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SF2945 (Legislative Session 94 (2025-2026))

City of St. Cloud tax increment financing special rules authorization provision

Related bill: HF2888

AI Generated Summary

Purpose of the Bill

The purpose of this bill is to amend existing tax increment financing (TIF) rules specifically for the city of St. Cloud, Minnesota. This aims to provide additional time for development activities in the Cooper Avenue Redevelopment Tax Increment Financing District.

Main Provisions

  • Extension of the Five-Year Rule: The bill extends the deadline for required activities in the Cooper Avenue Redevelopment TIF District by five years, moving the deadline from the original requirement to April 30, 2031. This allows the city more time beyond the standard five years from the certification date to undertake financing-related development activities.

  • Extension of the Four-Year Demolition and Renovation Rule: The bill also allows an extension to the typical four-year timeline for demolition, rehabilitation, or renovation of property, providing an additional four years to complete these activities. The updated deadline is April 30, 2030.

Significant Changes

This legislative action alters the typical restrictions set by Minnesota Statutes for TIF districts, effectively allowing the city of St. Cloud more time to carry out necessary development and redevelopment activities. This change facilitates ongoing projects that require a longer timeframe than currently permitted under state law.

Relevant Terms

tax increment financing, TIF district, redevelopment, Cooper Avenue, St. Cloud, Minnesota, extension, development activities, certification, demolition, rehabilitation, renovation, site preparation.

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 23, 2025SenateFloorActionIntroduction and first reading
March 23, 2025SenateFloorActionReferred toTaxes

Citations

 
[
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "The bill extends the time period under which activities must be undertaken for tax increment financing districts in the city of St. Cloud.",
      "modified": [
        "Extends the five-year period for activities by an additional five years for Cooper Avenue Redevelopment Tax Increment Financing District."
      ]
    },
    "citation": "469.1763",
    "subdivision": "subdivision 3"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill modifies the requirement for demolition, rehabilitation, or renovation timeline for tax increment financing districts in the city of St. Cloud.",
      "modified": [
        "Extends the four-year period for site preparation by an additional four years for Cooper Avenue Redevelopment Tax Increment Financing District."
      ]
    },
    "citation": "469.176",
    "subdivision": "subdivision 6"
  }
]

Sponsors