HF2888

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