Loading chat...
MN SF3970
Bill
Status
Introduced
3/14/2022
Primary Sponsor
Lindsey Port
Click for details
AI Summary
- Extends the five-year tax increment financing rule to 11 years under Minnesota Statutes section 469.1763, subdivision 3, for districts in the City of Savage
- Extends the five-year rule to eight years under Minnesota Statutes section 469.175, subdivision 4, paragraph (f), and exempts districts from section 469.1763, subdivision 4
- Limits tax increment revenue expended outside a district to no more than 40 percent of total increments collected, measured over the district's lifetime
- Allows soil deficiency districts to collect increments for 20 years after receiving the first increment payment, with increments used only for land acquisition, correcting soil deficiencies, public improvements, and administrative expenses
- Takes effect upon compliance with Minnesota Statutes section 645.021 by the City of Savage governing body and chief clerical officer
Legislative Description
Savage tax increment financing district special rules modification
Last Action
Authors added Klein; Dziedzic; Rest
4/19/2022
Committee Referrals
Taxes3/16/2022
Education Finance and Policy3/14/2022
Full Bill Text
No bill text available