Bill > HF157

This bill modifies the tax increment financing (TIF) rules specifically for the city of Maplewood, focusing on a redevelopment district involving the 3M Renovation and Retention Project Area. The bill expands the geographic area where expenditures can be made, extending it to include the area bounded by State Highway 61 to the West, Interstate Highway 694 to the North, McKnight Road to the East, and a line extending from Frost Avenue through to McKnight Road to the South. It provides special exemptions to standard TIF regulations, such as waiving certain eligibility requirements for redevelopment districts and the typical 90 percent rule for district qualification. The bill also extends the timeframe for expenditures from five to ten years and includes a provision that if no demolition, rehabilitation, or renovation occurs within one year of the district's certification, no additional tax increment can be taken from that parcel. Additionally, the bill includes a provision that the authority to approve and establish this TIF district expires on December 31, 2018, and becomes effective after the city of Maplewood complies with specific legal notification requirements.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0157&ssn=0&y=2025