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Bloomington mayor urges two‑year TIF extension for Mall of America area; auditors and counsel still clarify spending‑plan authority
Summary
The Senate Committee on Taxes heard April 29 from Bloomington officials seeking a two‑year extension of temporary tax increment financing (TIF) transfer authority to support a proposed water park and other South Loop projects near the Mall of America.
The Senate Committee on Taxes heard testimony April 29 on Senate File 2337, a bill that would briefly extend temporary tax increment financing (TIF) transfer authority for the City of Bloomington to allow additional time to spend unobligated increment tied to a regional tourism redevelopment plan adjacent to the Mall of America.
Senator Karla Weber presented an A2 author’s amendment that narrows the bill’s scope to apply to the City of Bloomington only and extends the deadline to spend transferred increment through Dec. 30, 2027 for projects that would begin construction before that date. Weber said the extension would help Bloomington…
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