North Dakota's agriculture commissioner may pay approved facility grants in two stages, after construction meets occupancy and production milestones.
Qualifying new facilities may receive grants of up to $30 million for eligible construction costs. The commissioner pays half after the facility receives an occupancy certificate and the rest after it reaches half of its production capacity.
For a committee-approved facility grant, the Bank may lend the agriculture commissioner up to $30 million. If the commissioner borrows, the commissioner must ask lawmakers for money to repay the loan.
The Act is effective through June 30, 2029, and becomes ineffective after that date.
The agriculture commissioner distributes grants to qualifying facility projects in two stages. The facility must be a new construction project in North Dakota on an industrial-ready site with existing municipal infrastructure. It must meet the listed investment, competing offer, product, and economic contribution requirements. The committee must approve a grant. The grant reimburses necessary infrastructure, site acquisition, or other capital costs. The commissioner pays half upon issuance of an occupancy certificate and the rest when the facility reaches 50 percent of production capacity.
The Bank of North Dakota may extend a line of credit to the agriculture commissioner for an approved grant. The line of credit may be up to $30 million, at the interest rate charged to North Dakota government entities, and may support a grant under the facility incentive program. The committee must approve the grant before the commissioner may use the credit. If the commissioner borrows money, the commissioner must request a deficiency appropriation from the Legislative Assembly to repay it. The commissioner may use the line of credit through June 30, 2029.
The Act is effective through June 30, 2029, and becomes ineffective after that date. The expiration date applies to the Act. The Act becomes ineffective after June 30, 2029.
No hearings or votes scheduled.