SF23

Minnesota SF23 clarifies the uses of unobligated increment in tax increment financing.

Minnesota SF23 amends the state statutes to clarify the uses of unobligated increment in tax increment financing. The bill specifies that the authority may transfer unobligated increment for job creation or equity investments in private developments. The municipality must approve the spending plan after a public hearing and publish notice of the hearing. Increment improperly retained, received, spent, or transferred is ineligible for transfer.