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Committee approves $10M milk-processing grant cap, shifts funding to line-of-credit approach
Summary
Senators approved an amendment and recommended a due-pass for Senate Bill 2,342, establishing an AD fund-backed reimbursable grant cap of $10 million (or 5% of project cost) to incentivize milk processing facilities and allowing Bank of North Dakota line-of-credit triggers rather than an up-front appropriation.
The Appropriations Committee amended Senate Bill 2,342 to authorize up to $10 million in grant funding (or up to 5% of total project costs) for milk processing facilities as an AD fund project and changed the funding mechanism from an up-front appropriation to a Bank of North Dakota line of credit that the Agriculture Department could call on if a qualifying project moved forward.
Senator Dwyer, carrying…
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