MN SF3878

Extends the five-year activity requirement for the Port Authority of the City of Bloomington's Tax Increment Financing District No. 1-I (Bloomington Central Station) to 15 years from the date of district certification.

Allows the city of Bloomington and its port authority to extend the duration limits of the district through December 31, 2039.

Requires tax increment for the district to be computed using the current local tax rate effective for taxes payable in 2014, rather than following standard state statute provisions.

Becomes effective upon the city of Bloomington's compliance with Minnesota Statutes, section 645.021, subdivision 3.