ST. PAUL, Minn. — Governor Tim Walz asked the Legislature to approve a $3.3 billion public infrastructure package. With the money mostly borrowed but with $900 million cash from the current tax revenue surplus, the proposal is for road, bridges, water systems, housing construction and repairs and for the environment. These kinds of project are commonly paid through “bonding” – another word for borrowing – over 30 years. The state borrows at low interest rates based on its excellent credit-worthiness. The Walz infrastructure proposal, $3.3 billion, would be the largest in the state’s history. Walz called the package a “down payment on the future.” Walz said: “Strong infrastructure is what allows Minnesotans to live safe and healthy lives. It’s what keeps our drinking water clean, our roads and bridges safe to drive on, and our communities safe from flooding.” These are broad categories in the Walz infrastructure proposal
Unfinished last year
The Legislature went into a partisan stalemate last year and failed to finish a $1.5 billion bonding bill. Dozens of projects statewide went unfunded. Approval of many of these left-over projects is expected quickly in the new Legislature. Most of Walz’s package, however, will be on backburners probably until May when the 2023 session ss winding up.
Walz 5.0: Infrastructure
The Walz. bonding proposal was the fifth of his financial plan for the 2023 Legislature. It is separate from his four-part overall two-year plan that he rolled out over the past couple weeks. The larger $65 billion plan includes rebates to more than 2.5 million taxpayers and reductions in taxes on Social Security income for many pensioners. The includes some higher taxes and fees.
> $650 million: For roads, bridges and water systems.
> $520 million: For facility repairs and replacement in the University of Minnesota and Minnesota State University systems.
> $520 million: For local community community centers, libraries and fire stations.
> $470 million: For affordable housing.
> $133 million: For Natural Resources Department recreational and other facilities.
> $90 million: For state-operated veterans’ homes in Hastings, Preston, Montevideo and Bemidji.