MN HF5164

Authorizes the economic development authority or city of Brooklyn Center to establish one or more redevelopment tax increment financing (TIF) districts within the "Opportunity Site" bounded by Shingle Creek Parkway, Summit Drive North, Trunk Highway 100, and Hennepin County State-Aid Highway 10.

Districts established under this authority are deemed to meet all requirements of Minnesota Statutes section 469.174, subdivision 10, and are exempt from the restrictions in Minnesota Statutes section 469.176, subdivision 4j.

Permits increment generated from the district to be expended on activities within the broader Opportunity Site area, not just within the TIF district itself.

Authority to approve a TIF financing plan under this section expires on December 31, 2030.

Becomes effective the day after Brooklyn Center's governing body and chief clerical officer comply with Minnesota Statutes section 645.021, subdivisions 2 and 3.