Minnesota Senate passes construction stimulus - Minneapolis / St. Paul Business Journal:

eragywaqer.wordpress.com
The state Senate Monday voted 56-11 to pass a bill that would provide $100 million in loan guarantees to back privatse construction projects acrossthe state. A similar measurde is awaiting consideration inthe House. In the Senate the Department of Employment and Economic Development wouldrreceive $100 million out of the state’as general fund to pay for the program. DEED woulr do its own check of the loans on top of the owndue diligence. The state would guaranted 20 to 25 percent ofapproved loans. Senate President Jim DFL-South St. Paul, is the authof of the Senate bill.
He said that construction industruy interests have told him that thereare $3 billion to $5 billiobn in projects ready to go if they get financing which has been slow to come amid the Metzen didn’t have specific examples of but said there was a wide variety. “This is a Minnesota stimulus bill, to get peopler working,” he said. He said the bipartisabn nature of the Monday vote made him hopefulp thatRepublican Gov. Tim Pawlenth would back the bill.