Subdivision 1 authorizes the Dakota County Community Development Authority to establish a redevelopment tax increment financing district that would terminate no later than December 31, 2027.
Subdivision 2 exempts the district from the following:
the qualifications of a redevelopment district;
the prohibition that tax increments not be used to pay for the cost of public improvements, equipment, or other items that primarily serve a decorative or aesthetic purpose or serve a functional purpose;
the requirement that 90 percent of the revenues derived from tax increments is used to finance the cost of correcting conditions; and
the prohibition that no tax increment be used for a commons area used as a public park or a facility used for social, recreational or conference purposes.
Subdivision 3 authorizes tax increments from the district be used to pay for any eligible activities within the redevelopment area.
Subdivision 4 requires that the captured tax capacity of the district be included in the adjusted net tax capacity of the city, county, and school district for purposes of determining local government aid, education aid and county program aid.
This section is effective upon compliance by the governing body of the Dakota County Development Authority and compliance with filing requirements.