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SF2945 (Legislative Session 94 (2025-2026))

City of St. Cloud tax increment financing special rules authorization provision

Related bill: HF2888

AI Generated Summary

Purpose of the Bill

The purpose of this bill is to provide special rules for the Cooper Avenue Redevelopment Tax Increment Financing (TIF) District in the city of St. Cloud, Minnesota. It aims to extend specific time limits related to tax increment financing activities to facilitate redevelopment efforts in the area.

Main Provisions

  • The bill extends the period during which redevelopment activities must start from five to ten years. This means activities initially required to begin within five years from the TIF district's certification can now begin up to ten years from that date.
  • Specifically, any demolition, rehabilitation, renovation, or other site preparation activities must be started within eight years instead of the original four years from the date of certification.

Significant Changes to Existing Law

  • This bill modifies existing Minnesota statutes by extending the time frames allowed for starting redevelopment activities.
  • The extension applies exclusively to the Cooper Avenue Redevelopment TIF District, allowing for more flexibility in completing redevelopment projects in this area.

Relevant Terms

tax increment financing (TIF), redevelopment, Cooper Avenue, St. Cloud, extension, certification date, Minnesota statutes.

Bill text versions

Actions

DateChamberWhereTypeNameCommittee Name
March 23, 2025SenateFloorActionIntroduction and first reading
March 23, 2025SenateFloorActionIntroduction and first reading
March 23, 2025SenateFloorActionReferred toTaxes

Citations

 
[
  {
    "analysis": {
      "added": [
        "Extends activities window from five to ten years for St. Cloud's Cooper Avenue project."
      ],
      "removed": [
        "None."
      ],
      "summary": "This bill modifies the tax increment financing rules, extending the activity period under section 469.1763.",
      "modified": [
        "Changes timeline requirement for development activities from five to ten years."
      ]
    },
    "citation": "469.1763"
  },
  {
    "analysis": {
      "added": [
        "Extends the demolition, rehabilitation, or renovation period from four to eight years for St. Cloud's Cooper Avenue project."
      ],
      "removed": [
        "None."
      ],
      "summary": "This bill modifies requirements for property preparation within tax increment financing districts under section 469.176.",
      "modified": [
        "Changes timeline requirement for site preparation from four to eight years."
      ]
    },
    "citation": "469.176"
  }
]

Sponsors