SF736

SF736 (Legislative Session 94 (2025-2026))

Minnetonka special tax increment financing rules authorization

Related bill: HF1065

AI Generated Summary

This legislative bill, titled SF No 736, proposes specific changes to the tax increment financing rules for the city of Minnetonka, specifically for the Opus tax increment financing district established in 2021. The bill seeks to extend the period during which tax increment funds can be used from five years to ten years. Additionally, the bill allows for the use of these funds for an extra year, extending this period to 11 years after the district's establishment. Lastly, the bill exempts this district from the application of a particular statute (Minnesota Statutes section 469.176 subdivision 4j) that would normally apply. Essentially, this bill would enable Minnetonka to utilize tax increments for a longer duration to support economic development in the Opus district.

Bill text versions

Introduction PDF file

Actions

Date	Chamber	Where	Type	Name	Committee Name
January 26, 2025	Senate	Floor	Action	Introduction and first reading
January 26, 2025	Senate	Floor	Action	Referred to	Taxes

Citations

[
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill extends certain time periods for tax increment financing for the Opus district in Minnetonka under section 469.1763.",
      "modified": [
        "Extends the five-year period to ten years and the subsequent period to eleven years."
      ]
    },
    "citation": "469.1763"
  },
  {
    "analysis": {
      "added": [],
      "removed": [],
      "summary": "This bill specifies that certain provisions under section 469.176 subdivision 4j do not apply to the Opus district.",
      "modified": [
        "Exemption from subdivision 4j provisions."
      ]
    },
    "citation": "469.176"
  }
]