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HF1065 (Legislative Session 94 (2025-2026))

Tax increment financing; special rules authorized for Minnetonka.

Related bill: SF736

AI Generated Summary

House File No. 1065 is a proposed bill that aims to modify tax increment financing (TIF) rules specifically for the city of Minnetonka. The bill, authored by Acomb, has been sent to the Committee on Capital Investment for consideration.

Here’s a breakdown of the changes proposed in the bill:

  1. Extension of Time Periods: The bill extends two key time periods in the tax increment financing regulations for a specific TIF district—Opus TIF District—established in Minnetonka in 2021.

    • The first extension increases the period from five years to ten years under Minnesota Statutes section 469.1763 subdivision 3.
    • The second extension increases the period for using tax increments after the initial period expires from five years to eleven years under Minnesota Statutes section 469.1763 subdivision 4.

  2. Exception to Statutory Provision: The bill specifies that Minnesota Statutes section 469.176 subdivision 4j, which normally applies to TIF districts, does not apply to the Opus TIF District in Minnetonka.

The objective behind these changes is likely to provide additional flexibility and financial capability for the development projects within the Opus TIF District in Minnetonka by allowing extended use of the accrued tax increments.

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
February 16, 2025HouseFloorActionIntroduction and first reading, referred toCapital Investment
February 19, 2025HouseFloorActionMotion to recall and re-refer, motion prevailedTaxes
March 09, 2025HouseFloorActionAuthor added

Citations

 
[
  {
    "analysis": {
      "added": [
        "A new extension for the five-year period to ten years."
      ],
      "removed": [],
      "summary": "This bill extends the five-year period related to tax increment financing for the Opus TIF District in Minnetonka under section 469.1763.",
      "modified": [
        "Extends the use of increment after five years to eleven years."
      ]
    },
    "citation": "469.1763"
  },
  {
    "analysis": {
      "added": [],
      "removed": [
        "Section 469.176 subdivision 4j's application to the district."
      ],
      "summary": "This bill specifies that section 469.176 subdivision 4j does not apply to the Opus TIF district in Minnetonka.",
      "modified": []
    },
    "citation": "469.176"
  }
]

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