HF3585 Summary

• Amends Laws 2014, chapter 308, article 6, section 9 to modify tax increment financing (TIF) rules for a specifically defined project area in the city of Maple Grove, Hennepin County.

• Extends the five-year rule for TIF districts to 13 years and removes the four-year limitation on district duration.

• Modifies soil deficiency district increment collection period from 20 years to 25 years and allows increments to be used for land acquisition and infrastructure costs for qualified developments that do not include retail or housing improvements.

• Permits use of soil deficiency district increments to pay for improvements to the Highway 169 and County Road 130 interchange, notwithstanding other spending restrictions.

• Caps expenditures outside TIF districts but within the project area city at 40 percent of total tax increment revenue collected over the district's life.