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st. paul looks to tax-increment financing to help cover cleanup costs at soccer stadium site

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st. paul looks to tax-increment financing to help cover cleanup costs at soccer stadium site

st. paul is looking to use tax-increment financing to clean up the soil at the future site of the minnesota united stadium after the city’s plan to secure grant money for the work fell through.city leaders agreed last year to cover $1.5 million worth of remediation on a portion of the stadium site where the metropolitan council used to store buses. st. paul finance director todd hurley said he thought the city could cover its costs with grant money secured by the st. paul port authority, which is leading the remediation efforts.“we were not looking to use any city funds on the remediation of this,” hurley said.but restrictions on the state and met council’s grant programs meant their grant money could not be used to fix up the met council-owned bus barn site. so hurley moved on to plan b: using tax-increment financing (tif) from two other port authority projects. tax-increment financing diverts additional tax revenue that a new development generates and uses it to help cover certain development costs.the board of the port authority signed off on the plan last week and it will go before the city council for a public hearing july 19.the port authority’s energy lane and great northern business centers are both tif districts in st. paul and have additional revenue beyond what’s needed to cover development costs there, said monte hilleman, with the st. paul port authority. the business centers are not connected geographically to the stadium site, and are located north ...