SF 2463

Introduction - 94th Legislature (2025 - 2026)

Posted on 07/18/2025 03:02 p.m.

A bill for an act
relating to taxation; tax increment financing; authorizing special rules for the city
of Marshall.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin CITY OF MARSHALL; TEMPORARY USE OF INCREMENT;
EXTENSION.
new text end

new text begin (a) Notwithstanding Minnesota Statutes, section 469.176, subdivision 4n, paragraph (f),
the city of Marshall may elect to spend, loan, or invest transferred increment authorized
under Minnesota Statutes, section 469.176, subdivision 4n, through December 31, 2027,
provided that the transferred increment was collected from TIF District No. 1-1, TIF District
No. 1-7, or TIF District No. 2-1, in the city of Marshall, and the use of the transferred
increment is detailed in the city's written spending plan adopted pursuant to Minnesota
Statutes, section 469.176, subdivision 4n, paragraph (c).
new text end

new text begin (b) Increment not spent, loaned, or invested by December 31, 2027, must be returned
to the district. The requirement to return increment to the district includes any proceeds,
principal, and interest received on loans of transferred increment; interest or investment
earnings on transferred increment; or other repayments or returns of transferred increment
defined as tax increment under Minnesota Statutes, section 469.174, subdivision 25, that
remain in the funds or accounts of the authority or municipality on December 31, 2027, or
that are subsequently received by the authority or municipality.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day after the governing body of the
city of Marshall and its chief clerical officer comply with the requirements of Minnesota
Statutes, section 645.021, subdivisions 2 and 3.
new text end