as introduced - 91st Legislature (2019 - 2020) Posted on 01/14/2019 03:44pm
A bill for an act
relating to tax increment financing; authorizing tax increment financing districts
in Duluth.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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The city of Duluth or the Duluth Economic Development
Authority may establish one or more redevelopment tax increment financing districts located
in the city of Duluth, St. Louis County, Minnesota, within the area bordered on the northeast
by Slip 3 and the Pier B Resort property line extended northwest to Interstate 35, on the
southeast by the Duluth Harbor, on the southwest by the Compass Minerals property line
extended northwest to Interstate 35, and on the northwest by Interstate 35, together with
adjacent roads and rights-of-way; and such property is deemed to meet the requirements of
Minnesota Statutes, section 469.174, subdivision 10.
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Expenditures incurred in connection with the
development of the property described in subdivision 1 are deemed to meet the requirements
of Minnesota Statutes, section 469.176, subdivision 4j. Minnesota Statutes, section 469.176,
subdivision 4l, does not apply to any tax increment financing district established in the area
described in subdivision 1. Eligible expenditures for any tax increment financing district
established in the area described in subdivision 1 include, without limitation, seawalls and
pier facings adjacent to the boundaries of such district.
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The four-year rule under Minnesota Statutes, section 469.176,
subdivision 6, is extended to a seven-year period for any tax increment financing district
established in the area described in subdivision 1.
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The five-year rule under Minnesota Statutes, section 469.1763,
subdivision 3, is extended to a ten-year period for any tax increment financing district
established in the area described in subdivision 1.
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Minnesota Statutes, section 469.1763, subdivision
4, does not apply to any tax increment financing district established in the area described
in subdivision 1.
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This section is effective upon compliance with Minnesota Statutes,
section 645.021, subdivisions 2 and 3.
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