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SF1476 (Legislative Session 94 (2025-2026))

Edina five-year rule extensions and duration extensions for tax increment financing provision

Related bill: HF806

AI Generated Summary

Senate File No. 1476 is a proposed law related to tax policy in the city of Edina, Minnesota. It focuses on "Tax Increment Financing" (TIF) for a specific district known as the "72nd & France 2 TIF District." The bill proposes two main changes:

  1. Extension of Time Periods: It extends the period from five years to ten years for certain financial activities and decisions within the TIF district. Additionally, the time to utilize funds generated from this district is extended from five years to eleven years.

  2. Duration Extension Possibility: The city of Edina, or its housing and redevelopment authority, will have the option to extend the lifespan of this TIF district by an additional five years.

These changes aim to provide more flexibility in managing and utilizing the economic development funds generated in this district, potentially supporting longer-term projects and developments in the area.

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
February 16, 2025SenateFloorActionIntroduction and first reading
February 16, 2025SenateFloorActionReferred toTaxes
February 26, 2025SenateFloorActionAuthor added

Citations

 
[
  {
    "analysis": {
      "added": [
        "Extensions to the five-year and use of increment periods."
      ],
      "removed": [],
      "summary": "This bill modifies certain rules for tax increment financing districts under section 469.1763.",
      "modified": [
        "Extends the five-year rule to ten years and the use of increment period to eleven years for specific districts."
      ]
    },
    "citation": "469.1763"
  },
  {
    "analysis": {
      "added": [
        "A provision that allows the city of Edina to extend the duration of certain TIF districts by five years."
      ],
      "removed": [],
      "summary": "This bill addresses extension rules under section 469.176 for tax increment financing.",
      "modified": []
    },
    "citation": "469.176"
  }
]

Sponsors