MN HF1587

Extends the five-year pooling rule for tax increment financing to ten years for redevelopment districts located outside the metropolitan area, if certified after June 30, 2021.

Applies to redevelopment districts that fall outside the area defined in Minnesota Statutes section 473.121, subdivision 2.

Maintains existing ten-year and eight-year extensions for districts certified in earlier periods (2003-2009 and 2009-2012, respectively).

Allows tax increment revenues to be considered properly expended if spent within the extended timeframe on qualifying activities including bonds, contracts, costs, housing, and public infrastructure.

Effective the day following final enactment.