Bill > SF63

This bill provides special tax increment financing (TIF) authorization for the city of Plymouth, Minnesota, allowing the city to establish up to two redevelopment districts within its city center area, as identified on the zoning map in effect on January 1, 2024. The bill creates unique rules for these districts, including: automatically deeming the districts as meeting certain statutory requirements, exempting them from specific standard TIF regulations, and extending key financial timelines - specifically, expanding the increment usage period from five to ten years, with a related extension to eleven years for increment use after the initial period. The authorization to approve TIF plans under these special rules will expire on December 31, 2031, and the bill becomes effective after the city's governing body and chief clerical officer complete required legal compliance procedures. These provisions are designed to provide Plymouth with more flexible economic development tools for its city center, potentially facilitating redevelopment and investment in this specific urban area.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0063&ssn=0&y=2025