HF1070

House File No. 1070 is a legislative bill proposing special tax increment financing (TIF) rules for the city of Brooklyn Center, Minnesota. Here are the key points outlined in the bill:

1. Authorization for TIF Districts: The economic development authority of Brooklyn Center, or the city itself, can create up to two redevelopment TIF districts. These districts must be entirely located within what is called the "Opportunity Site" in Brooklyn Center. This site is specifically bounded by several roads including Shingle Creek Parkway, Summit Drive North, and marked Trunk Highway 100.

2. Special Rules for TIF Districts:

   • The newly established TIF districts are automatically considered to meet all the criteria set out in Minnesota Statutes section 469.174, subsection 10.
   • The provisions in Minnesota Statutes section 469.176, subsection 4j, which typically apply to TIF districts, will not apply to these districts.

3. Expiration of Authority: The city's authority to approve a TIF plan for establishing these districts will expire on December 31, 2031.

In simple terms, the bill allows Brooklyn Center to establish special TIF districts in a designated area to encourage development, with certain exemptions from standard state TIF requirements, and this authority is time-limited, expiring at the end of 2031.