Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Increment Financing topic
No spam. Unsubscribe anytime.
Committee advances temporary TIF extension for Mall of America waterpark and broader TIF flexibility bill
Summary
The House Tax Committee adopted an amendment and laid over House File 2,006, a bill to extend temporary pooled TIF spending flexibility, after testimony from labor, municipal and Mall of America representatives.
The tax committee considered House File 2,006 on April 9, a bill that would extend temporary flexibility for deposit and expenditure of pooled tax increment financing (TIF). Vice Chair Jess Joy moved the bill and the committee adopted an amendment (H200682) that requires an amended spending plan to access extended spending authority and clarifies treatment of interest on transferred increment.
Testimony emphasized local economic development uses and construction employment. Kyle Macarios of the Minnesota Building and Construction Trades Council said the proposal would support construction jobs tied to the Mall of Americaand testified the proposed Mystery Cove Waterpark is a $325,000,000 direct construction investment that would employ hundreds of union workers. Bill Griffith, representing Mall of America, deferred to city testifiers on technical questions.
Holly Masick, port authority administrator for the City of Bloomington, said the South Loop District attracts millions of visitors and noted Mall of America draws about 32,000,000 visitors annually and comprises roughly 12% of Bloomington's tax base. Masick said pandemic-era impacts and higher financing and construction costs have slowed development, and extending the expenditure deadline would allow completion of projects tied to regional tourism and housing.
Other municipal testifiers described using the temporary authority to fund affordable housing and transit-oriented development. The committee laid House File 2,006, as amended, over for possible inclusion in the omnibus tax bill.
Why it matters: Supporters said extending the spending deadline would allow projects delayed by financing and construction cost pressures to proceed, preserving tourism assets and supporting jobs; the amendment added procedural safeguards (requiring an amended spending plan) and clarified incremental interest treatment.
Next steps: The bill was laid over for possible inclusion in the omnibus tax bill; members flagged follow-up on program details and fiscal effects.
