SF 2650 modifies special legislation passed in 2008 that authorized the city of Burnsville to establish tax increment financing districts.  The proposal makes the following changes:​

1. Allows for the establishment of economic development districts in the project area;
2.  Extends the four-year ‘knockdown’ rule to nine years;
3. Allows the city to specify in its TIF plan the first year in which it elects to receive increment, which may be up to 8 years following approval of the district.  Current law allows the city to elect to waive up to the first four years of increment – this does not apply to economic development districts.
4. Allows the city to waive collection of increment in 2016 and this will not be used in determining the duration limit for any district created under this section.
5.  Extends the time period by which districts may be created pursuant to this law from December 31, 2018 to March 20, 2013.

Effective upon compliance by the governing body of the city of Burnsville with approval and filing requirements.