MN SF2149

Authorizes the city of Canby to establish a tax increment financing district consisting of all lots, blocks, and public rights-of-way in the Clapp Addition, located in Yellow Medicine County.

Sets the original tax capacity of the district at zero and exempts the district from Minnesota Statutes section 469.177, subdivision 1a.

Limits the district duration to the lesser of 20 years after first increment receipt or one year after the city receives $175,000 in increment revenues.

Allows the city to use increment revenues as reimbursement for principal and interest payments on bonds issued for Tax Increment Financing District No. 1-21.

Takes effect the day following final enactment without requiring local voter approval.