Bill > SF736

This bill modifies tax increment financing (TIF) rules specifically for an Opus tax increment financing district in the city of Minnetonka. Currently, Minnesota law limits the use of tax increment financing to a five-year period, but this bill extends that period to ten years for this specific district. Additionally, the bill extends the period for using increment (the additional property tax revenue generated by new development) to 11 years. The bill also explicitly exempts this district from a specific provision of Minnesota Statutes related to tax increment financing. The changes are specifically tailored to the Opus TIF district established in Minnetonka in 2021, and will become effective after the city's governing body and chief clerical officer complete certain legal compliance requirements. This type of legislative action allows for localized flexibility in economic development financing by modifying standard TIF rules for a particular municipal project.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF0736&ssn=0&y=2025