MN SF2437

St. Cloud Economic Development Authority may expend remaining tax increment balances from tax increment district no. 2 (Norwest District) within the Central Area Urban Renewal Project area for public infrastructure improvements.

Eligible expenditures include infrastructure improvements described in the city of St. Cloud's 2003 Comprehensive Plan and 1996 Downtown Streetscape Plan that further economic development in the Central Area Urban Renewal Project area.

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

Any remaining funds in tax increment district no. 2 must be expended by December 31, 2015, or distributed as excess increments under Minnesota Statutes, section 469.176, subdivision 2.

The section becomes effective upon final enactment, approval by St. Cloud's governing body, and compliance with Minnesota Statutes, section 645.021, subdivision 3.