Bill > SF1476

This bill provides specific tax increment financing (TIF) district extensions for two areas in the city of Edina, Minnesota. For the 72nd & France 2 TIF district, the bill extends the five-year rule period to ten years and the increment use period to eleven years. It also allows the city or its housing and redevelopment authority to extend the district's duration by five years. Similarly, for the 70th & France TIF district, the bill extends the five-year rule period to ten years, the increment use period to eleven years, and allows for a ten-year duration extension. Tax increment financing is a method municipalities use to fund development projects by capturing the increased property tax revenue generated by improvements in a specific area. The bill's effectiveness is contingent upon approval and compliance by the city of Edina, Hennepin County, and Independent School District No. 273, with different compliance requirements for each provision. These extensions are designed to provide additional flexibility and time for development and economic growth in these specific Edina districts.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF1476&ssn=0&y=2025