MN HF4973

Extends the five-year period under Minnesota Statutes section 469.1763, subdivision 3, to ten years for the Ford Site Redevelopment Tax Increment Financing District in St. Paul.

Extends the period under Minnesota Statutes section 469.1763, subdivision 4, relating to use of increment after the five-year period expires, to eleven years for the same district.

Allows St. Paul's housing and redevelopment authority to waive receipt of increment for the first four years or until taxes payable in 2023 are received, whichever occurs first.

If the city waives increment receipt, the district's certification date is deemed to be January 2 of the property tax assessment year when increment is first received under the waiver.

The bill becomes effective the day after St. Paul's governing body and chief clerical officer comply with Minnesota Statutes section 645.021, subdivisions 2 and 3.