Bill > SF2463

This bill provides special tax increment financing (TIF) rules for the city of Marshall, Minnesota. Specifically, the bill allows Marshall to continue using transferred tax increment funds from three specific TIF districts (No. 1-1, No. 1-7, and No. 2-1) until December 31, 2027, which is an extension beyond the current legal timeframe. The city must have a written spending plan for these funds, and any increment not spent, loaned, or invested by the December 31, 2027 deadline must be returned to the original district. This return includes not just the original increment, but also any proceeds, principal, interest, investment earnings, or other repayments related to the transferred increment. The bill becomes effective after the city's governing body and chief clerical officer complete the required legal notification procedures. This legislation provides Marshall with additional flexibility in managing its tax increment financing resources while ensuring accountability for the use of these funds.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2463&ssn=0&y=2025