Bill > SF3009

This bill establishes special tax increment financing (TIF) rules for the city of Brooklyn Park across three distinct geographic areas: the Brooklyn Boulevard/West Broadway area, the 610/Zane area, and the Biotech area. In each area, the city or its economic development authority may create redevelopment tax increment financing districts using specific parcel identification numbers. The bill provides unique allowances for these districts, including deeming them to meet existing statutory requirements and expanding the types of expenditures that can be funded by tax increment. For the Brooklyn Boulevard/West Broadway area, increment can be spent on public infrastructure improvements and building rehabilitation, while the 610/Zane and Biotech areas can use increment for environmental sustainability improvements, building rehabilitation, and higher-quality building materials. Additionally, the bill exempts these districts from certain statutory restrictions and, in a separate provision, allows Tax Increment Financing Districts Nos. 18 and 20 to collect increment for 25 years and transfer funds to District No. 3 without redistributing to the county. The bill is effective after the city complies with specific local government procedural requirements, with the Biotech area districts having an expiration date of December 31, 2044.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF3009&ssn=0&y=2025