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S.F. No. 1843 - City of Mound; Tax Increment Financing; Extending Five-Year Rule
 
Author: Senator David J. Osmek
 
Prepared By: Eric S. Silvia, Senate Counsel (651/296-1771)
 
Date: March 10, 2014



 

S.F. 1843 provides a ten-year extension of the five-year rule for the Mound Harbor Tax Increment Financing District in the city of Mound. The five-year rule requires the development authority to complete activities in the district within five years from the date of certification of the district.  

The Mound Harbor Tax Increment Financing District, a redevelopment district, was certified on May 5, 2005, and under current law, the five-year period expired on May 5, 2010. However, the district was allowed an additional five years under a general law extension for districts certified between June 30, 2003, and April 20, 2009. This bill provides an extension for an additional five years.  The district is required to decertify on December 31, 2031.

Effective upon compliance by the governing body of Mound with local approval and filing requirements. 

 

ESS/tg

 
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