debt is issued by the commissioner of management and budget.

Financial and Policy Impact

• Financial scope: Up to $3,000,000 is to be allocated for property acquisition and infrastructure for the expansion.
• Funding mechanism: The money comes from the bond proceeds fund, with the state borrowing through the sale of bonds.
• Legal framework: Bonding and expenditure follow existing state statutes and constitutional provisions governing bond issuance.

Significance and Expected Effects

• Local impact: Supports expansion of a regional recreation and wellness facility (Infinity Center) with new infrastructure, potential improvements to recreation access, and expanded municipal utilities to the expanded space.
• Policy shift: Introduces or utilizes a targeted capital investment for a specific city project funded by state bonds. No broad changes to existing law are indicated beyond approving this particular appropriation and bond authorization.

Potential Considerations

• Timing and feasibility of property acquisition and infrastructure construction are not specified here and would be determined during grant administration and project planning.
• The measure relies on ongoing availability of bond proceeds and compliance with the referenced statutes and constitutional provisions.

Relevant Terms - capital investment - bond proceeds fund - grant - city of Breckenridge - Infinity Center regional recreation and wellness complex - multiuse regional recreation center - infrastructure - property acquisition - design - construction - furnish - equip - parking lot - municipal utilities - expansion space - appropriation - bond sale - Minnesota Statutes sections 16A.631 to 16A.675 - Minnesota Constitution article XI sections 4 to 7