MN SF5061

Applies special tax increment financing rules to the renewal and renovation TIF district established in 2021 by the Economic Development Authority in the City of Minnetonka.

Deems the district to meet Minnesota Statutes section 469.176, subdivision 4j requirements without meeting standard statutory criteria.

Authorizes eligible expenditures including infrastructure improvements, environmental remediation, demolition, site improvements, land acquisition, parking, and costs detailed in the city's December 2020 Final Alternative Urban Area Review Opus Study Area.

Extends the five-year activity requirement to ten years from district certification, while eliminating application of the six-year rule under Minnesota Statutes section 469.1763, subdivision 4.

Takes effect the day after the City of Minnetonka's governing body and chief clerical officer comply with Minnesota Statutes section 645.021, subdivisions 2 and 3.