Bill > HF1065

This bill provides a specific tax increment financing (TIF) exception for the city of Minnetonka, specifically for an Opus tax increment financing district established in 2021. The bill extends the standard five-year period for TIF districts to ten years, and the period for using tax increment after the initial period is extended to 11 years. Additionally, the bill exempts this specific district from a related statutory provision (Minnesota Statutes, section 469.176, subdivision 4j). In practical terms, this means the Minnetonka economic development authority will have more time to utilize and benefit from the tax increment financing mechanism for this particular district. The bill becomes effective after the city's governing body and chief clerical officer complete certain legal compliance procedures, as outlined in Minnesota Statutes, section 645.021. Tax increment financing is a tool municipalities use to fund economic development projects by capturing the increased property tax revenue generated by improvements in a designated district.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF1065&ssn=0&y=2025