MN HF1768

Extends the required activity period for the Port Authority of the City of Bloomington's Tax Increment Financing District No. 1-I (Bloomington Central Station) from 21 years to 26 years from the date of district certification.

Allows the city of Bloomington and its port authority to extend the duration limits of the district through December 31, 2039.

Allows the city of Bloomington and its port authority to extend the duration limits of undeveloped parcels (parcels without buildings) within the district through December 31, 2049.

Tax increment for the district must be computed using the current local tax rate effective for taxes payable in 2014, overriding standard Minnesota Statutes provisions.

Effective upon compliance by the city of Bloomington, Hennepin County, and Independent School District No. 271 with Minnesota Statutes requirements.