HF 2775 Summary

• Authorizes the city of Plymouth to establish a tax increment financing (TIF) district in Hennepin County on five specific parcels identified by tax identification numbers, plus adjacent roads and rights-of-way.

• Extends the five-year rule period to ten years for the district under Minnesota Statutes, section 469.1763, subdivision 3.

• Allows increments generated from the district to be expended on improvements to Hennepin County Road 47 outside the project area, with such expenditures deemed to occur within the district.

• Exempts the district from the restrictions in Minnesota Statutes, section 469.176, subdivision 4j.

• Authority to approve a TIF financing plan expires December 31, 2029, with effectiveness upon compliance with Minnesota Statutes, section 645.021, subdivisions 2 and 3.