Bill > HF160

This bill provides special tax increment financing (TIF) rules for the city of Maple Grove, specifically modifying an existing law to create more flexible development options in a designated project area. The bill extends the time frame for collecting tax increments in a "soil deficiency district" from 20 to 25 years and increases the overall district tax increment collection period from 8 to 13 years. The project area is precisely defined by a complex geographical description covering parts of Sections 23 and 24, and allows for the creation of special TIF districts in areas with challenging terrain, including locations with peat soils, geotechnical deficiencies, landfills, or substandard buildings. The bill permits up to 40% of tax increments to be used for activities outside the specific district but within the project area, and allows the city to use increments for land acquisition and infrastructure if certain conditions are met, such as serving a non-retail, non-housing development with binding commitments from a developer. The bill's special provisions are designed to facilitate commercial and infrastructure development in an area with significant geographical and soil challenges, and the new rules will take effect after specific local government approvals.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0160&ssn=0&y=2025