as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am
A bill for an act
relating to the city of Wells; providing for disposition of certain tax increment
revenues after decertification of a district.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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Notwithstanding the provisions of Minnesota Statutes, section 469.174, subdivision
25, the following are deemed not to be "increments," "tax increments," or "revenues
derived from tax increment" for purposes of the redevelopment district in the city of
Wells, identified as Downtown Development Program 1, for amounts received after
decertification of the district:
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(1) rents paid by private tenants for use of a building acquired in whole or in part
with tax increments; and
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(2) proceeds from the sale of the building.
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This section is effective upon compliance by the governing
body of the city of Wells with the requirements of Minnesota Statutes, section 645.021.
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