S.F. 2341 authorizes the city of Edina to use tax increment from its Southdale 2 tax increment financing district to provide improvements, loans, subsidies, grants, interest rate subsidies, or assistance in any form to developments consisting of buildings and ancillary facilities, if all of the following conditions are met:
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The city finds that the project will create or retain jobs in Minnesota, including construction jobs;
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The city finds that construction of the project will not commence before July 1, 2016 without the use of tax increment financing;
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Construction of the project begins no later than July 1, 2016; and
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Construction of the project for development of housing begins no later than December 31, 2017.
Southdale 2 TIF district is an economic development district with a statutory duration of eight years. This proposal extends the duration of the district through December 31, 2026, and allows for increment expended to be considered activity within the district.
Effective upon compliance by the governing bodies of all affected local governmental units with local approval and filing requirements.
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