Bill > HF3450

This bill grants the city of Chaska special authority to use tax increment financing (TIF) for a specific district, Tax Increment Financing District No. 23. Tax increment financing is a tool used by local governments to finance development and redevelopment projects. It works by freezing the property tax base in a designated area at the time the TIF district is created. As the property values increase due to new development or improvements, the additional property tax revenue generated, known as the "tax increment," can be used to pay for the costs of the development project. This bill allows the Chaska Economic Development Authority to collect this tax increment for District No. 23 for up to 35 years, which is longer than typically allowed under Minnesota Statutes, section 469.176, subdivision 1b. The bill will become effective once the governing bodies of the city of Chaska, Carver County, and Independent School District No. 112 meet the requirements outlined in Minnesota Statutes, section 469.1782, subdivision 2.

Budget and Finance

https://www.revisor.mn.gov/bills/94/2026/0/HF/3450/