S.F. 475 authorizes the city of Maplewood or its economic development authority to create one or more redevelopment TIF districts subject to special rules. The area within which the TIF districts may be created is referred to as the “3M Renovation and Retention Project Area.” The authority to establish a TIF district expires on December 31, 2018.
Subdivision (b) exempts the districts from the ‘blight test’ for purposes of a redevelopment district.
Subdivision (c) exempts the district from the requirement that 90% of revenue derived from increment from a redevelopment district must be used to correct blight conditions.
Subdivision (d) exempts the district from the five-year rule, pooling requirements, and the use of revenue for decertification. Increment, however, may only be spent within the project area.
Subdivision (e) authorizes the district to drop parcels from the district if demolition, rehabilitation or renovation does not commence on the parcel within one year. If construction subsequently commences, the parcel may be included.
Subdivision (f) exempts the district from the prohibition against using increment for general government use by authorizing the construction of a municipal fire station to provide fire protection and medical services for the project area.
Subdivision (g) attempts to allow the district to capture the state general tax for the first 412,000 square feet of a new building.
Effective upon approval by the governing body of the city of Maplewood and upon compliance with filing requirements.
ESS/tg
|