AI Generated Summary
House File No. 1036 is a legislative bill that pertains specifically to tax increment financing (TIF) regulations within the city of Ramsey, Minnesota. The bill proposes specialized rules for creating and managing redevelopment tax increment financing districts in certain areas of Ramsey. It amends prior legislations to facilitate specific local development projects by altering how certain financial and procedural restrictions are usually applied to TIF districts. Here is a summary of the key amendments and rules it entails:
Geographical Scope: The bill specifies the boundaries within which these special TIF rules apply, including major streets and landmarks to define the area.
Inclusion of Parcels: Specifies particular parcels that are included or excluded in the TIF district. It also allows parcels in an existing TIF district to be included if the initial district is decertified.
Exemptions from Standard Requirements:
- Qualification of Redevelopment District: The standard qualification requirements for a redevelopment district do not apply to certain parcels within these boundaries.
- Use of Funds: Regulations about where and how the revenue from the TIF can be utilized are expanded to include costs like the construction of a transit station, related infrastructure, and previously established public improvements.
- Time Frame for Undertaking Activities: Extends the typical period for undertaking necessary activities from five to ten years.
Pooling Restrictions: Adjustments to the restrictions on pooling (use of TIF funds outside the TIF district) for this particular district, allowing 100% of funds to be used within the district.
Development Requirements: Certain parcels are exempt from development requirements before the adoption of a TIF plan based on the original or modified statutory provisions.
The bill ultimately facilitates the development and funding of infrastructure and redevelopment projects in Ramsey by providing more flexibility in the creation and management of tax increment financing districts, aimed at stimulating local economic development and urban renewal.
Bill text versions
- Introduction PDF file
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| February 16, 2025 | House | Floor | Action | Introduction and first reading, referred to | Taxes |
Citations
[
{
"analysis": {
"added": [
"N/A"
],
"removed": [
"N/A"
],
"summary": "Exempts certain parcels in the city of Ramsey's tax increment financing district from the qualifying requirements under section 469.174 subdivision 10.",
"modified": [
"The usual qualification criteria for a redevelopment tax increment district."
]
},
"citation": "469.174 subdivision 10"
},
{
"analysis": {
"added": [
"Allows eligible expenditures for city improvement projects within the district."
],
"removed": [
"N/A"
],
"summary": "Excludes the application of Minnesota Statutes section 469.176 subdivision 4j to the Ramsey district.",
"modified": [
"Expenditure eligibility rules for tax increment financing."
]
},
"citation": "469.176 subdivision 4j"
},
{
"analysis": {
"added": [
"Allows activities within the district to be extended to a ten-year period."
],
"removed": [
"N/A"
],
"summary": "Extends the activity period for the Ramsey district from five to ten years under section 469.1763 subdivision 3.",
"modified": [
"Standard five-year project activity period."
]
},
"citation": "469.1763 subdivision 3"
},
{
"analysis": {
"added": [
"N/A"
],
"removed": [
"N/A"
],
"summary": "Sets the in-district percentage for pooling restrictions at 100 percent for the Ramsey district.",
"modified": [
"Restrictions on the percentage of increments that can be pooled and used for activities outside the district."
]
},
"citation": "469.1763 subdivision 2"
},
{
"analysis": {
"added": [
"N/A"
],
"removed": [
"N/A"
],
"summary": "Excludes certain parcels from requirements under section 469.177 subdivision 4.",
"modified": [
"Rules regarding valuation and computation of tax increments."
]
},
"citation": "469.177 subdivision 4"
},
{
"analysis": {
"added": [
"Sets a specific deadline for adopting interfund loan resolutions."
],
"removed": [
"N/A"
],
"summary": "Considers the interfund loan requirement met if resolutions are adopted by a specific deadline under section 469.178 subdivision 7.",
"modified": [
"Interfund loan compliance conditions."
]
},
"citation": "469.178 subdivision 7"
}
]