Gov. Dayton Releases $1.5 Billion Capital Investment Proposal
Today, the Dayton administration released an approximately $1.5 billion capital investment proposal. The governor’s infrastructure initiative would invest $541 million at the University of Minnesota and Minnesota State University campuses with the remaining $996 million largely allocated to improvement and maintenance of state buildings, the development of affordable housing, and repair or replacement of the state’s clean water infrastructure. In presenting the proposal, Minnesota Management and Budget Commissioner Myron Frans estimated that the projects funded by the proposal would create approximately 22,950 construction jobs throughout the state.
Initial reaction to the proposal was decidedly mixed. University of Minnesota President Eric Kaler spoke strongly in support of the proposal while many Republican legislators expressed skepticism at the size of the proposed investment. Rep. Dean Urdahl (R-Grove City), chairman of the House Capital Investment Committee, noted that the current budget forecast only includes debt service sufficient for an $800 million bonding bill. “It will be an uphill battle to secure legislative support for a proposal that spends $600 million more than we have planned for in the budget forecast,” Urdahl said.
The Minnesota Legislature returns Feb. 20 for what is expected to be a fast-paced legislative session. Legislators will have approximately 13 weeks to address an estimated $188 million budget deficit for the fiscal year 2018-19 biennium and pass tax conformity legislation following Congress’ passage of the Tax Cuts and Jobs Act of 2017. The Minnesota Legislature is constitutionally mandated to adjourn no later than May 21.
Larkin Hoffman Ranked Best Law Firm in Real Estate and Construction Law
Larkin Hoffman was named the best construction and real estate law firm in Minnesota for 2017 by readers of Finance & Commerce. The firm was recognized with the award as part of a new series of Reader Rankings awards presented by the newspaper.
“Larkin Hoffman has a long history in real estate and construction law, including involvement in many of the most well-known projects in Minnesota,” said Bill Griffith, president of Larkin Hoffman. “We’re very proud of that role. It’s an honor to be recognized by the industry and ranked as the best.”
Over the past six decades Larkin Hoffman has earned a reputation as a go-to law firm in the real estate and construction industries. Our real estate attorneys advise clients on all aspects of real estate, including acquisition, approvals, assembly, construction, financing, leasing, litigation and disposition of real estate. Our construction team counsels contractors, subcontractors, developers, commercial building owners and sureties on every aspect of the construction process.
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