HF 4297 Summary

• Allows City of Fridley or its development authority to spend tax increments from Tax Increment Financing District No. 20 on grant and loan programs for housing located outside the district until December 31, 2038.

• Permits spending only on housing programs that were adopted by the development authority on or before December 31, 2021.

• Exempts Tax Increment Financing District No. 20 from the five-year and six-year decertification rules that normally apply to tax increment financing districts.

• Requires reporting of total expenditures but exempts these spending purposes from other annual reporting requirements.

• Authority to make the election under this section expires December 31, 2022.