SF4631

Purpose

• Authorize special rules for the City of Hopkins' Tax Increment Financing District (TIF District 16-325 Blake) to extend time limits for generating and using tax increment funds for redevelopment.

Main Provisions

• Extends the five-year period in Minnesota Statutes section 469.1763, subdivision 3 from five years to ten years for TIF District 16-325 Blake in Hopkins.
• Extends the use of increment after the expiration of the five-year period in Minnesota Statutes section 469.1763, subdivision 4 to eleven years for the same district.
• The bill labels these changes as “FIVEYEAR RULE EXTENSION” and “SIXYEAR RULE EXTENSION,” and applies specifically to the Hopkins district described.

Significance and Impact

• Provides a longer timeframe to generate tax increment and to use that increment for financing redevelopment projects in the Hopkins district.
• May affect how quickly projects can be funded and completed, and could influence planning timelines for the district.

Affected Entity

• City of Hopkins, Tax Increment Financing District 16-325 Blake.

Relevant Terms Tax Increment Financing (TIF) Tax Increment Financing District 16-325 Blake Hopkins Minnesota Statutes section 469.1763 subdivision 3 (five-year rule) subdivision 4 (use of increment) five-year rule extension ten-year extension eleven-year extension special rules redevelopment projects