Bill > SF1314

This bill provides special rules for a tax increment financing (TIF) district in the city of Ramsey, Minnesota, creating exceptions to standard TIF regulations. The bill specifically defines the geographical boundaries of the redevelopment district, which includes parcels near Ramsey Boulevard, Bunker Lake Boulevard, Llama Street, and U.S. Highway 10. It waives several typical requirements for TIF districts, such as qualifying parcel restrictions and certain time-related development constraints. The bill allows the district to include eligible expenditures like the Northstar Transit Station construction, land acquisition costs, and public infrastructure improvements. The legislation extends the standard five-year activity period to ten years, sets the in-district percentage for pooling restrictions at 100 percent, and provides flexibility for specific parcels' development requirements. Additionally, the bill allows the city to adopt interfund loan resolutions by December 31, 2025, with the section becoming effective after the city complies with specific statutory notification procedures. These provisions are designed to facilitate economic development and provide more flexible financing options for the Ramsey TIF district.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF1314&ssn=0&y=2025