SF 63

Introduction - 94th Legislature (2025 - 2026)

Posted on 07/18/2025 03:06 p.m.

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

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

Section 1. new text begin CITY OF PLYMOUTH; 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
city of Plymouth may establish not more than two redevelopment districts located wholly
within the city of Plymouth, Hennepin County, Minnesota, limited to the area identified as
the city center district in the Plymouth, Minnesota Zoning Map in effect on January 1, 2024,
and adopted pursuant to section 21000.12 of the Plymouth Zoning Code of Ordinances.
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 establishes a tax increment financing district under
this section, the following special rules apply:
new text end

new text begin (1) the district is deemed to meet 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) the five-year period under Minnesota Statutes, section 469.1763, subdivision 3, is
extended to ten years, and the period under Minnesota Statutes, section 469.1763, subdivision
4, relating to the use of increment after the expiration of the five-year period, is extended
to 11 years.
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 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 governing body of the
city of Plymouth and its chief clerical officer comply with the requirements of Minnesota
Statutes, section 645.021, subdivisions 2 and 3.
new text end