Bill > SF109

This bill provides special tax increment financing (TIF) rules specifically for the City of Maplewood, focusing on a redevelopment project area centered around a 3M property. The bill creates exceptions to standard TIF regulations, allowing the city more flexibility in establishing and managing a redevelopment tax increment district. Key provisions include: waiving typical eligibility requirements for redevelopment districts, exempting the project from the 90 percent rule that normally governs TIF districts, extending the timeframe for expenditures from five to ten years, and limiting those expenditures to a specific geographic area including the original parcel and surrounding highways and roads. The bill also includes a provision that if no demolition, rehabilitation, or renovation occurs within one year of the district's initial certification, no additional tax increment can be taken from that parcel. If 3M subsequently begins renovation work, the parcel can be added back to the tax increment district. The original authorization for establishing this TIF district was set to expire on December 31, 2018, and the bill provides an effective date contingent on the city complying with specific local government procedural requirements.