Section 1 creates the Upper St. Anthony Lock and Dam closure grant program within the transportation economic development (TED) program to assist businesses adversely affected by the closure of the lock and dam.  The program is exempt from the statutory criteria and processes associated with the TED program and is administered by the Commissioner of Employment and Economic Development.

The DEED commissioner will review grant applications in the order received and award grants to eligible applicants within 60 days after receipt of applications.

To be eligible for a grant, a business must:  be located upriver of the lock and dam; operate a commercial navigation facility; and use commercial vessels on the Mississippi to expedite commodities movement.

Grant awards are for relocation, development of alternative transportation methods, and mitigation of increased costs.

Section 2 appropriates $40 million from the general fund to the Commissioner of Employment and Economic Development for grants under the grant program.