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DEED outlines status of 2023 capital investment grants: about $440M authorized, $200M still available
Summary
Kevin McKinnon of the Minnesota Department of Employment and Economic Development updated the Senate committee on the status of 2023 capital investment appropriations, described grant administration rules and said about $200 million of appropriations remain unspent while projects proceed through contracting and fundraising.
Kevin McKinnon, deputy commissioner for economic development at the Minnesota Department of Employment and Economic Development (DEED), briefed the Senate Capital Investment Committee on March 4 about the status and administration of 2023 capital investment grants.
McKinnon told senators that DEED and Minnesota Management and Budget (MMB) jointly manage the grants and that bond funds "can only be used for the items listed in the grant appropriation language and/or appropriate costs as a result of the construction of whatever the project is building." He summarized core grant-administration rules: grantees are discouraged from beginning reimbursable work before a grant agreement is in place, grants are paid on a reimbursement…
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