SF 1575

as introduced - 89th Legislature (2015 - 2016) Posted on 08/21/2015 12:29pm

A bill for an act
relating to the city of Richfield; extending duration of a redevelopment tax
increment financing district.

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

Section 1. new text begin CITY OF RICHFIELD; EXTENSION OF DISTRICT.
new text end

new text begin Notwithstanding Minnesota Statutes, section 469.176, subdivision 1b, or any other
law to the contrary, the city of Richfield and the Housing and Redevelopment Authority in
and for the city of Richfield may elect to extend the duration limit of the redevelopment
tax increment financing district known as the Cedar Avenue Tax Increment Financing
District established by Laws 2005, chapter 152, article 2, section 25, by ten years.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective upon compliance by the city
of Richfield, Hennepin County, and Independent School District No. 280 with the
requirements of Minnesota Statutes, sections 469.1782, subdivision 2, and 645.021,
subdivisions 2 and 3.
new text end