Minnesota HF157 amends tax increment financing rules for the city of Maplewood.

Minnesota HF157 amends tax increment financing rules for the city of Maplewood, allowing special rules for the 3M Renovation and Retention Project Area. If demolition, rehabilitation, or renovation has not started on a parcel within the tax increment district, no additional tax increment may be taken from that parcel. If 3M Company starts such activities, the authority must certify this to the county auditor, who then adds the parcel's net tax capacity to the district's original net tax capacity.

Minnesota HF157 amends tax increment financing rules for the city of Maplewood.

Minnesota HF157 amends tax increment financing rules for the city of Maplewood, allowing special rules for the 3M Renovation and Retention Project Area. If demolition, rehabilitation, or renovation has not started on a parcel within the tax increment district, no additional tax increment may be taken from that parcel. If 3M Company starts such activities, the authority must certify this to the county auditor, who then adds the parcel's net tax capacity to the district's original net tax capacity.