as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am
A bill for an act
relating to taxation; authorizing the city of St. Paul to extend the duration of a tax
increment financing district in the city; providing that the district is exempt from
certain requirements.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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Notwithstanding the provisions of any other law,
including Minnesota Statutes, section 469.176, subdivisions 1b and 1c, upon approval
of the governing body of the city of St. Paul, the duration of the downtown and Seventh
Place tax increment financing district (County No. 82) is extended to December 31, 2030.
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Minnesota Statutes, sections 469.176, subdivisions 4j and
4l; 469.1763, subdivisions 3 and 4; and 469.1782, subdivision 2, do not apply to the tax
increment district.
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Tax increments from the downtown and
Seventh Place tax increment district may be expended:
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(1) for tax increment eligible expenditures within the downtown Seventh Place
redevelopment project area;
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(2) for immediately adjacent public parking facilities; and
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(3) to pay principal and interest on obligations or loans issued or made by or to the
city or its housing and redevelopment authority before the effective date of this section
to finance the costs described in clauses (1) and (2), including payment of principal and
interest on any bonds issued to repay the bonds or loans.
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This section is effective upon compliance with Minnesota
Statutes, section 645.021, subdivision 3.
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