SF2407

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