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S.F. No. 1690 - City of Eagan; Tax Increment Financing
 
Author: Senator Jim Carlson
 
Prepared By: Eric S. Silvia, Senate Counsel (651/296-1771)
 
Date: March 10, 2014



 

S.F. 1690 provides three exemptions from general TIF law for the Cedar Grove tax increment financing district.

Subdivision 1 provides the district with a fifteen year duration extension. The district was certified in 2003 and under current law must decertify in 2029.

Subdivision 2 allows tax increment for the district to be computed using the current local tax rate rather than the original tax rate.

Subdivision 3 provides for a ten-year extension of the five-year rule. 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.

Effective upon compliance by the governing bodies of Eagan, Dakota County, and Independent School District No. 191, with approval and filing requirements. 

 

ESS/tg

 
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