HF806 (Legislative Session 94 (2025-2026))
Edina; five-year rule extensions and duration extensions for tax increment financing districts provided.
Related bill: SF1476
AI Generated Summary
This bill proposes changes to the tax increment financing (TIF) rules for a specific district in the city of Edina, Minnesota. The changes include:
- Extending the five-year period to use tax increment revenues to ten years for the Tax Increment Financing District 72nd & France 2 in Edina.
- Extending the period for the use of increment revenues after the initial five-year period from five to eleven years for the same district.
- Allowing the city of Edina or its housing and redevelopment authority to optionally extend the duration of this TIF district by an additional five years.
These changes aim to adjust the timeline and usage of tax increment financing in the specified area to likely support further development or redevelopment initiatives.
Bill text versions
- Introduction PDF file
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| February 16, 2025 | House | Floor | Action | Introduction and first reading, referred to | Taxes |
Citations
[
{
"analysis": {
"added": [
"Extended five-year rule for Edina to ten years.",
"Extended use of increment to 11 years post five-year period."
],
"removed": [],
"summary": "This bill provides extensions to the five-year rule and the duration for tax increment financing districts.",
"modified": []
},
"citation": "469.1763"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "This bill allows Edina to make election decisions regarding TIF district duration extension.",
"modified": [
"Permits five-year extension of district duration."
]
},
"citation": "469.176"
}
]