HF 1358

as introduced - 87th Legislature (2011 - 2012) Posted on 04/04/2011 09:10am

A bill for an act
relating to economic development; providing for transition activities and
termination of a neighborhood revitalization program in a city of the first class;
amending Minnesota Statutes 2010, section 469.1831, by adding a subdivision.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2010, section 469.1831, is amended by adding a
subdivision to read:

new text begin Subd. 9. new text end

new text begin Transition and termination requirements. new text end

new text begin (a) Notwithstanding any law,
charter, or ordinance to the contrary, termination of a neighborhood revitalization program
created by a city of the first class is subject to the requirements of this subdivision.
new text end

new text begin (b) Funds dedicated for neighborhood revitalization program activities under this
section and received by the neighborhood revitalization program prior to January 1, 2011,
any interest derived from those funds in the future, and program income derived from the
expenditure of any funds allocated to a neighborhood under an approved action plan, that
is retained by the neighborhood, the program, or the city may only be expended for a
purpose listed in subdivision 3, 4, or 5, and in accordance with the process required in
subdivision 6. The cumulative balance of the funds described in this subdivision shall be
expended as required by this section until there remains a balance of $3,000,000 or less,
or until the termination date of the extended agreement under paragraph (c), whichever
is earlier. At that time, the city that created the program may terminate the program and
allocate any remaining funds for any purpose for which city funds may be expended. Prior
to termination, the city and the policy board shall provide for an orderly transition of
program staff and duties.
new text end

new text begin (c) When the agreement creating the policy board required under this section
terminates on or after December 31, 2011, the respective existing governing body
members of the policy board identified in the agreement shall continue to operate the
program under the terms of the agreement for the purpose of providing the functions and
oversight of the program required by subdivisions 4 through 7, subject to the requirements
of this subdivision. This continuation shall be in effect until the control of the remaining
program funds is transferred to the city as described in paragraph (b).
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end