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S.F. No. 1329 - City of Forest Lake; TIF Extension
 
Author: Senator Karin Housley
 
Prepared By: Eric S. Silvia, Senate Counsel (651/296-1771)
 
Date: March 25, 2013



 

S.F. 1329 authorizes the city of Forest Lake and the Forest Lake Economic Development Authority to extend the duration of TIF District No. 21 by ten years - through December 31, 2025. Absent the extension, the district must decertify on December 31, 2015. All increment collected during the ten-year extension must be used only to pay costs related to specified parcels and be subject to general tax increment financing laws.

Effective upon compliance by the governing body of the Forest Lake Economic Development Authority and the city of Forest Lake with filing requirements.

 

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