Bill > HF1746

This bill provides special tax increment financing (TIF) rules specifically for the city of Oakdale, Minnesota. It allows the city to extend the use of transferred tax increment from two specific TIF districts (TIF District No. 1-4 and TIF District No. 1-6) through December 31, 2027, which is an exception to existing state statutes. The bill requires that the use of these transferred increments be detailed in a written spending plan adopted by the city. If any increment funds are not spent, loaned, or invested by the end of 2027, they must be returned to the original district, including any proceeds, principal, interest, or investment earnings. This provision ensures that the transferred increment funds are used appropriately and within a specified timeframe. The bill becomes effective after the Oakdale city government complies with specific legal notification requirements. The legislation provides a targeted extension of TIF financing rules for this specific city, giving Oakdale additional flexibility in managing its tax increment financing.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF1746&ssn=0&y=2025