Senate Releases $1.165 Billion Bonding Bill
ST.PAUL, Minn. – Senator LeRoy Stumpf (DFL-Plummer) released the details of a $1.165 billion capital investment bill on Monday outlining the use of $846 million in General Obligation (GO) bonds and an additional $200 million in one-time cash leveraged from the state’s budget surplus. The much anticipated bill, estimated to create more than 28,000 jobs, is the culmination of weeks on the road and months of careful deliberation in which the Senate Capital Investment Committee traveled more than 2,200 miles and visited more than 170 construction projects state-wide.
“We have had to make some tough decisions about a number of worthy projects, but I am confident we have the best possible bill that improves the quality of life in Minnesota through investments in five key areas: business and economic development, housing and infrastructure, education, transportation, and public safety and corrections,” said Sen. Stumpf.
The Minnesota Management and Budget Office estimates approximately $3 billion in capital budget requests have been received since last summer. The Senate’s proposal released on Monday funds roughly one-third of the projects requesting state aid. Added Sen. Stumpf, “It took us some time to put this bill together because there is an overwhelming backlog of needs and a limited amount of funding available.”
The bill dedicates $411 million to economic development projects and programs including the Greater Minnesota Business Development and Public Infrastructure Program. Sen. Stumpf’s bill also authorizes $80 million to the Minnesota Housing Finance Agency, the largest housing bond appropriation in state history.
“Affordable and available housing is a cornerstone of strong economic development and a strong middle class. Businesses all over the state are eager to hire new workers and yet the lack of housing is limiting this growth. More housing means more jobs and a better economy for us all,” said Sen. Stumpf.
The $1.165 billion bill invests heavily in higher education, transportation, and infrastructure construction. A combined $298.067 million will go to the University of Minnesota and MnSCU systems, $40 million each to the local road improvement fund and the local bridge replacement program, and $47.610 million to the Public Facilities Authority to fund clean water and wastewater infrastructure projects.
“By establishing five priority areas to invest in, we have accomplished what a bonding bill should accomplish: maintaining our state’s publicly owned property and infrastructure, while simultaneously creating jobs and improving our communities,” said Sen. Stumpf.
For a breakdown of the bonding bill and more detailed analysis visit the Senate’s bonding webpage at Build.MN
You can also ‘like’ the MN Senate Capital Investment Facebook page facebook.com/mnsencapinvest and the Twitter page twitter.com/mnsencapinvest. Follow the conversation on Twitter at #BuildMN.