HF2777

Purpose of the Bill

The bill is designed to establish special tax increment financing (TIF) rules for the city of Brooklyn Park, Minnesota, specifically targeting development in the Brooklyn Boulevard and West Broadway area.

Main Provisions

• Establishment of TIF Districts: The city of Brooklyn Park or its economic development authority can create one or more redevelopment tax increment financing districts within specified areas. These districts are defined by parcel numbers and include specific roadways such as sections of Brooklyn Boulevard and West Broadway Avenue.

• Permitted Expenditures: Increments from these districts can be spent on various public improvement projects, including:

  • Acquisition and improvement of public streets, sidewalks, trails, lighting, and pedestrian/bike features.
  • Stormwater management, burial of public and private utilities, creation of public plazas, and installation of public art.
  • Rehabilitation or facade improvements for commercial and residential buildings.

Significant Changes to Existing Law

• Deemed Compliance: The bill considers the new TIF districts to automatically meet specific requirements of existing Minnesota Statutes, particularly regarding definitions and permitted expenditures.

• Exemptions: The bill exempts these districts from certain existing statutory requirements and restrictions, enabling more flexibility in financing and executing redevelopment projects in the designated areas.

Relevant Terms

tax increment financing, Brooklyn Park, redevelopment, public improvements, exemptions, Minnesota Statutes, commercial and residential rehabilitation, infrastructure development