MN SF260

Extends the five-year rule under Minnesota Statutes section 469.1763, subdivision 3 to 11 years for tax increment financing districts in the City of Savage.

Extends the five-year rule under Minnesota Statutes section 469.175, subdivision 4, paragraph (f) to eight years for any district.

Limits expenditure of tax increment revenue to no more than 40 percent of total revenue measured over the district's life for activities outside the district but within the project area.

For soil deficiency districts, allows increments to be collected through 20 years after receipt of the first increment and restricts their use to acquiring parcels, correcting soil deficiencies, installing public improvements, and administrative expenses.

Effective upon compliance by the City of Savage's governing body and chief clerical officer with Minnesota Statutes section 645.021, subdivisions 2 and 3.