Bill > SF2803

This bill provides special tax increment financing (TIF) rules specifically for the city of Minneapolis, allowing its housing and redevelopment authority to establish up to three redevelopment tax increment financing districts in the downtown area. The bill creates several unique provisions that deviate from standard Minnesota TIF regulations, including: allowing non-contiguous parcels in a district, permitting tax increment funds to be used for clearing buildings for open spaces or public parks, and relaxing various statutory requirements around district establishment and use. Specifically, the authority can create these districts if at least 50% of buildings require substantial renovation due to conditions like inadequate street layout, incompatible land uses, overcrowding, significant vacancy, or obsolete buildings. The bill sets an expiration date for requesting district certifications (June 30, 2030 for the first district, and June 30, 2034 for any additional districts), and becomes effective after the Minneapolis city government completes certain administrative procedures. These special rules are designed to provide more flexibility for downtown redevelopment efforts by streamlining the tax increment financing process.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2803&ssn=0&y=2025