MN SF1757

Rochester may extend its one-half of one percent local sales and use tax for additional projects if approved by voters at a general election.

Tax revenues must fund: an economic vitality fund ($50-60 million), street reconstruction ($50 million), flood control and water quality ($40 million), and a Regional Community and Recreation Complex ($65 million), plus associated bonding costs.

City must allocate $10 million from the economic vitality fund to Rochester Area Economic Development Incorporated to establish the EverRAEDI development fund, with $5 million for projects within Rochester and $5 million for the Rochester metropolitan area.

Rochester may issue up to $215 million in bonds (or $205 million under alternative provisions) to finance the authorized projects, with bonds exempt from debt limitations and levy restrictions.

The extended tax expires at the earlier of 18 years after first imposition or when sufficient revenues are collected to pay all project costs and bond-related expenses.