MN HF880

Defines "pay-as-you-go contract and note" as a written obligation where developers bear the risk of insufficient tax increments and reimbursement is made from identified tax increment revenues as taxes are paid.

Expands annual financial reporting requirements for tax increment financing districts to include detailed information on pay-as-you-go contracts and notes, bond debt service, and expenditures within and outside districts.

Clarifies administrative expense limitations apply to all districts regardless of certification date and excludes certain maintenance, insurance, and development action response plan costs from percentage limitations.

Modifies decertification requirements to allow deferral of mandatory decertification for districts with outstanding pay-as-you-go contracts and notes, with authority required to annually remove parcels or use revenues to prepay obligations.

Expands violations and remedies provisions to apply to all districts and clarifies that authorities must repay county auditors for improperly included parcels or expenditures made outside permitted geographic areas or purposes.