The City of Minneapolis is seeking input on the 2021 Special Legislation Fund Tax Increment Spending Plan (the “Plan”).
The Plan has been prepared to authorize spending of unobligated tax increment revenues per legislation adopted in the 2021 legislative session. The new law provides temporary flexibility in the use of tax increment funds. This flexibility applies to tax increment district fund balances that are not currently obligated for the repayment of outstanding debt or other budgeted expenses. The temporary flexibility provided by this 2021 special legislation has limits, including specific requirements for spending the affected tax increment funds. Eligible expenditures include loans, equity investments, or other assistance to private development that creates or retains jobs, commences before December 31, 2025 and would not have commenced before that date but for the assistance. This legislation is found in Minnesota Statutes, section 469.176, subdivision 4n., and requires that any use of funds enabled by the 2021 special legislation must include “creating a written spending plan that… details the use of the transferred increment.”
Submit your comments by noon on Monday, November 8, 2021 via e-mail to Matthew Hendricks, Senior Development Finance Analyst, Department of Development Finance. If you or your group would like to meet to discuss the Plan, or if you have questions, please contact Matthew Hendricks.
2021 Special Legislation Fund Tax Increment Spending Plan
It is expected that the Plan will be considered at the following meetings of the Minneapolis City Council and its committees:
Business, Inspections, Housing & Zoning Committee
(A public hearing will be conducted at this meeting)
Tuesday, November 9, 2021 at 1:30 p.m.
Friday, November 19, 2021 at 9:30 a.m.
All meetings will be held in Minneapolis City Hall, 350 S. Fifth Street, Room 317.
During the declared local public health emergency, Minneapolis has transitioned to an electronic format for its public meetings and hearings, authorized under Minn. Stat. Section 13D.021, to minimize the risk of exposure to or potential spread of COVID-19. If you wish to participate by phone during the public hearing portion of the meeting, please register by submitting the online form found under the “participate by phone in the meeting” heading available at: minneapolismn.gov/meetings. If you need an accommodation to fully participate, or if you need this document in a different format, please call 311 or 612-673-2157 (TTY).