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1 MINNESOTA STATUTES 2015 116J.995 <br />Copyright © 2015 by the Revisor of Statutes, State of Minnesota. All Rights Reserved. <br />116J.995 ECONOMIC GRANTS. <br />An appropriation rider in an appropriation to the Department of Employment and Economic De- <br />velopment that specifies that the appropriation be granted to a particular business or class of businesses <br />must contain a statement of the expected benefits associated with the grant. At a minimum, the statement <br />must include goals for the number of jobs created or enhanced, wages paid, and the tax revenue increases <br />due to the grant. The wage and job goals must contain specific goals to be attained within two years of the <br />benefit date. The statement must specify the recipient's obligation if the recipient does not attain the goals. <br />At a minimum, the statement must require a recipient failing to meet the job and wage goals to pay back <br />the assistance plus interest to the Department of Employment and Economic Development provided that <br />repayment may be prorated to reflect partial fulfillment of goals. The interest rate must be set at no less than <br />the implicit price deflator as defined under section 116J.994, subdivision 6. The legislature, after a public <br />hearing, may extend for up to one year the period for meeting the goals provided in the 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; 1Sp2003 c 4 s 1