Bill > HF158

This bill provides special tax increment financing (TIF) authority for the city of Eden Prairie, allowing the city's economic development authority to establish up to two redevelopment districts within a specific area bounded by Flying Cloud Drive, West 78th Street, and Prairie Center Drive. The bill creates special rules that deem these districts as meeting existing TIF requirements, exempting them from certain standard regulations. Specifically, the districts will be considered compliant with statutory definitions and will not be subject to a particular subdivision of Minnesota law that might otherwise restrict their formation. The authority to approve TIF plans for these districts is limited, expiring on December 31, 2026. The bill becomes effective after the city's governing body and chief clerical officer complete required legal compliance procedures. Tax increment financing is a tool used by local governments to fund economic development projects by using future property tax revenue increases from a designated area to finance current improvements in that same area.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0158&ssn=0&y=2025