Establishes special rules for tax increment financing in the City of Maplewood.

The bill amends the laws to establish special rules for tax increment financing in the City of Maplewood. It exempts the "3M Renovation and Retention Project Area" from certain redevelopment tax increment district requirements and the 90 percent rule. Expenditures must be made within a specified area. If no activity occurs within a year, no additional tax increment can be taken from the parcel. If 3M Company starts demolition, rehabilitation, or renovation, the county auditor must certify the net tax capacity.

Establishes special rules for tax increment financing in the City of Maplewood.

The bill amends the laws to establish special rules for tax increment financing in the City of Maplewood. It exempts the "3M Renovation and Retention Project Area" from certain redevelopment tax increment district requirements and the 90 percent rule. Expenditures must be made within a specified area. If no activity occurs within a year, no additional tax increment can be taken from the parcel. If 3M Company starts demolition, rehabilitation, or renovation, the county auditor must certify the net tax capacity.