St. Paul, MN - Today, the Minnesota House of Representatives passed House File 5247, the House’s 2024 Tax Bill. State Representative Dan Wolgamott (DFL - St. Cloud) secured the inclusion of Tax Increment Financing (TIF) for St. Cloud in the bill.
“By creating TIF property tax incentives, we can redevelop old buildings, improve infrastructure, and attract business, recreation, and housing opportunities that will revitalize downtown St. Cloud now and for generations to come,” said Rep. Wolgamott.
The TIF legislation in the bill authorizes the city to establish one or more redevelopment districts within the city limited to specified parcels that span both Stearns and Benton Counties.
The redevelopment opportunity sites throughout St. Cloud include the former Herberger’s building, the Tech High School site, the courthouse building area, and the consolidation of smaller lots.
TIF uses the additional property taxes paid as a result of development in the district to pay for part of the development costs. When a new building is constructed, the market value of the property and its property taxes typically rise.
Having passed the House, the bill now goes to the Senate.
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