S.F. 817 authorizes the city of Savage or its economic development authority to establish one or more redevelopment tax increment financing districts subject to special rules. The area within which the districts may be created is referred to as the Mining Reclamation Project Area.
Paragraph (b) exempts parcels located within the project area from the requirements of the ‘blight test’ for establishing redevelopment districts.
Paragraph (c) exempts the district from pooling requirements; however, increment must be spent only within the project area.
Paragraph (d) exempts the district from the five-year rule and the use of revenue for decertification.
Paragraph (e) requires that the authority must approve TIF plans and establish a TIF district before December 31, 2023.
Effective upon approval by the governing body of the city of Savage and upon compliance with filing requirements.
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