MN HF2848

St. Cloud Economic Development Authority may expend the remaining balance of tax increments from tax increment district no. 2 (Norwest District) in the Central Area Urban Renewal Project area without regard to other law or the original tax increment financing plan.

Eligible expenditures are limited to public infrastructure improvements, including those described in the city of St. Cloud's 2003 Comprehensive Plan and 1996 Downtown Streetscape Plan that further economic development.

All tax increments already expended from tax increment financing district no. 2 are ratified and approved as compliant with applicable law.

Any remaining funds in tax increment financing district no. 2 must be expended by December 31, 2015, or distributed as excess increments under Minnesota law.

Section becomes effective the day after final enactment upon approval by the city of St. Cloud's governing body and compliance with Minnesota Statutes section 645.021, subdivision 3.