MN SF3286

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

The requirement that TIF district activities must be undertaken within five years of certification is extended to ten years for Redevelopment Tax Increment Financing District No. 12.

Parcels in the district are deemed to meet occupancy requirements if a structurally substandard building was demolished after original TIF plan approval and the city files for recertification within ten years of demolition.

The bill becomes effective upon the Economic Development Authority of Cottage Grove's compliance with Minnesota Statutes section 645.021, subdivision 3.