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HF2888 (Legislative Session 94 (2025-2026))

St. Cloud; special tax increment financing rules authorized.

Related bill: SF2945

AI Generated Summary

Purpose of the Bill

The bill aims to implement special rules for the Cooper Avenue Redevelopment Tax Increment Financing District in the city of St. Cloud. It is designed to extend deadlines related to redevelopment activities within the district.

Main Provisions

  • Extension of the Five-Year Rule: The bill extends the current requirement that activities tied to tax increment financing must be completed within five years. This is extended by an additional five years, now allowing activities until April 30, 2031.
  • Extension of the Four-Year Rule: Similarly, the requirement for specific actions like demolition, rehabilitation, or renovation to be carried out within four years is extended by four more years. This now allows such activities to continue until April 30, 2030.

Significant Changes

  • The bill modifies existing Minnesota statutes which define timelines for actions within a tax increment financing district.
  • Specifically, it provides more time—by pushing back deadlines by several years—for the city of St. Cloud to complete redevelopment activities in the Cooper Avenue area.

Relevant Terms

  • Tax Increment Financing (TIF)
  • Redevelopment
  • Cooper Avenue
  • Extension of deadlines
  • St. Cloud

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 26, 2025HouseFloorActionIntroduction and first reading, referred toTaxes
March 31, 2025HouseFloorActionAuthor added

Citations

 
[
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill extends the time period for tax increment financing activities for the city of St. Cloud.",
      "modified": [
        "Extends activities period from five years to ten years for Cooper Avenue Redevelopment TIF District."
      ]
    },
    "citation": "469.1763",
    "subdivision": "subdivision 3"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill modifies requirements for demolition, rehabilitation, or renovation under tax increment financing for the city of St. Cloud.",
      "modified": [
        "Extends site preparation period from four years to eight years for Cooper Avenue Redevelopment TIF District."
      ]
    },
    "citation": "469.176",
    "subdivision": "subdivision 6"
  }
]

Sponsors