Extends the five-year rule and duration for tax increment financing districts in Edina.

This bill extends the five-year rule and duration for tax increment financing districts in the city of Edina. Specifically, it extends the five-year period to ten years for the 70th & France TIF District and the period for using the increment after the five-year period to 11 years. Additionally, it allows the city of Edina or its housing and redevelopment authority to extend the duration of the 70th & France TIF District by five years and the 72nd & France 2 TIF District by ten years. These extensions are subject to compliance with certain statutory requirements.

Extends the five-year rule and duration for tax increment financing districts in Edina.

This bill extends the five-year rule and duration for tax increment financing districts in the city of Edina. Specifically, it extends the five-year period to ten years for the 70th & France TIF District and the period for using the increment after the five-year period to 11 years. Additionally, it allows the city of Edina or its housing and redevelopment authority to extend the duration of the 70th & France TIF District by five years and the 72nd & France 2 TIF District by ten years. These extensions are subject to compliance with certain statutory requirements.