Bill > SF2860

This bill provides special tax increment financing (TIF) authority to the city of St. Cloud, allowing the city's economic development authority to establish up to two redevelopment districts in specific areas along the Division Street corridor, within the Central Business District, or Fringe Central District. The bill identifies 22 specific parcels across Stearns and Benton Counties that can be included in these districts, referring to them as various "Catalyst Sites" such as the Lady Slipper, North Riverfront, and Transit Oriented Development sites. Under special rules, these TIF districts will be automatically deemed to meet certain legal requirements, will be exempt from some standard TIF regulations, and can use generated tax increments to fund public infrastructure like parking, streets, and utilities adjacent to the development sites. The authority to approve TIF plans under this special provision expires on December 31, 2031, and the bill becomes effective after the city completes required local government compliance procedures. These provisions are designed to facilitate economic development and infrastructure improvements in specific areas of St. Cloud by providing more flexible tax increment financing options.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2860&ssn=0&y=2025