H.F. 2412 - Bill Summary

• Authorizes the city of Duluth or its economic development authority to establish one or more tax increment financing redevelopment districts in the Medical Regional Exchange District and East 1st Street Corridor area bounded by specified streets and the Lake Superior waterfront.

• Exempts districts established under this section from certain statutory requirements in Minnesota Statutes sections 469.174 (subdivision 10), 469.176 (subdivisions 4j, 4l, and 5), and 469.1763 (subdivisions 2, 3, and 4).

• Limits the special rules exemption to increment expended on or before December 31, 2051, after which standard statutory provisions in Minnesota Statutes section 469.1763, subdivision 4 apply to any remaining unspent or unobligated increment.

• Becomes effective the day after the Duluth city governing body and chief clerical officer comply with Minnesota Statutes section 645.021, subdivisions 2 and 3.