MN HF335

Extends the five-year rule under Minnesota Statutes section 469.1763, subdivision 3, from 8 years to 11 years for tax increment financing districts in the city of Savage.

Extends the five-year rule under Minnesota Statutes section 469.175, subdivision 4, paragraph (f), to 8 years for any district and eliminates the application of section 469.1763, subdivision 4.

Limits expenditure of tax increment revenue to no more than 40 percent of total revenue derived from tax increments, measured over the district's life, for activities outside the district but within the project area.

For soil deficiency districts, allows increments to be collected through 20 years after the first increment receipt and restricts uses to land acquisition, correcting terrain or soil deficiencies, installing public improvements, and administrative expenses.

Takes effect the day after the city of Savage governing body and its chief clerical officer comply with Minnesota Statutes section 645.021, subdivisions 2 and 3.