Minnesota SF2824 authorizes using tax increment financing to convert vacant or underused commercial or industrial buildings to residential purposes.

Minnesota SF2824 amends tax increment financing laws to allow the use of certain increments to convert vacant or underused commercial or industrial buildings to residential purposes. The bill modifies calculations and findings required for a district converting vacant or underused property. It specifies conditions for determining when a building is structurally substandard and outlines the process for municipalities to approve tax increment financing plans.

Minnesota SF2824 authorizes using tax increment financing to convert vacant or underused commercial or industrial buildings to residential purposes.

Minnesota SF2824 amends tax increment financing laws to allow the use of certain increments to convert vacant or underused commercial or industrial buildings to residential purposes. The bill modifies calculations and findings required for a district converting vacant or underused property. It specifies conditions for determining when a building is structurally substandard and outlines the process for municipalities to approve tax increment financing plans.