Minneapolis Approves TIF Caps

MINNEAPOLIS- City Council wants to cap the percentage of the tax base than can be used for TIFs. City will be required to give

By Jim McCartney | Updated on October 16, 2000

MINNEAPOLIS-The Minneapolis City Council approved a new policy toguide its use of tax-increment financing (TIF) withcapping the percentage of the city’s tax base that canbe tied up in this public financing tool.

The policyis intended to require the city’s redevelopment staffto provide more information to council members votingon projects, including forecasts on the status ofcurrent and pending projects twice a year.

Somecouncil members have been concerned that the devicehas been overused in recent years. Minneapolis has 71TIF districts which contain more than 14 percent ofits property-tax capacity, compared to the stateaverage of 8.1 percent last year.

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