MN SF4919

Authorizes the economic development authority or city of St. Cloud to establish one or more tax increment financing (TIF) districts adjacent to the Division Street corridor or within the Central Business District or Fringe Central District.

Limits TIF districts to 14 specifically identified parcels in Stearns County (7 parcels including Lady Slipper Catalyst Site, North Riverfront Catalyst Site, and Empire Catalyst Site) and Benton County (7 parcels including Transit Oriented Development Catalyst Site and Ace Block Catalyst Site), plus adjacent roads and rights-of-way.

Deems all districts as meeting Minnesota Statutes section 469.174, subdivision 10 requirements without further review.

Deems property development expenditures as meeting Minnesota Statutes section 469.176, subdivision 4j requirements.

Allows TIF increment revenues to be expended on reconstruction, expansion, or new construction of adjacent public infrastructure including public parking, streets, and utilities to serve the development.

Takes effect the day after the city of St. Cloud and its chief clerical officer comply with Minnesota Statutes section 645.021, subdivisions 2 and 3.