SF1994

Purpose

The bill would grant Moorhead a special rule for its Tax Increment Financing (TIF) District No. 31, extending the time available to accumulate and use tax increment funds for redevelopment within that district.

Main Provisions

• Extends the five-year period for the TIF rule (as described in Minnesota Statutes section 469.1763, subdivision 3) from 5 years to 10 years for Tax Increment Financing District No. 31 in the city of Moorhead.
• Extends the period for using tax increment after the expiration of the five-year period (as described in Minnesota Statutes section 469.1763, subdivision 4) to 11 years for Tax Increment Financing District No. 31 in Moorhead.
• Applies specifically to Moorhead’s District No. 31 and authorizes these special rules for that district.

Scope and Target

• Applies only to Tax Increment Financing District No. 31 in the city of Moorhead.
• Establishes Moorhead as eligible for extended TIF timeframes for this district.

Changes to Existing Law

• Amends Minnesota Statutes 469.1763, subdivisions 3 and 4 (the five-year rule and the post-expiration use of increment) to extend the timeframes for Moorhead’s District No. 31.

Implications

• The city can plan and fund redevelopment projects over a longer period using tax increments, potentially enabling larger or more ambitious projects within District No. 31.
• The change is targeted to one district, so broader state TIF rules remain unchanged for other areas.

Notes for Clarity

• Key terms include Tax Increment Financing (TIF), increment, District No. 31, Moorhead, and the referenced statutory subdivisions (469.1763, subdivision 3 and subdivision 4).

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Relevant Terms Tax Increment Financing, TIF, increment, District No. 31, Moorhead, five-year rule, ten years, 11 years, Minnesota Statutes, 469.1763, subdivision 3, subdivision 4, special rules.