MN HF4494

Grants the city of St. Cloud's economic development authority or the city itself authority to establish one or more tax increment financing (TIF) redevelopment districts adjacent to the Division Street corridor or within the Central Business District or Fringe Central District.

Identifies 14 specific parcels in Stearns County and Benton County by tax identification number eligible for TIF district designation, including catalyst sites such as Lady Slipper, North Riverfront, Empire, Swan Lot, and Riverboat Lot.

Deems districts established under this authority to automatically meet all requirements under Minnesota Statutes section 469.174, subdivision 10, and expenditures for property development to meet requirements under section 469.176, subdivision 4j.

Allows tax increment revenue generated from the districts to be used for reconstruction, expansion, or new construction of adjacent public infrastructure including public parking, streets, and utilities serving the development.

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