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S.F. No. 2361 - City of Canby; TIF Authorization
Author: Senator Gary H. Dahms
Prepared By: Eric S. Silvia, Senate Counsel (651/296-1771)
Date: April 7, 2016


S.F. 2361 authorizes the city of Canby to establish a tax increment financing district in a designated area. The original tax capacity of the district is set at zero, and certification of the original local tax rate does not apply. The duration of the district is limited to 20 years.

The bill allows the city to use increments from the district to reimburse the city for payment of principal and interest on bonds issued for TIF District No. 1-21, which was a housing TIF district that decertified at the request of the Office of the State Auditor for not complying with owner-occupied housing requirements under the TIF law.

Effective the fay following final enactment without local approval.




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