S.F. No. 4470 Summary

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

• Restricts housing program spending to programs adopted by the development authority on or prior to December 31, 2021.

• Exempts Tax Increment Financing District No. 20 from the five-year and six-year decertification rules under Minnesota Statutes, section 469.1763.

• Exempts expenditures from annual reporting requirements under Minnesota Statutes, section 469.175, subdivision 6, except that the total amount of expenditures must be reported.

• The authority to make the election under this section expires December 31, 2022, and the bill becomes effective upon Fridley's city governing body and chief clerical officer complying with Minnesota Statutes, section 645.021, subdivisions 2 and 3.