Bill > HF2777

This bill establishes special tax increment financing (TIF) rules for the city of Brooklyn Park, creating three distinct redevelopment districts with unique provisions. The first district, located along Brooklyn Boulevard and West Broadway Avenue, allows the city's economic development authority to establish a TIF district covering specific parcels, with the ability to spend tax increment funds on public infrastructure improvements, street enhancements, and building rehabilitations. The second district, near Highway 610 and Zane Avenue, enables similar TIF district creation with a focus on environmental sustainability, building improvements, and higher-quality building materials. The third district, in the Biotech area, follows a comparable model but includes an expiration date of December 31, 2044, for requesting district certification. Additionally, the bill provides special provisions for Tax Increment Financing Districts Nos. 18 and 20, allowing increment collection for 25 years and permitting the transfer of funds to District No. 3 without county redistribution. These provisions are designed to provide the city of Brooklyn Park with more flexibility in developing and improving specific urban areas, bypassing certain standard TIF regulations to facilitate economic development and infrastructure improvements.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2777&ssn=0&y=2025