Bill > SF2407

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 St. Paul Housing and Redevelopment Authority to waive receipt of tax increment for the first four years or for taxes payable in 2023, whichever comes first. If the city chooses to waive increment receipt, the district's certification date will be considered as January 2 of the first year increment is received under the waiver. Additionally, the bill extends two key timelines for this specific TIF district: the five-year period for using tax increments is extended to ten years, and the period for using increment after the five-year period is extended to eleven years. These modifications provide more flexibility for the redevelopment of the former Ford manufacturing site in St. Paul. The bill becomes effective after the St. Paul city government completes certain legal notification requirements.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2407&ssn=0&y=2025