MN HF1458

Allows the City of Fridley or its economic development authority to transfer tax increment from Fridley Tax Increment Financing District No. 20 to the Fridley Housing and Redevelopment Authority, notwithstanding existing Minnesota Statutes section 469.176.

Restricts transferred tax increment to only be expended on housing programs adopted by the Fridley Housing and Redevelopment Authority on or prior to December 31, 2021.

Requires the City of Fridley to issue reports to legislative committees with jurisdiction over taxes on February 1, 2024, and February 1, 2026, detailing all programs financed with transferred increment.

Subjects transferred tax increment to annual financial reporting requirements under Minnesota Statutes section 469.175, subdivision 6.

Expires the authority to make transfers under this section on December 31, 2026.