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HF2035 (Legislative Session 94 (2025-2026))

Tax increment financing; special rules proposed for the city of St. Paul.

Related bill: SF2407

AI Generated Summary

This bill amends a 2017 Minnesota law to modify tax increment financing (TIF) rules for the Ford Site Redevelopment TIF District in St. Paul. Specifically:

  • The city's housing and redevelopment authority is allowed to waive receipt of TIF revenue for the first four years or until taxes payable in 2023, whichever comes first.
  • If the city waives the revenue, the district's certification date will be considered January 2 of the first year that TIF revenue is received after the waiver.
  • The standard five-year period during which TIF revenue must be spent is extended to ten years.
  • The period for using TIF revenue after the initial expenditure period is extended from six years to eleven years.

These changes provide more flexibility for St. Paul in utilizing TIF funds for the redevelopment of the former Ford plant site.

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 09, 2025HouseFloorActionIntroduction and first reading, referred toTaxes
March 09, 2025HouseFloorActionIntroduction and first reading, referred toTaxes

Citations

 
[
  {
    "analysis": {
      "added": [
        "City of St. Paul may waive receipt of increment for the first four years."
      ],
      "removed": [
        ""
      ],
      "summary": "This bill modifies the duration limits for the Ford Site Redevelopment TIF District.",
      "modified": [
        "Duration limits are modified to aid redevelopment efforts."
      ]
    },
    "citation": "469.176",
    "subdivision": "subdivision 1b"
  },
  {
    "analysis": {
      "added": [
        "Certification date adjustment based on increment waiver."
      ],
      "removed": [
        ""
      ],
      "summary": "This bill affects limits related to certification dates for tax increment financing.",
      "modified": [
        "Date of certification is revised for increment applications."
      ]
    },
    "citation": "469.176",
    "subdivision": "subdivision 6"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "Extension of the five-year investment period related to the TIF District.",
      "modified": [
        "Five-year period extended to ten years for specific TIF projects."
      ]
    },
    "citation": "469.1763",
    "subdivision": "subdivision 3"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "Extends the period for the use of increment post five-year period for the TIF District.",
      "modified": [
        "Extension from 5 to 11 years after the standard five-year limit."
      ]
    },
    "citation": "469.1763",
    "subdivision": "subdivision 4"
  }
]

Sponsors