State accepting applications for bond funding

The Minnesota Department of Employment and Economic Development (DEED) is accepting applications for capital projects that are eligible for $47.5 million in bond funding approved during the 2012 legislative session.

Funding will be available for public projects having a useful lifespan of at least 10 years. Eligible costs can include predesign, design, acquisition of land or buildings, construction, furnishing and equipping new or renovated buildings, and infrastructure.

Applicants can request funds for up to 50 percent of eligible capital costs for a project and must show evidence of matching funding support from non-state government sources.

Projects will be selected on such criteria as number of full-time jobs created or retained, increase in the local tax base, ability to attract private investment, health and safety benefits, and evidence of a strong return on investment and cost-benefit ratio.

The deadline for submitting applications is 4:30 p.m. on Tuesday, June 26. No late proposals will be considered. Projects that are selected for funding are expected to be announced in early August.

A request for proposals and application materials are available on the DEED website at the following link: www.PositivelyMinnesota.com/capitalgrants.

Questions about the application process may be directed to Emily Johnson at 651-259-7450, Emily.A.Johnson@state.mn.us. All other questions should be directed to Kim Isenberg at 651-259-7161, Kim.Isenberg@state.mn.us.

Tags: news, updates, economic