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State Representative Patti Fritz
100 Rev. Dr. Martin Luther King Jr. Blvd.
651-296-8237
For more information contact: Jessica Nyman 651-296-8877
Column/LTE
Pressing Forward with Initiatives to Get Minnesota Working Again
Recent months have shown some promise with regards to our state’s economy with many of our communities beginning to bounce back from the recession. However, I still receive disheartening tales of unemployment or economic hardship from folks in our district. It is my belief that the true status of our economy rests in these, all too often, anecdotal stories I hear from our neighbors. For genuine economic prosperity, we must focus on getting Minnesotans back to work in good paying jobs that revitalize our local economies.
As such, I’ve signed on as chief author of House File 2186, a bill that will do just that. This legislation would provide appropriations to the Minnesota Investment Fund (MIF), a program that helps Minnesota stay competitive by closing financing gaps faced by businesses looking to expand, while investing in community development. Businesses that qualify for this program must have at least 50% of its total projected costs financed privately and most importantly—these business expansions must be able to create jobs.
MIF grants are awarded to local units of government, which then provide the necessary loans in order to assist business expansion. With the use of state funds, these local units of government can then use up to 20% of loan repayment in order to funnel back into the community for development. Additionally, the taxes paid by these companies assisted by MIF and the new employees they bring into the workforce, more than offset MIF costs, especially when many expansions would not have taken place in Minnesota had it not been for MIF. This means that our public funds are being used wisely, and each dollar is being stretched further.
But perhaps the most important feature of MIF is that it is a proven strategy, already producing real results in our community and around the state. The budget agreement of last session, provided $3 million to be used for MIF. Since then, $1.3 million of that has been awarded, resulting in 218 new jobs – 160 of which are located in Faribault. SAGE Electrochromics is a recipient of MIF funds and in addition to creating new jobs in our community is partnering with our local colleges to prepare our workforce for this high tech manufacturing. MIF funds also helped our neighbors at Owatonna’s Chart Industries keep 100 new jobs in Minnesota, instead of losing them to a competitive site in Texas.
This triangular partnership of public sector, private businesses, and local communities is reflective of the type of shared responsibility and compromise needed to drive our economy. Employing initiatives that are targeted in their purpose and have already shown they are capable of putting back to work the more than 150,000 unemployed Minnesotans means that we are getting the most bang for our buck at a time when our state budget is still volatile.
I am enthused by the uptick in our economy; however there is still work to be done. As Minnesotans, we have never embraced the idea of being just “good enough" – we have always strived for more. This program is a step forward in ensuring that our state and our beloved communities that comprise it are truly the best they can be.
I can be reached at 651-296-8237, and by email at rep.patti.fritz@house.mn. And, if you are in St. Paul, please stop by my office for a visit. I look forward to hearing from you.
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News Items
- STATE REP. PATTI FRITZ PARTICIPATES IN START OF LEGISLATIVE SESSION - (Posted: Jan 9 2013 3:32PM)
- Rep. Fritz: Homeowners, Farmers Need Property Tax Relief - (Posted: 2012-05-01 00:00:00)
- Rep. Fritz: Let’s Vote on a Bonding Bill that Benefits All - (Posted: 2012-04-19 00:00:00)
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