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

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The state Senate Monday voted 56-11 to pass a bill that woulf provide $100 million in loan guaranteezs to back private construction projectds acrossthe state. A similar measure is awaitingg consideration inthe House. In the Senate the Department of Employment and Economic Developmeny wouldreceive $100 million out of the state’sz general fund to pay for the DEED would do its own checmk of the loans on top of the banks’ own due The state would guarantee 20 to 25 percent of approved loans. Senate President Jim Metzen, DFL-South St. is the author of the Senate bill.
He said that constructiomn industry interests have told him that ther eare $3 billion to $5 billion in projects readyh to go if they get financingf — which has been slow to come amid the Metzen didn’t have specific examples of projects, but said theres was a wide variety. “This is a Minnesota stimulusz bill, to get peoplwe working,” he said. He said the bipartisan nature of the Mondauy vote made him hopefulp thatRepublican Gov. Tim Pawlenty woulx back the bill.