This bill amends existing legislation regarding tax increment financing (TIF) for the Ford Site Redevelopment TIF District in the city of St. Paul. It allows the housing and redevelopment authority to waive the receipt of increment for the first four years derived from taxes payable in 2023. Additionally, if this waiver is elected, the certification date for the district will be adjusted to January 2 of the property tax assessment year when the increment is first received under the waiver.

Significantly, the bill extends the five-year period under Minnesota Statutes, section 469.1763, subdivision 3, to ten years, and the period for using increment after the expiration of the five-year period under subdivision 4 is extended to 11 years. The effective date of these changes will take effect the day after the governing body of the city of St. Paul and its chief clerical officer fulfill the necessary requirements outlined in Minnesota Statutes, section 645.021, subdivisions 2 and 3.