Minnesota modifies tax increment financing districts, repeals renewal and renovation districts, and shortens duration limits.

The bill amends Minnesota's tax increment financing laws, modifying eligibility for redevelopment districts, repealing renewal and renovation districts, and shortening duration limits. Redevelopment districts now require at least 70% of the area to be occupied by buildings, streets, utilities, or parking lots, with at least 50% of buildings being structurally substandard. Renewal and renovation districts are repealed, and duration limits are reduced to 15 years for renewal and renovation districts, 20 years for other districts, and 25 years for housing and redevelopment districts.

Minnesota modifies tax increment financing districts, repeals renewal and renovation districts, and shortens duration limits.

The bill amends Minnesota's tax increment financing laws, modifying eligibility for redevelopment districts, repealing renewal and renovation districts, and shortening duration limits. Redevelopment districts now require at least 70% of the area to be occupied by buildings, streets, utilities, or parking lots, with at least 50% of buildings being structurally substandard. Renewal and renovation districts are repealed, and duration limits are reduced to 15 years for renewal and renovation districts, 20 years for other districts, and 25 years for housing and redevelopment districts.