MN SF4064

Exempts real and personal property on Nicollet Island acquired or owned by the city of Minneapolis or Minneapolis Park and Recreation Board on or before January 1, 2018, from ad valorem taxation when used for public and private gatherings.

Classifies the exempted property as acquired, owned, leased, controlled, used, and occupied for public, governmental, and municipal purposes.

Permits the exempted property to remain subject to special assessments levied by political subdivisions for local improvements, provided the assessment amount does not exceed the special benefit received by the property.

Extends the tax exemption to property leased or used by the city or Park Board for venue-related operations, regardless of lease length, but excludes property leased for residential, business, or commercial development purposes.

Takes effect beginning with taxes payable in 2019 upon approval by the city of Minneapolis and compliance with Minnesota Statutes, section 645.021.