H.F. 4408 Summary

• City of Edina may establish one or more tax increment financing redevelopment districts in a specified project area bounded by West 50th Street, Eden Avenue, Wilson Road, Normandale Road, Benton Avenue, State Highway 100, and Vernon Avenue.

• Districts must finance "lid development" including property acquisition, demolition/rehabilitation, infrastructure installation (streets, utilities, structural caps/lids over highways), parking facilities, parks, and relocation benefits.

• City must adopt an overall development plan that includes construction of a structural cap, bridge, or buildable pad over State Highway 100 to facilitate adjacent development before establishing districts.

• Five-year tax increment spending period is extended to eight years, and increments must be spent only on lid development within the project area and administrative expenses (with exception allowing Grandview 2 TIF District to spend up to 25 percentage points outside the district on lid development).

• Authority to establish districts expires June 30, 2023, and the bill becomes effective upon local approval by Edina's governing body.