SF 2860

Introduction - 94th Legislature (2025 - 2026)

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

A bill for an act
relating to taxation; providing special tax increment financing authority to the city
of St. Cloud.

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

Section 1. new text begin CITY OF ST. CLOUD; TAX INCREMENT FINANCING;
ESTABLISHMENT.
new text end

new text begin Subdivision 1. new text end

new text begin Establishment. new text end

new text begin Under the special rules established in subdivision 2, the
economic development authority of the city of St. Cloud or the city of St. Cloud may establish
not more than two redevelopment districts adjacent to the Division Street corridor or within
the Central Business District or Fringe Central District, limited to the following parcels
identified by tax identification numbers, together with the adjacent roads and rights-of-way:
new text end

new text begin (1) in Stearns County: 82517020000 (Lady Slipper Catalyst Site); 82515440001 (North
Riverfront Catalyst Site); 82515470000; 82515480000 (Empire Catalyst Site); 82518760015
(Swan Lot Catalyst Site); 82528850020 (Riverboat Lot Catalyst Site); 82528850001 (Former
Herberger's); 82528850065 (Former Herberger's); 82528850005 (Former Herberger's);
82528850053; 82528850050; 82528850048 (Former Press Bar/Cowboy Jacks Lots); and
new text end

new text begin (2) in Benton County: 170037810 (Transit Oriented Development Catalyst Site);
170058101 (Ace Block Catalyst Site); 170042000; 170041600; 170041100; 170041601;
170041200; 170041800; 170059600 (Star Bank Catalyst Site); 170059300 (Riverfront South
Catalyst Site); 170058300; 170059200; 170058600; 170058800; 170059100; 170058900;
1700113900 (Transit Oriented Development Catalyst Site); 170060600; 170060700; and
170060800 (EDA Parking Lot & adjacent sites).
new text end

new text begin Subd. 2. new text end

new text begin Special rules. new text end

new text begin If the city or authority establishes a tax increment financing
district under this section, the following special rules apply:
new text end

new text begin (1) the districts are deemed to meet all the requirements of Minnesota Statutes, section
469.174, subdivision 10;
new text end

new text begin (2) Minnesota Statutes, section 469.176, subdivision 4j, does not apply to the district;
and
new text end

new text begin (3) increments generated from the districts may be expended for the reconstruction,
expansion, or new construction of adjacent public infrastructure, including but not limited
to public parking, streets, and utilities necessary to serve the development, and all
expenditures under this clause are deemed expended on activities within the district for
purposes of Minnesota Statutes, section 469.1763.
new text end

new text begin Subd. 3. new text end

new text begin Expiration. new text end

new text begin The authority to approve a tax increment financing plan to establish
a tax increment financing district under this section expires on December 31, 2031.
new text end

new text begin EFFECTIVE DATE. new text end

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