Legislative Session number- 82

Bill Name: SF2198

Making certain technical and minor changes to tax increment financing, abatement
and related development provisions; removing mined underground space districts
from a certain provision providing for local contributions in lieu of the state
TIF aid reduction; excluding TIF districts from the definition of commercial
industrial property for taconite tax relief area revenue distribution purposes;
clarifying the definitions of redevelopment and renewal and renovation districts
and modifying the definition of economic development district; modifying tax
increment financing plan content requirements; requiring the filing of copies of
TIF plans and amendments and development or project plans with the commissioner
of revenue and requiring the commissioner to provide copies to the state auditor
upon request; modifying the duration limit for housing or redevelopment
districts; clarifying the duration limit for hazardous substance subdistricts
and modifying the extended period for collection of tax increment; clarifying
the duration limit for pre-1979 districts; modifying or expanding certain limits
on the use of tax increments; providing for separate assessment of estimated
market value of improvements and for interfund loans under certain conditions;
further restricting local government unit property tax abatement authority
relating to TIF districts; qualifying the elector approval requirement exemption
for local issuance of property tax abatement authority bonds; modifying the
effective dates for a certain provision including interest or other investment
earnings on or from tax increments in the definition of increment and for a
provision authorizing the expenditure of increments to assist certain housing
outside the project area; authorizing the Minneapolis public housing authority
or the metropolitan council to enter into a cooperation agreement with another
governing body in the metropolitan area to exempt the Holman low rent public
housing project from the property tax for federal court order or decree
implementation purposes, requiring payments in lieu of taxes (ra)