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HF2888 (Legislative Session 94 (2025-2026))

St. Cloud; special tax increment financing rules authorized.

Related bill: SF2945

AI Generated Summary

Purpose of the Bill

The purpose of the bill is to provide special tax increment financing (TIF) rules for the city of St. Cloud, specifically for the Cooper Avenue Redevelopment project. This aims to extend the timeframes in which the city can undertake certain development activities using TIF.

Main Provisions

  • Extension of Timeframes: The bill extends the activity period for the Cooper Avenue Redevelopment TIF District. Under normal conditions, activities in a TIF district must be undertaken within a specific timeframe from the date of certification. This bill extends:
    • The five-year period for undertaking general activities to a ten-year period, now ending on April 30, 2031.
    • The four-year period specifically for demolition, rehabilitation, renovation, or site preparation to an eight-year period, now ending on April 30, 2030.

Significant Changes to Existing Law

  • Extension of TIF Activity Timeline: This legislation alters the standard timelines set by Minnesota Statutes for TIF districts. By extending these deadlines, the bill provides more flexibility for St. Cloud to complete its Cooper Avenue Redevelopment project.

Relevant Terms

tax increment financing, St. Cloud, Cooper Avenue Redevelopment, five-year rule extension, demolition, rehabilitation, renovation, site preparation, Minnesota Statutes.

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 26, 2025HouseFloorActionIntroduction and first reading, referred toTaxes
March 31, 2025HouseFloorActionAuthor added

Citations

 
[
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill authorizes special rules for the city of St. Cloud's tax increment financing district, specifically extending the period in which actions must occur under section 469.1763, subdivision 3.",
      "modified": [
        "Extends the activity period from five to ten years."
      ]
    },
    "citation": "469.1763",
    "subdivision": "subdivision 3"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This legislation modifies timing requirements for tax increment financing in St. Cloud as per section 469.176, subdivision 6.",
      "modified": [
        "Extends the demolition, rehabilitation, or renovation period from four to eight years."
      ]
    },
    "citation": "469.176",
    "subdivision": "subdivision 6"
  }
]

Sponsors