AI Generated Summary
Purpose of the Bill
This bill aims to modify existing tax increment financing (TIF) rules specifically for the Ford Site Redevelopment TIF District in the city of St. Paul, Minnesota. The goal is to provide the city with more flexibility in using TIF to support the redevelopment of the Ford Site.
Main Provisions
- Waiver of Increment Receipt: The housing and redevelopment authority of St. Paul is allowed to waive the receipt of tax increments for the Ford Site Redevelopment TIF District. This waiver can apply to the first four years of increment receipts or increments derived from taxes payable in 2023, whichever comes first.
- Adjustment of Certification Date: If the city opts to waive increments, the date of certification for the district is officially recognized as January 2 of the property tax assessment year when the increment is first received.
- Extension of Use Periods:
- The typical five-year period for the use of increments, as outlined in Minnesota Statutes, is extended to ten years.
- The period allowing the use of increments after the initial five years is extended to eleven years.
Significant Changes to Existing Law
The bill amends rules from the 2017 Laws concerning the Ford Site Redevelopment TIF District by: - Allowing a waiver on receipt of tax increments for a specified initial period. - Extending the duration within which the city can use TIF resources to support redevelopment initiatives.
Relevant Terms
tax increment financing, TIF, Ford Site Redevelopment, St. Paul, waiver of increment, certification date, extension of use periods, housing and redevelopment authority, property tax assessment, increment receipt
Bill text versions
- Introduction PDF file
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| March 12, 2025 | Senate | Floor | Action | Introduction and first reading | |
| March 12, 2025 | Senate | Floor | Action | Referred to | Taxes |
Citations
[
{
"analysis": {
"added": [],
"removed": [],
"summary": "The bill addresses rules for tax increment financing specifically for the Ford Site Redevelopment TIF District in St. Paul, modifying various limits and periods outlined in section 469.176.",
"modified": [
"The housing and redevelopment authority of the city of St. Paul may waive receipt of increment, computing this for a specific time framework under section 469.176."
]
},
"citation": "469.176"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "This bill modifies the time extensions related to tax increment financing under section 469.1763 for the Ford Site Redevelopment project.",
"modified": [
"Extends the five-year period under section 469.1763 subdivision 3 to ten years, and extends the use of increment after the expiration of the initial five-year period to eleven years."
]
},
"citation": "469.1763"
}
]