AI Generated Summary
This bill proposes special tax increment financing (TIF) rules for the Ford Site Redevelopment TIF District in St. Paul, Minnesota, by amending a 2017 law. Key provisions include:
- Waiver of Increment Receipt: St. Paul’s Housing and Redevelopment Authority (HRA) can waive receipt of TIF revenue for the first four years or until taxes payable in 2023, whichever comes first.
- Certification Date Adjustment: If the city waives increment receipt, the district's certification date is deemed to be January 2 of the first year it receives increment revenue.
- Extension of Spending Deadlines:
- The usual five-year period for spending increment revenue is extended to ten years.
- The period for using increment after the five-year limit is extended to 11 years.
- The usual five-year period for spending increment revenue is extended to ten years.
These adjustments aim to provide more flexibility in financing the redevelopment of the Ford Site in St. Paul.
Bill text versions
- Introduction PDF file
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| March 12, 2025 | House | Floor | Action | Introduction and first reading | |
| March 12, 2025 | Senate | Floor | Action | Introduction and first reading | |
| March 12, 2025 | House | Floor | Action | Referred to | Taxes |
| March 12, 2025 | Senate | Floor | Action | Referred to | Taxes |
Citations
[
{
"analysis": {
"added": [
"Specifies new authority for St. Paul's housing and redevelopment authority to waive increment receipt."
],
"removed": [
""
],
"summary": "This bill amends the duration limits for tax increment financing related to the Ford Site Redevelopment.",
"modified": [
"Extends the allowable time frame for increment receipt waiver conditions."
]
},
"citation": "469.176",
"subdivision": "subdivision 1b"
},
{
"analysis": {
"added": [
"Defines conditions under which certification date is adjusted."
],
"removed": [
""
],
"summary": "This legislation affects certification date calculations for TIF districts.",
"modified": [
"Modifies how certification date is deemed for Ford Site Redevelopment TIF."
]
},
"citation": "469.176",
"subdivision": "subdivision 6"
},
{
"analysis": {
"added": [
""
],
"removed": [
""
],
"summary": "Modification to TIF statute impacts the five-year period related to increment use.",
"modified": [
"Extends the five-year period to ten years for Ford Site Redevelopment TIF."
]
},
"citation": "469.1763",
"subdivision": "subdivision 3"
},
{
"analysis": {
"added": [
""
],
"removed": [
""
],
"summary": "Modification to post five-year increment use period for TIF.",
"modified": [
"Extends the use of increment after the expiration of the five-year period to eleven years."
]
},
"citation": "469.1763",
"subdivision": "subdivision 4"
}
]