Unobligated increment uses clarification

This bill clarifies how local governments can use unused tax increment funds (funds generated from property tax growth in designated districts) for specific development purposes. It allows authorities to transfer unobligated funds to support private development that creates or retains jobs in Minnesota, provided construction begins before December 31, 2025, or to make equity investments necessary for such projects. Strict deadlines apply: all funds must be spent by December 31, 2025, with unused funds returned to the district. The bill also requires public hearings and written spending plans approved by municipalities before any transfer.