Maple Grove authorized to use tax increment financing for redevelopment in specific areas.

The bill authorizes the city of Maple Grove to use tax increment financing for redevelopment in specific areas. It defines the project area and sets special rules for redevelopment districts, including soil deficiency districts. These districts can collect tax increments for up to 25 years and use them for infrastructure costs and land acquisition for qualified developments. The bill also extends the collection period for tax increments and modifies certain statutory provisions.

Maple Grove authorized to use tax increment financing for redevelopment in specific areas.

The bill authorizes the city of Maple Grove to use tax increment financing for redevelopment in specific areas. It defines the project area and sets special rules for redevelopment districts, including soil deficiency districts. These districts can collect tax increments for up to 25 years and use them for infrastructure costs and land acquisition for qualified developments. The bill also extends the collection period for tax increments and modifies certain statutory provisions.