Item Description:
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Authorization to adopt Laws of Minnesota 2023, Chapter 64, Article 8, Section 3, as requested by the City of Bloomington, for the purpose of extending the maximum duration of the Bloomington Central Station (County No. 1375) by five years, to 12/31/2044
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Resolution:
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BE IT RESOLVED, that having received a request from the City of Bloomington, the Hennepin County Board of Commissioners hereby adopts Laws of Minnesota 2023, Chapter 64, Article 8, Section 3 for the purpose of extending the maximum duration of the Bloomington Central Station Tax Increment Financing District (County No. 1375) by five years to December 31, 2044; and
BE IT FURTHER RESOLVED, that the Clerk of the Board is hereby authorized and directed to file the certificate and a copy of this resolution, as approved, with the Minnesota Secretary of State as required by Minnesota Statutes, Section 645.021, subdivision 3, and Section 469.1782, subdivision 2 of the TIF Act.
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Background:
The City of Bloomington created the Bloomington Central Station Tax Increment Financing District, with a maximum duration of 25 years from the first receipt of tax increment, on January 18, 2005 for the purpose of facilitating redevelopment of the South Loop area with housing, commercial and retail development. The Legislature subsequently passed special laws in 2008, 2013, and 2019 to extend the duration of this tax increment financing district, with the City of Bloomington, Hennepin County, and the Bloomington School District (I.S.D. 271) also adopting those extensions.
The City of Bloomington is again requesting an extension of this district. Laws of Minnesota 2023, Chapter 64, Article 8, Section 3 provides that, upon adoption of the Special Law by the City of Bloomington, the Hennepin County Board of Commissioners, and the School Board of Independent School District No. 271, the maximum duration of the TIF District may be extended to December 31, 2044. An extension of the TIF ...
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