Bill > HF2888

This bill provides special tax increment financing (TIF) rule extensions specifically for the Cooper Avenue Redevelopment Tax Increment Financing District in St. Cloud, Minnesota. The legislation extends two key timelines related to TIF district requirements: first, the five-year period for undertaking activities from the date of district certification is extended to April 30, 2031, and second, the four-year period for demolition, rehabilitation, renovation, or site preparation is extended to April 30, 2030. These extensions will provide the city more time to complete planned redevelopment activities within the tax increment financing district. The bill will become effective after the St. Cloud city government and its chief clerical officer complete the necessary legal compliance procedures. Tax increment financing is a method used by local governments to fund improvements or development projects by using the anticipated property tax revenue increases generated by the project.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2888&ssn=0&y=2025