Minnesota Gov. Tim Pawlenty released his bonding recommendations today, which include $685 million worth of general projects he thinks worthy of consideration.
Pawlenty also says the state should borrow another $130 million, which includes "user-financed bonds, trunk highway bonds, University of Minnesota and MnSCU bonds, and cash amounts."
Pawlenty also announced his administration reached a deal with US Steel for the state to "to sell its Lake Vermilion property to the State of Minnesota for $18 million cash with the differential (from US Steel's appraisal) of $2.3 million to be treated as a donation by US Steel to the State of Minnesota....Governor Pawlenty will seek legislative authorization during the 2010 legislative session in order to remove a cap for the acquisition placed on the original 2008 appropriation. "
Here are the major bonding projects on Pawlenty's list:
HIGHER EDUCATION – $246 million (30% of total)
Funding proposals include:
* $130 million for the University of Minnesota ($100 million G.O., $30 million U of M)
o $40 million for higher education asset preservation and replacement (HEAPR) to maintain university facilities throughout the state.
o $53.3 million for a five-story, 155,000 square foot facility to house the University's physics and nanotechnology programs. The new facility would house a 5,000 square foot "clean room" dedicated to nanotechnology research, flexible research laboratories and student meeting space. The University will provide $26.7 million in funds for the project, which totals $80 million.
o $6.7 million to renovate research laboratories at all University of Minnesota campuses. The University will provide $3.3 million for the project, which totals $10 million.