HF4360

Purpose

To provide funding from the state to support the renovation and redevelopment of a specific property in Minneapolis. The goal is to turn the current property at 1113 West Broadway into a multiuse facility that can support various activities and community uses.

Main Provisions

• One-time appropriation: In fiscal year 2027, a grant is given from the general fund.
• Responsible agency: The grant is made to the West Broadway Business and Area Coalition through the commissioner of employment and economic development.
• Use of funds: The grant is for constructing, furnishing, and equipping the renovation and redevelopment of the property at 1113 West Broadway.
• Project scope: The funds are intended to create a multiuse facility on the current site.
• Availability and completion: The appropriation remains available until the project is completed or abandoned, in accordance with applicable state law.

Financial Details

• Source of funds: General fund.
• Amount: A one-time grant specified for this project (fiscal year 2027).
• Availability: Funds stay available until project completion or abandonment, subject to Minnesota statutes.

Location and Project Scope

• Location: 1113 West Broadway, Minneapolis.
• Project purpose: Renovation and redevelopment to create a multiuse facility for community or economic development purposes.

Legal and Compliance Notes

• Compliance reference: The appropriation is subject to Minnesota Statutes section 16A.642, which governs related budgeting and appropriation rules.
• Oversight: Implemented through the commissioner of employment and economic development with a grant to the West Broadway Business and Area Coalition.

Significance and Impact

• This bill represents targeted state capital investment to support a specific community redevelopment project in Minneapolis, aiming to spur economic activity, improve facilities, and provide a multiuse space for local uses.

Relevant Terms - general fund - commissioner of employment and economic development - grant - West Broadway Business and Area Coalition - Minneapolis - 1113 West Broadway - renovation - redevelopment - multiuse facility - one-time appropriation - fiscal year 2027 - Minnesota Statutes section 16A.642 - capital investment - appropriation - construction - furnishing - equipment