This bill amends Minnesota Statutes 2024, specifically section 469.033, subdivision 6, to modify the levy limits for housing and redevelopment authorities. The key change is the increase in the maximum allowable tax levy from 0.0185 to 0.037 of the estimated market value of taxable property within the authority's operation area. This adjustment allows authorities to collect a higher amount in special benefit taxes, which are intended to fund projects that benefit the community.

Additionally, the bill outlines the process for levying and collecting these special taxes, ensuring that the funds are accumulated in a designated "housing and redevelopment project fund." The funds must be used exclusively for purposes defined in sections 469.001 to 469.047 and are to be disbursed upon approval by the authority's chair or an authorized representative. The bill also mandates that the authority file a budget annually, aligning with the city's budget procedures, and specifies that the tax levy for the subsequent year will be based on this budget.

Statutes affected:
Introduction: 469.033