MN SF2803

Minneapolis Housing and Redevelopment Authority may establish up to three redevelopment tax increment financing (TIF) districts within the downtown taxing district, with parcels allowed to be noncontiguous

Districts qualify for redevelopment status if the authority finds by resolution that at least 50% of buildings require substantial renovation or clearance due to conditions such as high vacancy rates, obsolete buildings, or incompatible land uses

Tax increment funds may be used to clear buildings for open space or public parks, and several standard TIF restrictions on expenditures and geographic limitations do not apply to these districts

Original tax capacity for parcels is certified based on land value only, which maximizes the tax increment captured from future development

Authority to request district certification expires June 30, 2030 (or June 30, 2034 if at least one district is certified by 2030)