MN SF3387

Authorizes the cities of Arden Hills, Hilltop, New Brighton, Shoreview, and St. Anthony Village to establish housing replacement tax increment financing districts.

Designates appropriate development authorities for each of the five cities to administer housing replacement projects under Minnesota Statutes, section 469.174, subdivision 2.

Limits each of the five cities to designate up to 100 parcels over the life of a district or districts, with parcels restricted to vacant sites, vacant houses, or structurally substandard houses.

Requires cities to pay at least 25 percent of housing replacement project costs from general funds, property tax levies, or other unrestricted money, excluding tax increments.

Requires housing replacement district plans to have sole purpose of acquiring and preparing parcels for sale as market rate housing, defined as housing not exceeding 150 percent of average single-family housing market value in the municipality.