City of Columbia Heights special rules authorization

This bill extends time limits for Columbia Heights' Alatus Tax Increment Financing (TIF) district, a tool to fund local development by capturing future property tax growth. It extends the initial five-year period to ten years and the subsequent use of tax increments to 11 years under state law. The city or its economic development authority may also choose to extend the TIF district's total duration by five additional years. These changes specifically apply to the Alatus TIF district in Columbia Heights and take effect after required local compliance with state procedures.