SF736

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.