Bill > HF2053

This bill provides a specific tax increment financing (TIF) exception for the city of Moorhead by extending the standard time periods for Tax Increment Financing District No. 31. Currently, Minnesota law typically allows a five-year period for TIF district development, but this bill extends that period to ten years and adjusts the related increment use period to eleven years. TIF is a financial tool used by local governments to fund public improvements and spur economic development by capturing the increased property tax revenue generated by new development within a designated district. The bill's provisions specifically apply only to Moorhead's Tax Increment Financing District No. 31 and will become effective once the city's governing body and chief clerical officer complete the necessary legal compliance procedures. This extension will provide the city with additional time to develop and realize the economic benefits of this particular tax increment financing district.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2053&ssn=0&y=2025