MN SF2514

Changes the financial assistance formula for cities and towns with replacement transit service by increasing the state revenue ratio from 3.74 percent to 6.25 percent of state revenues generated from taxes under chapter 297B.

Requires the Metropolitan Council to grant financial assistance to applicants whose proposed service will replace council transit service and meet applicant needs at least as efficiently and effectively as existing service.

Maintains the minimum assistance calculation based on 2001 transit operating assistance grants or tax revenues, adjusted by state revenue ratios and municipal property value growth between 2001 and 2006.

Specifies that Council payments must come from funds received in the metropolitan area transit account under section 16A.88.

Amends Minnesota Statutes 2010, section 473.388, subdivision 4.