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MINNEAPOLIS-The Minneapolis City Council approved a new policy toguide its use of tax-increment financing (TIF), butfell short of capping the percentage of the city’s taxbase that can be tied up by this public financingtool.

Some council members have been concerned thatthe device has been overused in recent years.Minneapolis has 71 TIF districts which contain morethan 14 percent of its property-tax capacity, comparedto the state average of 8.1 percent last year.

The newpolicy requires the city’s redevelopment staff toprovide more information to council members voting onprojects, including forecasts on the status of currentand pending projects twice a year.

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