S.F. No. 4004 - Summary

• Grants City of Edina special authority to 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

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

• Permits tax increment financing districts to fund "lid development" activities including property acquisition, demolition/rehabilitation, infrastructure improvements, parking facilities, parks, trails, and structures built on city or state land for private development

• Extends the standard five-year increment expenditure period to eight years and allows increments to be spent only for lid development within the project area and administrative expenses

• Allows the city's Grandview 2 Tax Increment Financing District to increase permitted out-of-district expenditures by up to 25 percentage points for lid development spending within the project area

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