MN SF3291

Allows the city of Wayzata to modify the tax increment financing plan for Redevelopment Tax Increment Financing District No. 5 to delay the first year of receiving increment by up to nine years following district approval.

Extends the five-year requirement for undertaking district activities to ten years from the date of district certification for District No. 5.

Deems parcels in District No. 5 to meet occupancy requirements if a structurally substandard building was demolished and the city files for certification of the parcel in a subsequent redevelopment or renewal district within ten years after demolition.

Takes effect upon compliance by the city of Wayzata with Minnesota Statutes, section 645.021, subdivision 3.