SF3581

Purpose

• To authorize the City of Wayzata to use tax increment financing (TIF) district 6 funds to support lakefront improvements and related public access infrastructure connected to the Panoway on Wayzata Bay project. The bill aims to enhance public use and enjoyment of the lakefront and nearby facilities by funding multiple construction and restoration projects.

Main Provisions

• Notwithstanding existing rules, Wayzata may expend increments from TIF District No. 6 for the design and construction of the lakefront pedestrian walkway and public access infrastructure tied to Panoway on Wayzata Bay.
• The city may spend TIF increments on the following projects:
  • Eco Park: design and construction, including shoreline restoration, marsh creation, water quality improvements, a pier extension of the lakeside boardwalk, and the creation of ecoliving classrooms.
  • Section Foreman House: restoration, with installation of a learning center and community space.
  • Depot Park: expansion and remodeling, including accessibility improvements related to the Panoway project.
• Any expenditures on the projects listed above are considered as expended on activities within the TIF district.

Significant Changes to Existing Law

• The bill modifies the application of TIF funds by allowing these specific lakefront and park projects to be funded with TIF District No. 6 increments, even if they would normally be subject to limitations in Minnesota Statutes § 469.1763, subdivision 2.
• It codifies that the designated projects’ expenditures are deemed to occur within the district, aligning funding with the district’s geographic scope.

Implications and Scope

• Focuses financial support on redevelopment and public amenities around Panoway on Wayzata Bay, emphasizing access, environmental improvement, and educational/community use spaces.
• Expands the use of TIF funds beyond typical or prior permissible uses for this district to enable these specific lakefront and park improvements.

Relevant Terms - Tax Increment Financing (TIF) - TIF District No. 6 - Wayzata - Panoway on Wayzata Bay - lakefront pedestrian walkway - public access infrastructure - Eco Park - shoreline restoration - marsh creation - water quality improvements - pier extension - lakeside boardwalk - ecoliving classrooms - Section Foreman House - learning center - Depot Park - accessibility improvements - within the district - Minnesota Statutes § 469.1763, subdivision 2