Legislative Session number- 81

Bill Name: SF1221

E Providing for mitigation of the impacts of airport expansion on the cities of
Bloomington, Minneapolis and Richfield; authorizing and providing for the cities
to designate airport impact zones meeting certain criteria to be established by
the metropolitan council; authorizing the cities to establish airport impact tax
increment financing districts and projects within the zones upon approval by the
metropolitan council; authorizing and providing for the sale of general
obligations to finance the costs of approved airport mitigation measures within
the TIF districts; establishing the airport impact fund for deposit of proceeds
from sales taxes on sales at the Minneapolis-St. Paul international airport,
requiring return of receipts by the commissioner of revenue to the metropolitan
airports commission (MAC) and specifying required uses of the fund; requiring
certain certifications to the commissioner for payments from the fund for
principal and interest on obligations; establishing certain priorities for
payments from and providing for termination of the fund; providing for council
backing of obligations issued; authorizing and providing for the city of
Richfield to establish a particular TIF redevelopment district for housing
replacement purposes and granting the city certain general obligation bond
issuance authority (mk, ja)