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 new calculation method for capturing increases in taxes imposed under a special law, with a cap of $2,300,000 on the amount deposited to the general fund. Additionally, it specifies that the Minnesota Sports Facility Authority must utilize these funds for capital repairs and improvements related to the stadium and its infrastructure.

The bill also revises the boundaries of the downtown taxing area by replacing "8th Street" with "Portland Avenue" and "the Burlington Northern Railroad tracks" with "Plymouth Avenue North." These changes redefine the geographic area for tax purposes, ensuring it aligns with current city planning and development. 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 related to the general fund allocations take effect the day following final enactment.

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