Bill > SF2945

This bill provides special rules for the Cooper Avenue Redevelopment Tax Increment Financing (TIF) District in St. Cloud, Minnesota, by extending two key deadlines related to tax increment financing. Tax increment financing is a method cities use to fund development projects by capturing the increased property tax revenue generated by improvements in a specific district. Specifically, the bill extends the timeframe for undertaking development activities by five years, moving the deadline for district activities from the original date to April 30, 2031, and extending the deadline for demolition, rehabilitation, renovation, or site preparation from the original date to April 30, 2030. These extensions will give the city more flexibility in implementing its redevelopment plans for the Cooper Avenue area. The bill will become effective after the St. Cloud city government completes the required local government procedures for enacting the legislation, as specified in Minnesota Statutes.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF2945&ssn=0&y=2025