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HF 1970

as introduced - 92nd Legislature (2021 - 2022) Posted on 03/08/2021 02:21pm

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
 relating to taxation; tax increment financing; authorizing tax increment financing
districts in the city of Bloomington.

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

Section 1. CITY OF BLOOMINGTON; TIF AUTHORITY; AMERICAN
BOULEVARD.

Subdivision 1.

Establishment.

Pursuant to the special rules established in subdivision
2, the housing and redevelopment authority of the city of Bloomington or the city of
Bloomington may establish a redevelopment district within the city of Bloomington, limited
to the following parcels, identified by tax identification numbers, together with adjacent
roads and rights-of-way: 04-027-24-11-0032, 04-027-24-11-0033, and 04-027-24-11-0034.

Subd. 2.

Special rules.

If the city or authority establishes a tax increment financing
district under this section, the following special rules apply:

(1) the district meets all the requirements of Minnesota Statutes, section 469.174,
subdivision 10;

(2) expenditures incurred in connection with the development of the property described
in subdivision 1 meet the requirements of Minnesota Statutes, section 469.176, subdivision
4j; and

(3) increments generated from the district may be expended on undergrounding or
overhead power lines, transformers, and related utility infrastructure within the project area
and all such expenditures are deemed expended on activities within the district for purposes
of Minnesota Statutes, section 469.1763.

EFFECTIVE DATE.

This section is effective the day after the governing body of the
city of Bloomington and its chief clerical officer comply with the requirements of Minnesota
Statutes, section 645.021.

Sec. 2. CITY OF BLOOMINGTON; TIF AUTHORITY; 98TH & ALDRICH.

Subdivision 1.

Establishment.

Pursuant to the special rules established in subdivision
2, the housing and redevelopment authority of the city of Bloomington or the city of
Bloomington may establish a redevelopment district within the city of Bloomington, limited
to the following parcels, identified by tax identification numbers, together with adjacent
roads and rights-of-way: 16-027-24-41-0010, 16-027-24-41-0011, and 16-027-24-41-0012.

Subd. 2.

Special rules.

If the city or authority establishes a tax increment financing
district under this section, the following special rules apply:

(1) the district meets all the requirements of Minnesota Statutes, section 469.174,
subdivision 10; and

(2) expenditures incurred in connection with the development of the property described
in subdivision 1 meet the requirements of Minnesota Statutes, section 469.176, subdivision
4j.

EFFECTIVE DATE.

This section is effective the day after the governing body of the
city of Bloomington and its chief clerical officer comply with the requirements of Minnesota
Statutes, section 645.021, subdivisions 2 and 3.