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S.F. No. 1383 - City of Rochester; TIF Increment
 
Author: Senator David H. Senjem
 
Prepared By: Eric S. Silvia, Senate Counsel (651/296-1771)
 
Date: March 8, 2017



 

S.F. No. 1383 provides that the proceeds from the sale or lease of any property purchased with tax increments of TIF District No. 36 (Bioscience Project) in the city of Rochester shall not be considered increment, and therefore the use of the revenues will not be limited to permitted uses of increment under current law. TIF District No. 36 is a redevelopment district that was certified on May 30, 2007. Under current law, “increment” includes the proceeds from the sale or lease of property, tangible or intangible, to the extent the property was purchased by the authority with tax increment.

Effective the day following final enactment without local approval.     

 
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