Governor Dayton signed H.F. 1219, the 2011 omnibus technical tax bill, yesterday (Tuesday, May 31). This bill contained a provision extending the jobs bill TIF extensions for economic development districts by one year.
This extension is very good news for the City of Edina. Why?
Because the discussion the City was having with Simon Properties about the future of Southdale hinged on economic development assistance that hinged on this particular economic development program, which was set to expire on June 30, 2011.
The change in the law takes the pressure off to reach an agreement on a rather complex topic in a relatively short period of time. More importantly, it provides the City and Simon more time to have a more deliberative discussion about the future of Southdale and what role – if any – the City will have in creating that future.
It would be a mistake to stop this important discussion because the pressure is off. I contacted my contacts at Simon today to tell them about the extension, but also to tell them that we would continue working with them and, hopefully, move forward with a plan that is good for the City, good for them and good for our taxpayers.
Yep, this is definitely good news, Scott.
The League of MN Cities wrote about this back in May when the “League-supported TIF provisions were added to the omnibus tax policy bill by a floor amendment.”