Bill > HF2839

This bill provides the Minneapolis Housing and Redevelopment Authority with special tax increment financing (TIF) rules for establishing up to three redevelopment districts in the downtown area. The bill allows these districts to have unique characteristics, including being noncontiguous and having relaxed regulatory requirements. Specifically, the authority can create TIF districts if at least 50% of buildings require substantial renovation due to issues like inadequate street layout, incompatible land uses, overcrowding, significant vacancy, or obsolete buildings. The bill provides several exceptions to standard TIF regulations, such as allowing tax increment funds to be used for clearing buildings to create open spaces or parks, and exempting the districts from certain existing statutory limitations. The special authority to establish these districts is time-limited, with the ability to request district certification expiring on June 30, 2030, and the overall authority to create districts expiring on June 30, 2034. The bill becomes effective after the Minneapolis city government completes required local government procedures for implementing the legislation.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2839&ssn=0&y=2025