Expands eligible uses of tax increment financing in Minnetonka, Richfield, and St. Louis Park to include transfers to local housing trust funds.

This bill expands the eligible uses of tax increment financing in the cities of Minnetonka, Richfield, and St. Louis Park to include transfers to local housing trust funds. For Minnetonka and St. Louis Park, the authorization to increase outside district expenditures is increased to 15 percentage points. For Richfield, the increment must be transferred to a housing trust fund and used for housing purposes, with specific income requirements for rental and homeownership housing. The transferred increment is no longer subject to annual reporting requirements.

Expands eligible uses of tax increment financing in Minnetonka, Richfield, and St. Louis Park to include transfers to local housing trust funds.

This bill expands the eligible uses of tax increment financing in the cities of Minnetonka, Richfield, and St. Louis Park to include transfers to local housing trust funds. For Minnetonka and St. Louis Park, the authorization to increase outside district expenditures is increased to 15 percentage points. For Richfield, the increment must be transferred to a housing trust fund and used for housing purposes, with specific income requirements for rental and homeownership housing. The transferred increment is no longer subject to annual reporting requirements.