Legislative Snapshot:
SF 214
Hello Friends and Neighbors,
I wanted to share with one of my bills I presented in Tax committee today. The Mississippi Crossings is a redevelopment district created under general Tax Increment Finance (TIF) law. A TIF district is a specific property or set of properties that can be leveraged by giving a great deal to developers, who then build and increase the value of the property. The city then benefits from the increased tax gain from the greater value of the property. These districts typically have a time limit where they can capture the greatest returns in value increases.
The Mississippi Crossings was designated a TIF district in 2014 and given a five year time limit. However, Champlin has yet to receive any Tax Increment Revenues from the Mississippi Crossings. All the development was halted as the land was used as a staging ground by MnDOT while renovating Highway 169 from 2016 to 2018. This bill allows Champlin to truly utilize the permissions granted prior to develop the land and generate revenues to compensate for their initial up front investment of purchasing the properties to develop. Once that option is fully available the process of developing and increasing access to the Mississippi River can begin. As it stands the city of Champlin expects the first receipt of tax increment to be collected in 2019.
This is a great addition to the work I have done for the City of Champlin, highlighting the Bonding money for the Mill Pond Dam and the Money to create a fishery in the Mill Pond. All in all I have delivered 10 Million Dollars of State Money for our community. With construction on Highway 169 completed we have an opportunity to continue development and grow the beauty and opportunities of our great city Champlin. The bill was laid over for possible inclusion in the omnibus. It is an honor to serve you. I’ll keep you posted on how this progresses as the bill moves.
Sincerely,
