Minnesota SF2803 authorizes special tax increment financing rules for Minneapolis downtown areas.

Minnesota SF2803 allows the housing and redevelopment authority of Minneapolis to establish up to three tax increment financing districts in downtown areas. These districts can include noncontiguous parcels and adjacent roads and rights-of-way. Special rules apply, such as tax increments being usable for clearing buildings for public parks and certain statutory restrictions not applying. The authority to request certification of these districts expires June 30, 2030, unless at least one district is certified by then.

Minnesota SF2803 authorizes special tax increment financing rules for Minneapolis downtown areas.

Minnesota SF2803 allows the housing and redevelopment authority of Minneapolis to establish up to three tax increment financing districts in downtown areas. These districts can include noncontiguous parcels and adjacent roads and rights-of-way. Special rules apply, such as tax increments being usable for clearing buildings for public parks and certain statutory restrictions not applying. The authority to request certification of these districts expires June 30, 2030, unless at least one district is certified by then.