Public Hearing: Spending Plan for Southdale 2, Pentagon Park and 70th & Cahill TIF Districts
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This was approved at City Council on November 16, 2021.
The City is considering the adoption of a new Spending Plan to support private and public improvements that create jobs.
This new program is enabled by a 2021 Minnesota Statute that allows cities to use incremental property taxes to support private development that delivers new buildings or substantially rehabilitates existing buildings provided that new jobs – including construction jobs are created. The tax monies to fund these efforts have already been collected but have not been allocated.
Edina has approximately $9.6 million of incremental property taxes that could be used to invest in the community. These funds have been collected within the 70th & Cahill, Pentagon Park and Southdale 2 Tax Increment (TIF) Accounts.
This Spending Plan does NOT create new TIF Districts nor extend the duration of any existing TIF District.
Any specific project to be funded through this new Spending Plan is required to be considered on a case-by-case basis by the City at future public meetings.
This was approved at City Council on November 16, 2021.
The City is considering the adoption of a new Spending Plan to support private and public improvements that create jobs.
This new program is enabled by a 2021 Minnesota Statute that allows cities to use incremental property taxes to support private development that delivers new buildings or substantially rehabilitates existing buildings provided that new jobs – including construction jobs are created. The tax monies to fund these efforts have already been collected but have not been allocated.
Edina has approximately $9.6 million of incremental property taxes that could be used to invest in the community. These funds have been collected within the 70th & Cahill, Pentagon Park and Southdale 2 Tax Increment (TIF) Accounts.
This Spending Plan does NOT create new TIF Districts nor extend the duration of any existing TIF District.
Any specific project to be funded through this new Spending Plan is required to be considered on a case-by-case basis by the City at future public meetings.
