Tax increment financing; redevelopment districts eligibility modified, renewal and renovation districts repealed, and duration limits shortened.

HF 948 modifies Minnesota's tax increment financing (TIF) program by tightening eligibility requirements for redevelopment districts, repealing renewal and renovation district types, and shortening the maximum duration for TIF districts. The bill updates criteria for qualifying as a redevelopment district, such as increasing the required percentage of structurally substandard buildings and adjusting definitions for "structurally substandard." It specifically repeals existing provisions for renewal and renovation districts, eliminating these two TIF district types from the law. These changes will directly affect local governments and developers seeking to use TIF to fund neighborhood revitalization projects under the new rules.