Bill > SF1994

This bill extends the time frame for a specific tax increment financing (TIF) district in Moorhead, Minnesota. Tax increment financing is a method cities use to fund development projects by borrowing against the future increase in property tax revenues expected from that development. Currently, state law limits TIF districts to a five-year period, but this bill would specifically extend Tax Increment Financing District No. 31 from five to ten years, and adjust the rules about using incremental tax revenues from that district from five to eleven years. The bill will take effect after the Moorhead city government completes the required local government procedures for implementing special legislation, as specified in Minnesota state statutes. This extension provides the city additional time to realize the economic benefits and complete the planned development within this particular tax increment financing district.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF1994&ssn=0&y=2025