MN HF2583

Authorizes the city of Maple Grove to create a soil deficiency tax increment financing district within a specifically defined project area in Hennepin County.

Establishes that a soil deficiency district requires at least 80 percent of parcels to have conditions such as peat soils with geotechnical deficiencies, terrain requiring substantial filling, landfills, quarries, floodways, or substandard buildings.

Extends the standard five-year increment collection period to ten years and allows increments to be collected for up to 20 years after the first increment is received.

Restricts soil deficiency district increments to acquiring parcels, correcting soil deficiencies, installing related public improvements, and paying administrative expenses; allows up to 80 percent of revenue to be spent on infrastructure within the broader project area.

Expires authority to approve new tax increment financing districts under these special rules on December 31, 2022.