Minnesota Agricultural and Economic Development Board
Function: The board issues revenue bonds backed by a state reserve for projects that provide for agricultural and economic development in the state. The board applies bond receipts to loans and loan guarantees to private firms for the purchase of real estate and capital equipment.
Minnesota businesses may obtain subsidies in the form of reduced borrowing costs from the Minnesota Agricultural and Economic Development Board. State law gives the board unlimited authority to issue revenue bonds on behalf of Minnesota businesses. For some businesses, the board issues tax-exempt bonds, which have a lower interest rate than taxable bonds. The lower interest rate reduces the business' borrowing costs.
Department of Employment and Economic Development
Initially the board consisted of the commissioner of finance as chair, the commissioner of agriculture, the commissioner of commerce, the commissioner of energy and economic development, and the director of the pollution control agency, the president of the Greater Minnesota Corporation, and two public members with experience in finance, appointed by the Greater Minnesota Corporation.
As of 2012, seven members. Membership consists of the commissioner of management and budget as chair, the commissioner of agriculture, the commissioner of employment and economic development, the commissioner of the Pollution Control Agency, the president of Enterprise Minnesota, Inc. or the president's designee, and two public members with experience in finance, appointed by Enterprise Minnesota, Inc.
Record last updated:
Additional print information on this group may be available in the
Library's collection of agency notebooks. Please contact a librarian for
assistance. The Minnesota Agencies database is a work in progress.