Bill > HF3140

This bill provides special tax increment financing (TIF) rules for the city of Marshall, Minnesota. Specifically, it allows the city to continue using transferred tax increment from three specific TIF districts (No. 1-1, No. 1-7, and No. 2-1) until December 31, 2027, which is an extension beyond the current legal timeframe. The city must detail how it plans to spend, loan, or invest this increment in a written spending plan, as required by existing state law. Any increment not spent, loaned, or invested by the end of 2027 must be returned to the original district, including all proceeds, principal, interest, and investment earnings. This provision applies to all forms of transferred increment as defined in Minnesota Statutes. The bill becomes effective the day after the city of Marshall's governing body and chief clerical officer complete the necessary legal compliance procedures. The legislation provides flexibility for the city to manage its tax increment financing while ensuring accountability for the use of these funds.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF3140&ssn=0&y=2025