MN HF3683

Allows the Economic Development Authority of Cottage Grove to modify the tax increment financing plan for Redevelopment Tax Increment Financing District No. 12 to extend the first year of receiving increment by up to nine years following district approval.

Extends the five-year activity requirement for Redevelopment Tax Increment Financing District No. 12 to ten years from the date of district certification.

Deems parcels in the district to meet occupancy requirements if a building was demolished by a developer or city after finding it structurally substandard, and the city decertifies the district but files for certification of the parcel in a subsequent redevelopment district within ten years of demolition.

Takes effect upon compliance by the governing body of the Economic Development Authority of Cottage Grove with Minnesota Statutes, section 645.021, subdivision 3.