HF 1507

as introduced - 92nd Legislature (2021 - 2022) Posted on 02/22/2021 02:42pm

A bill for an act
relating to taxation; tax increment financing; extending the five-year rule to ten
years; extending the district duration by five years.

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

Section 1. new text begin CITY OF WINDOM; TIF DISTRICT 1-22; FIVE-YEAR RULE
EXTENDED.
new text end

new text begin The requirement of Minnesota Statutes, section 469.1763, subdivision 3, that activities
must be undertaken within a five-year period from the date of certification of a tax increment
financing district, is considered to be met for Tax Increment Financing District 1-22,
administered by the city of Windom or its economic development authority, if activities are
undertaken within ten years of the district's certification.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day after the governing body of the
city of Windom and its chief clerical officer comply with Minnesota Statutes, section
645.021, subdivisions 2 and 3.
new text end

Sec. 2. new text begin CITY OF WINDOM; TIF DISTRICT 1-22; DURATION EXTENSION.
new text end

new text begin Notwithstanding Minnesota Statutes, section 469.176, subdivision 1b, or any other law
to the contrary, the city of Windom or its economic development authority may elect to
extend the duration limit of Tax Increment Financing District 1-22 by five 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 Windom,
Cottonwood County, and Independent School District No. 177 with the requirements of
Minnesota Statutes, sections 469.1782, subdivision 2, and 645.021, subdivisions 2 and 3.
new text end