MN SF1251

City of Fridley or its economic development authority may transfer tax increment accumulated from Fridley Tax Increment Financing District No. 20 to the Fridley Housing and Redevelopment Authority, notwithstanding existing state law restrictions.

Transferred tax increment may only be used for housing programs that were adopted by the Fridley Housing and Redevelopment Authority on or before December 31, 2021.

Transferred tax increment is subject to annual financial reporting requirements under Minnesota Statutes, section 469.175, subdivision 6.

City of Fridley must submit detailed reports to legislative tax and property tax committee chairs and ranking minority members by February 1, 2024, and February 1, 2026, describing each program financed with transferred increment.

Authority to make transfers expires December 31, 2026.