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Minneapolis council approves technical TIF plan changes, clears a path for possible pooling of funds for affordable housing
Summary
Council approved bulk modifications to 59 Tax Increment Financing plans to clarify reporting required by the state auditor and to enable, where allowed by statute, potential future pooling for affordable housing; the underlying approval passed after debate (11 ayes, 1 nay).
The Minneapolis City Council on Dec. 11 approved a consolidated set of modifications to the city’s tax increment financing (TIF) plans that staff described as primarily technical clarifications required by guidance from the state auditor. City staff and several council members also said the action would allow, subject to future council review, the possibility of pooling excess increment from certain districts to support affordable housing projects.
Council member Angie Skildom, director of Development Finance…
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