St. Cloud-Area TIF Districts Included in 2024 Tax Bill

(KNSI) – The Minnesota House of Representatives 2024 Tax Bill includes financing options to help renovate downtown St. Cloud.

Tax Increment Financing districts, or TIFs, have been established for the former Herberger’s Department Store, City Hall, the courthouse area, and downtown to consolidate smaller lots for more ambitious projects. The zones could be located in Stearns or Benton Counties.

TIFs use the increased tax collections that come with the renovation of older buildings or infrastructure improvements and apply them to help pay for the projects. Typically, an increasing tax base benefits the city’s general revenue fund. TIFs make sure they are plowed back into a specific area.

St. Cloud-area representative Dan Wolgamott says, “By creating TIF property tax incentives, we can redevelop old buildings, improve infrastructure, and attract business, recreation, and housing opportunities that will revitalize downtown St. Cloud now and for generations to come.”

The city had been asking for $100 million in bonding money to remake downtown over several years. That was not included in Governor Tim Walz’s proposal, but negotiations are still ongoing between the executive and legislative branches regarding a final bill.

The tax measure still needs to pass the state Senate.

___