MN SF1708

Increases the five-year requirement for activities in the Port Authority of the City of Bloomington's Tax Increment Financing District No. 1-I (Bloomington Central Station) to a 26-year period from the date of district certification.

Allows the city of Bloomington and its port authority to extend the overall duration limits of the district through December 31, 2039.

Permits extension of duration limits for undeveloped parcels (parcels without buildings) within the district through December 31, 2049.

Requires tax increment for the district to be computed using the current local tax rate effective for taxes payable in 2014.

Becomes effective upon compliance by the city of Bloomington, Hennepin County, and Independent School District No. 271 with Minnesota Statutes section 469.1782, subdivision 2.