This bill modifies the use of local sales tax revenue in the city of Minneapolis and updates the definition of the downtown taxing area. It amends Minnesota Statutes 2024, section 297A.994, subdivision 4, to include new provisions regarding the allocation of funds to the general fund, specifically for state bond debt service support, capital improvement reserves, and operating expenses for the Minnesota Sports Facilities Authority. Notably, it introduces a cap on the amount deposited to the general fund from tax increases related to the Minnesota Sports Facilities Authority, specifying that it shall not exceed $2,300,000. Additionally, the bill outlines the conditions under which a revised schedule of annual amounts must be agreed upon if certain bonds are paid in full.

Furthermore, the bill updates the boundaries of the downtown taxing area by replacing "8th Street" with "Portland Avenue" and "the Burlington Northern Railroad tracks" with "Plymouth Avenue North." It clarifies the geographic limits of the downtown taxing area, which includes various streets and landmarks while excluding specific zones and properties. The effective date for the changes in the downtown taxing area is set for sales and purchases made after September 30, 2026, while the provisions regarding the general fund allocations take effect the day following final enactment.

Statutes affected:
Introduction: 297A.994, 16A.965