SF4631 (Legislative Session 94 (2025-2026))
Hopkins special tax increment financing rules authorization
AI Generated Summary
Purpose
- Authorize special rules for the City of Hopkins' Tax Increment Financing District (TIF District 16-325 Blake) to extend time limits for generating and using tax increment funds for redevelopment.
Main Provisions
- Extends the five-year period in Minnesota Statutes section 469.1763, subdivision 3 from five years to ten years for TIF District 16-325 Blake in Hopkins.
- Extends the use of increment after the expiration of the five-year period in Minnesota Statutes section 469.1763, subdivision 4 to eleven years for the same district.
- The bill labels these changes as “FIVEYEAR RULE EXTENSION” and “SIXYEAR RULE EXTENSION,” and applies specifically to the Hopkins district described.
Significance and Impact
- Provides a longer timeframe to generate tax increment and to use that increment for financing redevelopment projects in the Hopkins district.
- May affect how quickly projects can be funded and completed, and could influence planning timelines for the district.
Affected Entity
- City of Hopkins, Tax Increment Financing District 16-325 Blake.
Relevant Terms Tax Increment Financing (TIF) Tax Increment Financing District 16-325 Blake Hopkins Minnesota Statutes section 469.1763 subdivision 3 (five-year rule) subdivision 4 (use of increment) five-year rule extension ten-year extension eleven-year extension special rules redevelopment projects
Bill text versions
- Introduction PDF PDF file
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| March 23, 2026 | Senate | Action | Introduction and first reading | ||
| March 23, 2026 | Senate | Action | Referred to | Taxes |
Citations
[
{
"analysis": {
"added": [],
"removed": [],
"summary": "Extends the five-year period under Minn. Stat. 469.1763, subd. 3 to ten years for Tax Increment Financing District 16-325 Blake in Hopkins.",
"modified": [
"Minn. Stat. 469.1763, subd. 3, is extended from five years to ten years."
]
},
"citation": "469.1763",
"subdivision": "subdivision 3"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "Extends the use of increment after expiration of the five-year period under Minn. Stat. 469.1763, subd. 4 to eleven years for Tax Increment Financing District 16-325 Blake in Hopkins.",
"modified": [
"Minn. Stat. 469.1763, subd. 4, is extended to eleven years."
]
},
"citation": "469.1763",
"subdivision": "subdivision 4"
}
]Progress through the legislative process
In Committee