S.F. 2850 requires the commissioner of employment and economic development, in consultation with the commissioner of revenue, to finance a study and analysis of the effects of current and projected oil production in North Dakota on the Minnesota economy, with special focus on the northwestern region of Minnesota and area border cities.
The study and analysis must address: (1) the current and projected economic, fiscal, and demographic effects; (2) direct and indirect costs and benefits; (3) positive and negative effects; and (4) economic challenges and opportunities for economic growth or diversification. Study data must be utilized to formulate policy recommendations on how the state, the northwestern region of the state, and border cities may respond to the challenges and opportunities for economic growth and financial investment that may be derived from the regional economic changes resulting from the oil production.
The study and analysis must be conducted by an independent entity with demonstrated knowledge. The commissioner shall report, by February 15, 2015, on the findings and recommendations of the study to the committees of the house of representatives and senate having jurisdictions over economic development and workforce issues.
$150,000 is appropriated in fiscal year 2014 from the general fund to the commissioner of employment and economic development for purposes of this study.
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