MN SF4586

Grants the city of Brooklyn Center or its economic development authority the ability to establish one or more redevelopment tax increment financing (TIF) districts within the "Opportunity Site" area bounded by Shingle Creek Parkway, Summit Drive North, Trunk Highway 100, and Hennepin County State-Aid Highway 10.

Districts are automatically deemed to meet all requirements of Minnesota Statutes section 469.174, subdivision 10, and exempts them from the restrictions in section 469.176, subdivision 4j.

Increment revenue generated from the district may be expended on activities throughout the broader Opportunity Site area, with all expenditures treated as district expenditures for statutory purposes.

Authority to approve a TIF financing plan under this provision expires on December 31, 2030.

Becomes effective the day after Brooklyn Center's governing body and chief clerical officer complete required statutory compliance notifications.