Bill > HF512

This bill provides special tax increment financing (TIF) rules for the city of Plymouth, Minnesota, specifically allowing the city to establish up to two redevelopment districts within its city center area as defined by its zoning map on January 1, 2024. The bill creates three key special rules for these TIF districts: first, the districts are automatically considered compliant with existing state TIF requirements; second, certain state regulations limiting TIF use are waived; and third, the standard five-year period for using tax increment financing is extended to ten years, with related increment usage rules also extended to 11 years. The authority to approve these special TIF districts expires on December 31, 2031, and the bill becomes effective after the city's governing body and chief clerical officer complete required legal compliance procedures. This legislation provides Plymouth with more flexible tools for urban redevelopment by modifying standard tax increment financing regulations to suit the city's specific development needs.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0512&ssn=0&y=2025