SF3494

Purpose of the Bill

The purpose of this bill is to establish a pilot program in Minnesota to address the issue of properties that have been affected by flooding. It aims to support communities by purchasing flooded commercial, industrial, and residential properties to prevent future development in these vulnerable areas.

Main Provisions

• Funding Allocation: The bill allocates $5,000,000 for the fiscal year 2026 from Minnesota's general fund.
• Property Buyout: This funding will be used by the commissioner of natural resources to buy out properties that have been damaged by flooding.
• Deed Restrictions: Once purchased, these properties will have a deed restriction placed on them. This restriction will last for 50 years and will prohibit any commercial, industrial, or residential construction on these lands.
• Property Disposal: The bill allows for the future sale or disposal of these properties by the commissioner, as long as it adheres to existing laws.

Significant Changes to Existing Law

• Introduction of Deed Restrictions: The bill introduces a new measure of placing a 50-year restriction on purchased properties to prevent redevelopment in flood-prone areas, which is a new strategic approach for flood management and land use planning.

Relevant Terms

• Pilot program
• Flooded properties
• Buyout
• Deed restrictions
• Natural resources commissioner
• Commercial, industrial, residential properties