Modifications to Tax Increment Financing Plans
Overview
We are seeking input on modifications to the following Tax Increment Financing (TIF) Plans:
- #93 Historic Milwaukee Depot
- #102 East Hennepin and University
- #124 East River/Unocal
The Modifications:
- Amend the TIF Plan budgets to reflect changes in projected revenues and costs through the remaining duration of the districts, including increased amounts for construction of affordable housing; and
- Add language (to those plans that don’t already contain it) describing the allowable use of tax increment revenues to assist qualified low-income rental housing projects (“affordable housing”) located anywhere within the city.
The Modifications do not appropriate any specific tax increment funds for affordable housing. Rather, they give the City Council the authority to make appropriations from these 3 TIF districts for affordable housing in the future. Such appropriations would happen through either the City’s normal budget process or through separate City Council action(s).
No properties are being added to or removed from the TIF districts.
Read about Tax Increment Financing
What to know
Comments are due by 12 p.m. on Monday, September 9.
See timeline for comments and City meetings about changes
Read the draft document
Read the draft documents
Timeline
Monday, Sept. 9, 2024
The deadline to submit comments is Monday, September 9, 2024, at 12:00 noon.
Tuesday, Sept. 10, 2024
We will consider changes at a Minneapolis City Council Business, Housing & Zoning (BIHZ) Committee meeting.
- The meeting will be held on Tuesday, September 10 at 1:30 p.m.
- The meeting location is: Public Service Center 250 S., Fourth St. Minneapolis, MN 55415
Thursday, Sept. 19, 2024
We will consider changes at a Minneapolis City Council meeting.
- The meeting will be held on Thursday, September 19 at 9:30 a.m.
- The meeting location is Public Service Center 250 S. Fourth St., Minneapolis, MN 55415
Contact us
Rebecca Gaida
Community Planning & Economic Development
Phone
Address
Public Service Building
505 Fourth Ave. S., Room 620
Minneapolis, MN 55415