The Senate released a proposed bonding bill Wednesday morning that includes $13.5 million for The Hormel Institute’s expansion.

The city of Austin, through the Austin Port Authority, is asking for $13.5 million in state bonding funds to help pay for a $27-million expansion, which would double The Institute’s size and create 125 jobs.

The other half of the funding would come through a local Port Authority bonding issuance, meaning the Port Authority would own the expansion and The Hormel Foundation would be in a contractual agreement to pay it back.

The bill is currently moving out of the Senate Capital Investment Committee and to the Finance Committee, said Sen. Dan Sparks, DLF-Austin. It could be heard as soon as tomorrow. The next stop after the committee hearing is the Senate floor.

“It’s good news that we restored full funding to The Hormel Institute,” he said. The House bill allotted $9 million to the project, $4.5 million less than the figure Gov. Mark Dayton included in his bonding wish-list in January.