Bill > SF2083

This bill provides special tax increment financing (TIF) rules specifically for the city of Oakdale, Minnesota. The bill allows Oakdale to extend the use of transferred tax increment from TIF District No. 1-4 and TIF District No. 1-6 through December 31, 2027, which is an exception to existing state statutes. TIF is a financing method that allows municipalities to fund public improvements by using future gains in taxes to subsidize current improvements. Under this bill, the city must detail its spending plan for the transferred increment, and any increment not spent, loaned, or invested by the December 31, 2027 deadline must be returned to the original tax increment district. This return includes not just the principal amount, but also any proceeds, interest, or investment earnings related to the transferred increment. The bill becomes effective after the Oakdale city government complies with specific legal notification requirements, providing a clear timeline and framework for the extended use of these tax increments.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2083&ssn=0&y=2025