Special rules for tax increment financing in St. Paul to clear buildings for open space or parks.

The bill authorizes special rules for the City of St. Paul's tax increment financing to clear buildings for open space or public parks. It allows the housing and redevelopment authority to establish up to three redevelopment tax increment districts in downtown St. Paul. These districts can include noncontiguous parcels and do not require certification of the land's value. The authority to request certification expires on June 30, 2034. The special rules apply if at least 50% of the buildings in the district require substantial renovation or clearance.

Special rules for tax increment financing in St. Paul to clear buildings for open space or parks.

The bill authorizes special rules for the City of St. Paul's tax increment financing to clear buildings for open space or public parks. It allows the housing and redevelopment authority to establish up to three redevelopment tax increment districts in downtown St. Paul. These districts can include noncontiguous parcels and do not require certification of the land's value. The authority to request certification expires on June 30, 2034. The special rules apply if at least 50% of the buildings in the district require substantial renovation or clearance.