Minnesota SF7 modifies redevelopment district eligibility and shortens duration limits for tax increment financing.

Minnesota SF7 amends tax increment financing laws by modifying eligibility criteria for redevelopment districts and shortening duration limits. Redevelopment districts now require 70% of the area to be occupied by buildings, streets, utilities, or similar structures, with at least 20% being structurally substandard. The bill also reduces duration limits for different types of districts, such as redevelopment, soils condition, economic development, and housing districts.

Minnesota SF7 modifies redevelopment district eligibility and shortens duration limits for tax increment financing.

Minnesota SF7 amends tax increment financing laws by modifying eligibility criteria for redevelopment districts and shortening duration limits. Redevelopment districts now require 70% of the area to be occupied by buildings, streets, utilities, or similar structures, with at least 20% being structurally substandard. The bill also reduces duration limits for different types of districts, such as redevelopment, soils condition, economic development, and housing districts.