SF736

SF736 (Legislative Session 94 (2025-2026))

Minnetonka special tax increment financing rules authorization

Related bill: HF1065

AI Generated Summary

This legislative bill, titled SF No 736, proposes specific changes to the tax increment financing rules for the city of Minnetonka, specifically for the Opus tax increment financing district established in 2021. The bill seeks to extend the period during which tax increment funds can be used from five years to ten years. Additionally, the bill allows for the use of these funds for an extra year, extending this period to 11 years after the district's establishment. Lastly, the bill exempts this district from the application of a particular statute (Minnesota Statutes section 469.176 subdivision 4j) that would normally apply. Essentially, this bill would enable Minnetonka to utilize tax increments for a longer duration to support economic development in the Opus district.

Bill text versions

Introduction PDF file

Actions

Date	Chamber	Where	Type	Name	Committee Name
January 26, 2025	House	Floor	Action	Introduction and first reading
January 26, 2025	Senate	Floor	Action	Introduction and first reading
January 26, 2025	House	Floor	Action	Referred to	Taxes
January 26, 2025	Senate	Floor	Action	Referred to	Taxes

Citations

[
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "This bill extends the five-year rule for tax increment financing under section 469.1763 subdivision 3.",
      "modified": [
        "Extends the five-year period to ten years for the Opus tax increment financing district."
      ]
    },
    "citation": "469.1763",
    "subdivision": "subdivision 3"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "This bill modifies the use of increment after the expiration of the five-year period under section 469.1763 subdivision 4.",
      "modified": [
        "Extends the period to use increment from six to eleven years for the Opus tax increment financing district."
      ]
    },
    "citation": "469.1763",
    "subdivision": "subdivision 4"
  },
  {
    "analysis": {
      "added": [
        ""
      ],
      "removed": [
        ""
      ],
      "summary": "This bill specifies that section 469.176, subdivision 4j does not apply to the Opus TIF district.",
      "modified": [
        "Exemption for the district from subdivision 4j requirements."
      ]
    },
    "citation": "469.176",
    "subdivision": "subdivision 4j"
  }
]