Bill > HF806

This bill provides two specific extensions for Tax Increment Financing (TIF) districts 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 period for using tax increment to eleven years. Additionally, the city of Edina or its housing and redevelopment authority can 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 and the increment use period to eleven years, with the option to extend the district's duration by ten years. TIF is a financing method that allows municipalities to invest in public improvements and development by using the anticipated future increase in property tax revenues from a designated area. The extensions will become effective after the city, county, and school district comply with specific legal requirements, which typically involve official documentation and approvals. These extensions provide the city of Edina with more flexibility in managing and developing these specific urban areas.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF0806&ssn=0&y=2025