Bill > HF2035

This bill proposes special tax increment financing (TIF) rules specifically for the Ford Site Redevelopment Tax Increment Financing District in St. Paul. The bill allows the city's housing and redevelopment authority to waive receiving tax increment (a form of municipal financing where future gains in taxes are used to subsidize current improvements) for the first four years or first increments derived from taxes payable in 2023. If the city chooses to waive these increments, the official certification date of the district will be considered January 2 of the first tax year for which increment is received. Additionally, the bill extends two key timelines for this specific TIF district: the standard five-year period for using tax increments is extended to ten years, and the period for using increments after the initial five-year period is extended to 11 years. The bill becomes effective after the St. Paul city government completes certain legal notification requirements. These provisions are designed to provide more flexibility and a longer timeline for the Ford Site redevelopment project, potentially helping the city manage its urban renewal efforts more effectively.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2035&ssn=0&y=2025