Laserfiche WebLink
1 <br />MINNESOTA STATUTES 2008 116J.995 <br />116J.995 ECONOMIC GRANTS. <br />An appropriation rider in an appropriation to the Department of Employment and Economic <br />Development that specifies that the appropriation be granted to a particular business or class of <br />businesses must contain a statement of the expected benefits associated with the grant. At a <br />minimum, the statement must include goals for the number of jobs created or enhanced, wages <br />paid, and the tax revenue increases due to the grant. The wage and job goals must contain specific <br />goals to be attained within two years of the benefit date. The statement must specify the recipient's <br />obligation if the recipient does not attain the goals. At a minimum, the statement must require <br />a recipient failing to meet the job and wage goals to pay back the assistance plus interest to <br />the Department of Employment and Economic Development provided that repayment may be <br />prorated to reflect partial fulfillment of goals. The interest rate must be set at no less than the <br />implicit price deflator as defined under section 116J.994, subdivision 6. The legislature, after a <br />public hearing, may extend for up to one year the period for meeting the goals provided in the <br />statement. <br />History: 1999 c 243 art 12 s 3; 2000 c 482 s 12; 2001 c 7 s 29; 2003 c 128 art 13 s 27; <br />1Sp2003c4s1 <br />Copyright 0 2008 by the Revisor of Statutes, State of Minnesota. All Rights Reserved. <br />